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Forward this Session

RAPID PROTOTYPING FOR THE UNDERBANKED (COMPASS PRINCIPLE: PROMOTE SUCCESS)

Leaders of innovation in Silicon Valley emphasize the startup mentality of “failing fast”: prototyping rough, imperfect products and getting them out into the hands of your customers to see what works and what doesn’t. For established brands, however, such methods can appear reckless or impractical - especially in the space of financial services. Yet if used in the right way, rapid prototyping can transform the design and product/program development of ANY organization. Learn how both new and mature organizations can use rapid prototyping to reduce the time and cost of developing innovative products that resonate more deeply with underbanked customers. We’ll be discussing methods that organizations can use alongside traditional approaches to accomplish things that previously felt impossible, such as: Testing out a new mobile or web service without hiring developers or engineers. Validating a pricing model before a product even exists. Answering key questions with a pilot that takes 5 weeks instead of 5 months, on $5,000 rather than $50,000. Trying something radically different without risking the organization’s established brand.

Participants will be able to hear from their peers the creative, low-barrier ways that other organizations are testing out new ideas - and how iterative prototyping can make it much easier to design products that successfully resonate with their underbanked customers. Participants are encouraged to bring “design challenges” that they face - ideas they haven’t tested because of prohibitive cost - for the group to discuss and find ways to prototype on a fraction of the time or money.

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