Required Assignment 2.

4:
Leverage the Product Development Process to Build an
Effective New Offering at Your Workplace
<Your Name>
Suggested time: 120 minutes
Assignment Instructions
Assume you have an idea, of a new product, that you wish to work upon within your current
organization. Out of excitement, you emailed your CEO with all the brainstorm-dump, which he
replied to saying, “Please send an executive brief of what you wanted to be built, why, and
how”. 
 
Through this assignment, you will create a brief document about this new product offering you’d
like to be built. This template document has different sections (with examples of what you can
write) that requires you to fill in your thought-process for how you would execute each step from
idea to launch.  
  
This is your chance to shine. Impress your CEO!

Note: This is a required assignment and counts towards your programme completion.

Idea

You can write about, but not limited to…

- Idea generation and opportunity identification

- Fundamental concepts for new product success
o Customer needs, customer value, product market, market structure

Product Overview
Know your customer or KYC is designed to deter financial crimes such as money laundering and
other criminal activities. People can do remote KYC via Video call and verify other details of
authenticity. Video KYC using Artificial Intelligence (AI) is a way of digitally authenticating customers
and overcoming the difficulty of physically reviewing documents. Video-based KYC is seamless,
simple, and scalable and can transform the customer experience of financial customers.

The Global Video KYC market is expected to grow at a CAGR of 16.97% by 2030.
Customers are willing to pay a premium to be protected from cyber frauds and trust a financial
service provider with strong, secure and hassle free video KYC solutions.

As per Ansoff’s matrix I am taking a new product in an existing market. Since AI based Video KYC is
considerably new and does not need any manual intervention in the end-to-end process of
verification and compliance.

Product Management Page 1

Concept

You can write about, but not limited to…

- How would you test your product concept?

- Go / no-go decisions
- Improve the concept

A) Based on primary research with my existing financial customers like Banks and Fintech’s, I will quickly
use the customer journey mapping approach to come out with a rapid prototype or an MVP. Since this
SaaS based offering will be using Artificial Intelligence, I will work with our customers to use their
customer data to train the AI models for Face & Object / Document Detection and see the value in
terms of security, reduced verification time and reduced customer litigations due to identity theft fraud.

B) This is a sure shot Go. As existing Video KYC solutions are manually handled and require presence of
executives on the other end to validate and complete the compliance, our Solution can bolt on the
existing Video KYC infrastructure and leverage AI based deep learning models to do the recognition of
face and the documents like aadhaar card, passport, PAN card etc.

C) The product will continuously be improved by training the AI based models to recognize faces of
different user ethnicities and face types including color as well as be able to recognize more and more
legal documents based on geographical and legal requirements for the bank / fintech.

Marketing Strategy and Pre-launch Marketing

You can write about, but not limited to…

- 4Ps
- Who would be your early adopters and how would you acquire them?

A) Product – By leveraging cutting edge AI based Video KYC, we can reduce costs associated with frauds
and identity thefts for our banking and fintech customers as well as provide a fully automated end-to-
end verification to compliance experience for the customers.

Price – Since banks and fintechs place the highest value to customer data security and fraud prevention,
they will be open to trying out the AI driven Video KYC offering which I will sell as a SaaS product
licensed to my customers. That way I can ensure I keep delivering the most robust AI based security for
face and document detection to complete the verification / compliance processes. I will have enterprise
licensing option based on number of customers screened and verified.

Place – Prospective users can visit the website to register themselves against the enterprise tariff plan
and our team will work with them to integrate their existing video KYC system with our AI based
frameworks.

Promotion - I will position my product on financial forums, banking forums and blogs that revolve
around finance, banking and security. I will also leverage my existing customers by allowing them to try
out my product and see the value in terms of cost saved from financial fraud litigations and Number of
hours saved from automation of manual processes. Will sponsor financial seminars and events etc.

Product Management Page 2

Cont’d.

My early adopters and how would I acquire them?

New age neo-banks, fintechs will most likely be early adopters as they want to leverage AI to give them
an edge in operations and customer experience. I will first take my MVP to my existing Fintech
customers and use their testimonials to promote my product to prospects. I will also leverage Analysts
like Forrester, Gartner and IDG to create visibility among customers who require such a solution.

Testing

You can write about, but not limited to…

- How would you test the product?

- Re-iterate?

A) I will test the product with my existing customers in the banking/fintech space
and use the feedback to improve product features and value.

B) Even post launch, to stay relevant and ensure that we are using the latest AI
models we will continuously keep updating / re-training the backend AI framework
so that they can recognize more faces (from an ethnicity perspective), more
documents (from a country / legal / language requirements perspective).

Launch Strategy

You can write about, but not limited to…

- How will the final product reach the customers?

- Any campaign you would like to run for effective branding and acquisition?

A) The banks / fintechs will consume our services by way of annual subscription by
registering with our enterprise plan. Our team will then help integrate their existing
video KYC framework (if any) with our AI based frameworks through API integrations
or help them set up a completely new AI Video KYC module altogether.

B) My product campaigns will revolve around risks due to identity thefts and cyber
frauds in banking and financial transactions and how my product can help safeguard
customers from financial frauds as well as how it can help financial institutions from
huge litigation costs, provide them an end-to-end automation for their customer
verification and compliance processes thereby saving on costs and reducing
verification turnaround times thereby improving customer experience.

Product Management Page 3