Levvel Blog - Video Series: Real-time Payments Aftermath—Product Management for the Future of Real-time

Video Series: Real-time Payments Aftermath—Product Management for the Future of Real-time

Introduction

This video blog series covers the product management aspects of real-time payments. Throughout this series, we’ll provide answers to frequently asked questions surrounding architectural considerations for RTP, such as managing the product(s) long term, dealing with cannibalizing current products, maintaining competitive advantages as more institutions launch RTP, and more.

Also see our real-time payments strategy and decision making, RTP product and design, and RTP architecture vlog series.

Table of Contents

Episode 1: How to Effectively Manage a Product Roadmap

Episode 1 Transcription

Kara Ford: The first step is to create a product roadmap based on your customer’s needs. To do that, there are several things you’ll need to do and understand to build out an effective roadmap. First, you want to understand how your customers use your products today. How do they interact daily, weekly, or monthly with your banking application? And next you should identify what channels do they interact with the most.

The next thing you’ll want to determine is which areas your customers are looking for improvement. To help you figure this out, you can ask them what is their current pain point and would RTP help them solve that. If there is no major pain point per se and they’re okay with doing what they do and how they do it, what desire would RTP satisfy?

Is your financial institution ready for real-time payments? Find out with our 2019 Real-time Payments Readiness Report.

Do they need a faster payment method? And finally, you’ll want to confirm that these are both verified and valid pain points. So real pain points are critical for you to ensure that people will engage with your new design solution for something that you may assume might be a pain point within your product team or maybe that your technology team has identified. After identifying the verified and valued pain points, you’ll want to assess your customer’s ability or willingness to change their behavior.

So how will your customers use RTP? Can you journey-map the pain points with the select customer and have them replace the previous payment method willingly with RTP? And secondly, to measure success, you’ll want to identify what emotions and feelings that you expect the RTP product that you designed to have and see if that truly is elicited with the same feelings that the actual user is feeling when completing that transaction.

Use our 2019 RTP Implementation Checklist to help guide your decisions and ensure you are on the right track.

And this will help your user create an identity with the product and with your bank. So once you’ve identified and verified your pain points, you’ll be able to build or develop out your desired product roadmap based on first the ease of behavior change that your customers would be able or be willing to make. And then you can add in the impact of the customer satisfaction or the delighting factor.

Once you build out your ideal product roadmap, you’ll then want to engage with your technology partners to determine technology constraints and the impact on your desired roadmap. By doing this, you’ll be able to assess gaps and hurdles that you’ll need to address and overcome in order to effectively create a real solidified RTP product that delights your customers and creates a revenue stream for your institution.

Episode 2: Understand and Apply RTP Capabilities to Each Market Segment’s Roadmap

Episode 2 Transcription

Chris Rigoni: In order to understand the capabilities that RTP enables and then apply them to the market segment roadmap, ideally, you’ve already done an ideation workshop, and this is where you’re going to use design thinking to determine what problems do your customers have. And even above and beyond that, operationally, what efficiencies can you create? Then you can look at RTP and see how that can provide a solution to each of those.

The first step to putting together a launch roadmap for RTP is going to look at project cost. So what’s the most cost-effective way to start RTP? Receive is normally seen as the best place to start, so you can then deliver, receive across the solutions you’ve identified that may only require receive functionality. After you’ve done that you can move on to send, which is again the next cost-effective measure and way to implement RTP.

Is your financial institution ready for real-time payments? Find out with our 2019 Real-time Payments Readiness Report.

And then again, you look at those solutions you identified in the ideation workshop and deliver that same functionality across those and even those that require send and receive. Finally, you can move on to request for payment, which will round out your capabilities. So for your channels, whether that’s small business banking portals, corporate channels, or reporting, be sure to understand the simplest form of the RTP capability to find the best fit within that product roadmap.

There’s going to be enhancements that you want to add generally, but you don’t have to add those all at once. Focus on getting the capability launched and then you can look to add enhancements as you further develop the product. And then as use of RTP increases, you’ll likely see your clients requesting to use it or even using it in ways that you hadn’t really imagined. The most important aspect in all of this is to deliver the solutions you identified in the ideation.

Use our 2019 RTP Implementation Checklist to help guide your decisions and ensure you are on the right track.

Pacing your delivery by starting with receive, moving to send, and then ending with request for payment, that’s going to allow you to align across your organization during each implementation. It’ll also create manageable initiatives for each capability. Finally, for future management of RTP as a product, you need to focus on enhancing those core capabilities with areas of customer delight. Where might an RTP capability further enhance the customer experience or maybe give them an unexpected perk of banking with your organization.

Episode 3

Episode 3 will be posted shortly. Check back soon!

See more from our Financial Services team:

Kara Ford

Kara Ford

Senior Payments Consultant

Kara Ford is a Senior Payments Consultant who works with financial institutions, merchants and enterprises of all sizes to help them identify and implement their payment strategies. She comes to Levvel with 7+ years of experience in banking as a payments professional with deep knowledge in financial services offerings for commercial and retail customers. She has focused the last three years on P2P and Real-time payments with a focus on product strategy, architecture, and implementation of the services for customers.

Chris Rigoni

Chris Rigoni

Senior Payments Consultant

Chris is a Senior Payments Consultant for the Payments Practice at Levvel where he is responsible for providing insight into various payments topics allowing clients to create, improve, and sustain their products and business. Prior to Levvel, Chris spent 5 years at BBVA Compass, most recently leading business-efforts in the launch of Android Pay and Samsung Pay, as well as managing their mobile wallet offering. Prior to BBVA Compass, Chris held a variety of IT services roles at DRD Technologies and URS Federal Services. Chris holds an M.B.A. from Walden University and a B.S. from Athens State University. He currently resides in Charlotte, NC with his wife and two children.

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