Financial Services Tech Firm Shifted to Product Approach to Deliver Customer Value
To address the increasingly urgent need for platform modernization, a tech firm adopted a product approach to deliver greater customer value
Drivers
Aging Loan Servicing System: One of the firm’s most core revenue streams was dependent on an aging mainframe system built on an outdated codebase, with support staff that was retiring and difficult to backfill with legacy system skillsets.
System & Process Complexity: The legacy platform was refined and customized over decades to meet critical financial accounting and regulatory requirements – all which needed to be untangled, optimized, and rebuilt in a new platform.
Change Impact & Risk: Given that these systems were critical to business operations, the impact of organizational change was vast and risk of business disruption was significant.
Outcome
With so much complexity and expected impact, it was difficult to coordinate all of the platform modernization program workstreams.
By shifting from a program mindset to a product approach, the technology organization was able to organize internal efforts toward distinct outputs that delivered visible value. They reaped benefits in customer interaction, too, by focusing discovery, showcase, and delivery on specific product-centric outcomes that resonated with customers.
Approach
The FlexPoint team worked with this client to design and build the solution as a full product. To effectively transition from a program mindset to a product approach, we delivered training on agile development, product management, and DevOps best practices.
Moreover, we equipped the client by covering key roles during the transition phases and then supported the process of hiring product management leaders to continue the work.
Services Highlighted
FlexPoint Differentiators
Experts in the Power of People: FlexPoint are experts not only in the complexity of technology and business, but also in the complexity of humans. We know that even if you have the right strategies, capabilities, and tools – especially during times of change – you can’t succeed unless you can effectively harness the power of your people. It’s differentiator that is woven into our guiding principles and culture that clients regularly rave about.
Fluent in IT and Business: Unlike competitors who are either aligned to the business or aligned to IT, FlexPoint trains our talent to be utility players that can effectively speak to IT and the business, as well as serving as a conduit between the stakeholder parties.
Making our Clients the Hero: FlexPoint supported this client in adopting product management mindsets, practices, and skills. When the client team had gained comfort with the product approach, FlexPoint helped them hire full-time product management leadership and stepped aside to play a supporting role. We work hard to make our clients the hero of the story, not to maximize our time in a certain role.