Empathize & define
At the beginning of my co-op, I partnered with a Business Analyst, conducting research on the global and national Fintech industry to identify any market gaps and product opportunities. From our research, we found a few key factors:
- Fintech products and Neobanks are on the rise, with over 14 countries worldwide implementing open banking
- Canada has begun the process of implementing open banking, and is expected to complete implementation in 2026
- Financial struggles that Canadian newcomers face include lack of knowledge about Canada's banking systems, lack of credit history, etc.
We presented our findings to a board of shareholders and stakeholders, including a product pitch, and moved forward with market research on five prospective competitors and creating surveys to gather data on our target demographic (both internally with existing RemitBee customers, and externally).
After analyzing over 150 responses from our surveys, I drafted three personas through various stages of Canadian immigration to create representations of our product's users, including their needs and expectations, motivations, and frustrations.