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| Financial Services Company Adopts Customer-Centric Product Management Processes |
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Objective
To improve product management, a well-known financial services institution decided to benchmark leading companies within and outside of the industry to understand new techniques, best practices, and opportunities for improving current processes.
Solution
In the first phase of the project, Kalypso evaluated existing product management practices at the company, as well as at other financial institutions. As part of the assessment, Kalypso worked closely with product managers and brand managers across the company to understand the client’s processes for creating, managing, and marketing its portfolio of products.
To help the client understand innovative product management tools and techniques used predominantly in other industries, Kalypso assembled a cross-functional team of experts to lead a week long product management workshop. This interactive workshop shared product management best practices, focused on specific industries such as Consumer Packaged Goods, and included hands-on training exercises, tools, and techniques that managers could apply to real products being developed.
Results
Based on Kalypso’s assessment and learnings from the workshop, the client decided to make a number of specific improvements to its product management practices. In particular, the client made a strategic decision to focus its product portfolio on a smaller number of customizable products and services that would be targeted at specific users. By decreasing the number of products being offered to the masses, the client found that it could optimally focus time, money, and human capital on products that truly aligned with customer needs. In addition to these improvements, the client also identified new opportunities for improvement on its commercial lending and investing side of the business.
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