Product management task for Entry Level
Product Management Portfolio
Prepared by Gafar Sobowale
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Professional Background
A proactive and vision driven young man interested in research, analysis and modelling in the production industry. Enjoys practical knowledge, logical and analytical thinking while contributing to the growth of any community I find myself in.
Education
B.Eng (Water resources and Environmental Engineering)
• Internship at Lagos State Environmental Protection Agency
• Internship at Dangote Fertilizer
• Certificate of Product Management at Side Hustle Internship
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Abstract
Using the STAR approach, I was tasked to launch a banking product which offers prepaid debit cards for teenagers which can be used online or offline. The purpose of this report is to ascertain that I went through an extensive training by completing the task at hand which involved Creating the sole problem (I.e why is the product needed/valid to our target audience), Validating the market, customer and market demands, Identifying and prioritizing the key assumptions upon which the product is to be laid, Creating user interviews/surveys to establish why and how the product can serve the target market for this part I like to believe the Iteration and MVP techniques served a major key in establishing the product validation.
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Portfolio Outline
Table of Contents
• Professional Background
• Abstract
• Table of Contents
• Problem Statement
• Assumption Mapping – Risk Importance Graph
• Market Validation
• User Interviews
• MVP Strategy
• User Stories and Features
• Prioritization and Estimation
• Effort / Value Map
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Problem Statement
Problem Solution Goal :
For teenagers/minors who need to make online/offline payments with a debit card without setting up an account.
Kuda Teen Bank Account is an online/offline banking service
That allows teenagers/minors to make online and offline payments with the debit card which will be managed by the teenagers/minors parents.
Unlike other banking service, Kuda Teen Account offers a great deal range of services from overdraft features, a prepaid debit card with good cash back rates.
We will know this is true when people start using the Kuda Teen Account prepaid debit card to make payments more often than its competitors
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Assumption Mapping
Identifying Assumptions
• How big or large is the target market of parents with teens who needs the product • Is there a need for the prepaid debit card by this target market since it’s going to be managed by the parent
• How do we know the target market want a great cash back features for the debit card they’ll be issued
• Do this target market want to make payments and save at the same time? • Does the target market trust Kuda Teen Account to deliver on the benefits been listed?
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Risk importance graph
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Market Validation
Target market
Target market for the Kuda bank product is the teenager/minors within the 11-18 age range who are going to be introduced to the financial world and a parental control on the debit card to make online/offline payments.
Market growth and competitors
The increased use of smartphones and tablets has contributed to an increase in the use of mobile banking, strong money management abilities, which will lead to better decisions while using a debit card, is a crucial building stone toward becoming a responsible consumer of financial products.
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User Interviews
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User Interview
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MVP – Assumption and Success Criteria
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Prototype Strategy and Finding Users
Kuda bank is a smartphone based company with a huge presence in the digital and social media world, which is why it has a greater percent of their customers using the bank app and debit card to run most of their financial activities, log complains and much more benefits it offers to its targeted market. We can find our target market (parents with teens) to test the prototype by running ads on selected social media platforms (Twitter, Instagram e.t.c.), email marketing, direct mails to the existing customers within an age range to cut across their peers, commercial advertisements on TV screens.
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User Stories
User stories for the Parent
• Using an app, a parent can quickly and comfortably open an account for their children • Need to send money to his/her kids
• Doesn't have to involve human third party when sending the money to the debit card available for the teens/kids and avoids unnecessary profiling
⦁ Closely monitor how his kids spend the money he sends
⦁ Allows him schedule payments for his kids expenses
⦁ Need for a better cashback interest rates as the debit card is being used
⦁ Wants a flexible saving plans to suit the needs of the teen/minor
⦁ Opportunity for an overdraft in necessary financial situations.
User stories for the Teens/Minors
⦁ As a teen/minor i need to make financial transactions without the need to open an account or face the typical bank stress
⦁ As a teen/minor i need to control, make payments via an atm, pos stands and online ⦁ As a teen/minor i would like to budget how i spend money and earn cashbacks
⦁ Need to make financial decisions while being monitored by the paren
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Feature Brainstorm
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MSCW Framework on Features
Goal
• Must - Features that draws our target market to want to use the product
• Should - Features that are attractions to converting our target market to potential customers
• Could - Features that will improve the customer experience and ensure smooth operations of the product
• Won’t - Features will little or no effects to the customer’s experience 15
MSCW Framework on Features
Must:
• Interest rates on savings
• No need to set up an account for the teen/minor
• Offers prepaid debit cards
Could:
• Spending tracker to monitor the debit card transactions
• Savings tracker for the target market • Visiting a nearby bank or look up more information about the product
Should:
• Prepaid debit cards to make
online/offline payments
• Overdraft features
• Better cashback and savings
plans
Won't have:
• Free banking service for
teens/minor
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Effort Estimation Using T-Shirt Framework
Must
Doesn’t require to set up an account M Prepaid debit cards to make payments XL
Should
Search for banks who offers prepaid debit cards M
Overdraft features XL
Better cashback and saving plans L Interest rates L
Savings tracker L
Spending tracker L
Could
Parents and Teens information required XL.
Visit a nearby bank or look
up information about the product M
Won't have
Free banking service for teenagers S 17
Effort Value Map
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Conclusion
Enrolling at entry level has to be a major highlight of my journey into product management because I learnt quite a lot from this experience ranging from market research, problem creation and ideation, product validation, conducting user interviews, understanding users experience, analyzing key product assumptions to learning how MVP works, Agile Methodologies, Basics of scrum to a whole lot I'd like to showcase for employers looking to fill product management internship roles while still growing.
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