A regional bank looked to revolutionise their business customers’ experience of managing cash and liquidity across multiple entities and borders. Traditionally a tedious, manual process managed via phone calls and spreadsheets by Relationship Managers (RM), these business clients struggled with the lack of efficiency and visibility.
Recognising an opportunity to build a closer relationship with these business clients, the bank sought to develop a new digital offering that would enable clients to easily view, manage and plan their liquidity with greater speed and transparency.
PSYKHE was challenged to uncover the needs and pain points of these business clients, in order to make data-driven decisions within the ideation, design and development process.
To understand the issues that enterprise customers faced in liquidity management, PSYKHE collaborated with the bank’s Product and Design teams to conduct user interviews and concept tests with 15 SMEs and MNCs.
With data from these interviews, PSYKHE developed a customised segmentation framework to categorise the bank’s clients based on their treasury maturity and technology adoption. We found that while liquidity management is a pressing need for all types of regional organisations, one segment of clients, in particular, would benefit the most from a new, centralised liquidity management platform.
From 66 initial How Might We opportunity areas uncovered from the research, PSYKHE prioritised the 12 statements most relevant to this target audience. We designed and facilitated ideation workshops for the bank’s internal business teams, where solutions were generated based on insights on their clients’ struggles and a review of the competitive landscape.
With PSYKHE’s facilitation, the bank’s internal teams generated potential solutions that were then prioritised based on feasibility and impact. Designed specifically for growing businesses who lacked tools to consolidate their treasury data, the MVP would offer a centralised solution for liquidity management, providing these clients a richer, more holistic view of their regional cash flow.
Once the MVP has been defined, PSYKHE worked closely alongside the bank’s business, product and technology teams to explore the design concepts, constraints and dependencies behind delivering the optimal experience for business customers.
Our comprehensive user stories and detailed implementation roadmap set the groundwork for the design and launch of the MVP within 3 short months. Key features included in the MVP are as follows:
Through this transformative digital platform, PSYKHE empowered the bank’s customers with better visibility and control of their liquidity. RMs at the bank lowered their costs to serve and streamlined customers’ liquidity management requests, while gaining new tools to optimise clients’ liquidity and growth. The bank thus saw notable increases to their transaction volume and overall revenue.
