Modernising Business Cash Deposit Services for increased compliance and usability
Faster deposits and increased traceability: Upgrading to a better experience all-around
Key value added to customers: | Key value added to the business/bank |
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Making what is old new again to introduce compliance and usability
The service for businesses to deposit their cash at the end of the day offered by the Australian Bank Westpac, needed to be uplifted to be in compliance with regulatory standards. As the Service Designer, I delivered an end to end solution designed to be compliant. It also better aligned to the needs of modern business owners with a seamless digital experience and enabled the strategically refine existing services.
The outcome was a redesigned business cash service, created for compliance and for the modern day business customer. The solution was fully realised and ready to enter production.
Revitalising an outdated, non-compliant service for modern businesses
Westpac needed to redesign how businesses to drop their cash off at the end of the day, to be more compliant with regulation. The old service was found to be not compliant, addressing this was a priority for the business due to the risk to customers wellbeing and the bank’s reputation.
If not for this project, the service would continue to operate inefficiently and unregulated. There was a lack of visibility in identifying who is handling the deposit, required by regulatory standards. This impacted data cleanliness and accuracy. Additionally, the deposit service had not been maintained leading to a misalignment of the service to who it is serving, with opening hours that did not accommodate new businesses or neglected them altogether. Overall, there were major issues in it’s compliance checks and with the user experience, that hundred rather than helped stakeholders.
By the end of our research we identified 3 distinct ways in, representing different processes that needed to be accommodated.
These were:
1. Over the counter: Where people drop their assets to branches during business hours
2. NightSafe: Branch built-in service for out of hours, limited branch availability
3.Smart ATM: An adapted ATM available anytime, moderate availability
These insights were mapped to a service blueprint to capture the nuance in the service including multiple handovers, lapses in visibility and pain points for stakeholders. This enabled the team to clearly articulate which touchpoints needed to be uplifted, in order to respond to the brief’s requirement for a more compliant and user friendly solution.
Streamlining complexity with a clear value exchange
These represented the 3 ways people can currently engage with the service, acting as a foundation for the future state solutioning while conveying touchpoints needing to be streamlined.
The business, customer and technical insights from the research were conceptualised as business concepts and value exchange to convey each concepts work together to drive data accuracy, in exchange for new value for customer.
I created a target state journey map to exemplify how the concepts work together to respond to the problem, uplift the compliance gaps and amend pain points. This was especially important in the context of this project with strong multi-disciplinary inputs to ensure we were aligned. But also to consolidate our requirements into a digestible artefact to communicate with stakeholders, as the vast scope of this project and the ways created more insights than originally anticipated.
An MVP ready to kick it out of the park
The MVP delivered was a succinct digital ecosystem of outcome-driven solutions, built to be compliant and user friendly.
The high level journey passed feasibility tests and developed was put forward as an MVP, with clear business concepts, value exchanges and technical assessments. It received praise for the simplification of a complex process and utilisation of existing infrastructure to keep operating costs down. It received conditional approval of the direction and MVP.
