FAST (7/24 Money Transfer)
Company Background
Fibabanka is one of the fast-growing banks of Turkey. It offers products, services, and applications in the domains of its core operations, including corporate, commercial, SME, agricultural, retail and private banking. Focusing on adding value to the lives of its customers and excelling the customer experience, Fibabanka delivers its fast and easy banking solutions through its Fibabanka Mobile and Internet Banking channels, Telephone Banking channel, fibabanka.com.tr, and its branches, and continues offering its services at numerous points, tapping into its business partnerships in a broad range of industries, which it grows with every passing day.
Product Objectives
Utilizing the FAST System provided by the Central Bank of the Republic of Turkey, customers gained the convenience of conducting transactions using their phone number, email, or ID number, referred to as the "Easy Address," without the requirement of an IBAN number. This allowed them to initiate money transfers around the clock, seven days a week, via the mobile app or internet banking. The program was a collaborative effort between the CBRT and participating banks. Initially, a specific transfer limit was established to maintain the stability of the newly introduced system.
My Role
In my role as the head of product for both Mobile and Internet Banking channels, I collaborated with dedicated multidisciplinary scrum teams comprising engineers and analysts.
A concise summary of my responsibilities and stakeholders includes:
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Appointing one of my team members as the Product Owner (PO) for these products and providing guidance throughout the entire product lifecycle.
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Collaborating with the cash management products management team to conceptualize the product.
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Working closely with a design agency to define and refine mobile and internet design requirements.
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Partnering with the Central Bank of Turkey teams to ensure the successful development and implementation of the product.
Product Releases
MVP features include :
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Establishing an "easy address" using the mobile phone number, ID number, or email to associate with the chosen account.
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Updating the "easy address."
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The option to utilize IBAN instead of the "easy address" during non-EFT hours and weekends.
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The ability to add registered recipients.
Results
Customer experience was enhanced by providing a solution to a daily need, resulting in increased cash flow and higher revenue. Additionally, the number of registered mobile users and mobile app stickiness both saw significant improvements.
