Open Finance
Process of implementation of Project Open Finance in one of the biggest B2B financial companies in Brazil.
CONTEXT
In 2019, FCA from Brazil, a council created in July 2019 by the FCA (Financial Conduct Authority), began studies on the impacts of implementing open finance in Brazil. A model that already existed in Europe and in some other countries, which consists of sharing data between financial institutions, aiming at greater competitiveness and a better offer of banking products for Brazilian customers. In Brazil, the process of implementing Open Finance by financial institutions was divided into 4 stages, which will be completed in 2022 according to Bacen (Central Bank of Brazil). Dock, as a B2B financial institution and recently the buyer of the BPP bank, needed to adapt to the rules of the 2nd phase, which consisted of being able to offer its partners all the regulatory parts of open finance through its APIS.
Objective of
the Project
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Regulatory being accepted at levels
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Dock brand exposure
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Comply with all regulatory requirements
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Be prepared for future OB evolutions
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Answering problems in OB (users and participants)
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Possibility of increasing the financial volume traded (finops) API's
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Performance and delivery dates
TARGET
Our target audience was the teams that dealt directly with clients AM (account managers) and BPP teams that had already participated in the implementation of open finance at the previous institution.
In this project, we had five main expectations
For this, I had 2 main objectives and I started the service design stage by understanding the context of our customers and starting the business structuring of this new product. I used the Double Diamond process as a base, but I wasn't limited in terms of creativity or process steps.
RESPONSIBLE
Service Designer: Caroline Mello
PM: Elton Junior
Tech Lead: Guilherme Andrade
Ux Research Team
Andromeda Tribe (This tribe went through a Team Building process that I set up and facilitated. If you want to know more Click here and talk to me!
01
Allow BaaS customers to participate in Open Banking.
02
Very simple implementation for our customers.
03
Ensure that carriers have a good experience.
04
Replicable stack for SaaS customers.
05
Know the behavior of our clients and their costumers
CSD matrix
A design tool that raises certainties/assumptions/doubts regarding the Open Finance project. It was used with the stakeholders to understand what we still need to delve into about the project.
Topics
Business model
Ux/Ui
regulatory
Team
Certificates
Others
Matrix Numbers
RESEARCH
First step was construction of the Business Model Canvas with our main stakeholders and the entire product team involved. We began to map out what the business model of this new Dock product would be, how it would be accounted for, who would depend on it, what the expenses would have, the gains, which market sectors it would be made available and which type of clients we have to offer this solution.
Interviews with stakeholders and Research Team
For this stage, I interviewed 6 stakeholders involved in the projects, product team, regulatory, customer team and ex Bpp. For this case, the Research team had already done a research called the map of possibilities for Open Finance in Brazil. This material also served as a guide at this stage that helped us train our proto-persona. So that it would give us a more accurate view of which were these customer profiles that we would approach from the creation of this product. In addition to this material, together with the research team, we mapped a list with the profile of the top 10 Dock clients that could enter the Open fiance model
Creation of Journey
In order to validate and understand the holes that we could have in the Open Finance processes based on the way we were already working with other products in the companie, we then created a journey from purchase to implementation for each of these people and mapped the possible problem points that we should have warning of. The result was compiled into three distinct journeys, where each of these customers would have a proper experience according to their context.
*Final insights from the research stage
Selected customers have a good relationship with Dock, already own several Dock products;
Most of those cited have been approached about OFAAS;
It is clear that biggest players want to be competitive in the market by having a larger range of product offerings;
Many companies are migrating to the financial sector even though this is not their core business, and they have profited from it;
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Conception
For the conception stage, I proposed two activities so that we could meet our deadlines and have a better view of everything that was still only an idea of each of the stakeholders and teams involved in the project.
brainstorming 4x4x4x
The first one was 4x4x4x brainstorming. Which is basically a semi-structured workshop, which consists of 3 stages, with a funnel of 4 ideas, for this the participants need to reach a consensus and define the ones that make the most sense, then go on refining these ideas.
Definition of priorities
Based on our 4x4x4x brainstorming, we selected the most voted and already refined ideas to go to a prioritization matrix jointly with the entire business and development team. We prioritized the ideas between effort vs impact so that proposals with more impact and less effort were prioritized in a V1 of the project.
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DELIVERY
Service Blueprint
After prioritizing the ideas, everyone involved in the project co-created a service blueprint journey for the product based on everything that was defined in the previous step with the business team. In this service blueprint we put all the layers that contain the service provided by Dock, dividing it into pre-service, service and post-service. This was the most impactful tool of our delivery, in addition to the entire Service Design process implemented. The service Blueprint allowed a better vision of how the product should ideally work, thus providing the basis for the architecture team to create the basis of the product.
GUIDING CRITERIA
Finally, in addition to presenting the case to all the stakeholders involved, it also brought some reflections that I raised during the process that should serve as a guide for the development team that would take care of the next stages of the project.
- The complexity of Open Banking that we face must not be passed on to the client;
- What we create here serves as input for other fronts;
- Need more direct communication with Bacen with Dock;
- We need to focus on the DX of our products since our customers are internal;
- The monetization of holding BAAS must be linked to the monetization of other OPF fronts;
-We must acquire a pilot client for this implementation
-Marketing strategy of the solution must be based on: Ease, simplicity and transparency.
Making Sandbox available to our client is a key step within the holder process;
Checklists need to be as clear as possible and documented based on DX;
Service front for OFAS needs to be started;
As we have more fronts besides the holder, all documentation needs to talk to each other, taking into account OPF as a single product, but with several “features”;
We must map solutions for possible errors in the implementation by the client and this
has to be as transparent as possible;