There is a solution that reduces “analysis paralysis” in digital banking product development. Going through numerous iterations in order to reach a perfect product design, is a common “disease” in the digital banking world.
Although bringing this number down to zero might be impossible, there is a remedy in significantly lowering it.
What is analysis paralysis?
Before presenting the remedy, it is important to understand that perfectionism is the main cause leading to over-hypothesizing. Whether we are talking about digital banking product owners or fintech start-up CEOs, the idea of releasing a less-than-perfect product, or solution is terrifying. This fear of “failure” holds decision makers back from acting on their hypotheses, and understandably so. They over-analyze the different routes they could take and which one is less likely to lead to failure. To make matters worse, budget limitations and timeline constraints ask for high performing product implementations, with zero to no mistakes. As a result, action is taken much later increasing the overall project timeline. This phenomenon is referred to as “analysis paralysis.”
Continuously updated data
When designing a digital banking product, how do you control for these parameters? For one thing, historic knowledge could be helpful. Even better, knowing what is currently performing well in the marketplace could almost eliminate the failure component. It is an opportunity to check if the product you have been hypothesizing on is actually relevant to the present-day market offerings. If you base a product development offer on historic data, you run the risk of rolling out a product that might be obsolete. FinTech Insights offers constantly updated data on digital banking offerings from various challenger and traditional banks. If you are a user journey owner, you could navigate through and watch real-time videos on how Chime, for example, implements their debit card cancellation through their web banking. Our analysts perform weekly, or even daily updates, in case they are needed, to ensure that the data reflect the present-day state of the market’s digital banking offerings.
Inclusive data on competition
However, Chime’s implementation might not be the best in the market. This is why the platform benchmarks each bank's performance and shows which competitor has the most outstanding offering. Using this as a reference, as a digital project owner you could showcase the best practice to your team and build from there. It is easier then to take action on implementing a new feature and reduce the number of iterations your team would have to otherwise conduct in order to reach this top performing interface.
Understand fully the decision your about to make
What is more interesting, is that this information is available in easily comprehensible graphic and video format. Having a visual understanding of a feature’s performance from a customer’s standpoint, makes it easier for you to understand the decision you are about to make. To add to this, you can show your team how you are picturing a new feature and help them understand why it would work best for your product offering. FinTech Insights also offers comparisons between the functionalities that each institution offers. It goes without saying that the possibility of delivering a problematic digital product shrinks to an impressively low level.