THE PRODUCT
BMO Business Xpress (BBX) is a banking product for opening business deposit accounts.
THE CHALLENGE
Before 2020, a paper application was the only method for opening a business deposit account at BMO. Customers were required to complete a form, visit a branch, and wait for the information to be entered manually. Since this process took hours to complete, operational costs and customer frustration were high.
THE GOAL
Allow business owners to open a business deposit account, apply for a loan instantly, and access online accounts within 24 hours.
THE TEAM
A multi-disciplined team comprised of a product owner, architect, researcher, content strategist, product manager, front-end and back-end developer, scrum master, and product designer.
THE PROCESS
An iterative, collaborative, and customer-centered approach:
Step 1: Product Discovery
Step 2: Research and share findings
Step 3: Brainstorm on solutions
Step 4: Prototype and iterate
Step 5: Learning and takeaways
THE RESEARCH
Moderated and unmoderated studies were conducted in-person and remotely with branch managers and small business owners. My role in this was producing interactive prototypes, collaborating with researchers, and participating in live observations.
THE FINDINGS
For bankers, a large number of documents with irrelevant "Know Your Customer" questions were required, extending the timeframe to apply for accounts and loans.
For business owners "time" is their most precious commodity. A long application process could cause them to become reluctant to grow with BMO, take their business elsewhere, or severe the relationship entirely.
OPPORTUNITIES
- Set expectations: outline necessary documents and information before starting an application and what to expect after the application has been submitted
- Guidance: provide tooltips, simplify language by removing financial jargon
- Simplicity: reduce the number of irrelevant "Know Your Customer" questions
- Technology: digital signatures, digital forms, upload files
- Create a self-service application
- Support: provide channels such as chat or phone
USER FLOW
User flow for new and existing business customers, highlighting a business profile.
MOBILE FIRST
For in-branch and remote bankers, the BBX app reduces the time and effort it takes to open a business account or business loan application. This provides an opportunity to strengthen customer relationships by allowing bankers to promote beneficial products and services to existing customers.
DESKTOP APP
Highly anticipated by bankers and business relationship managers the BBX app removes cumbersome paper applications required to open business accounts. Post-launch, BBX has proven its ability to save time and money, as well as deepen and improve customer relationships.
