Introduction
To enhance NAB's business banking services for simplifying cash flow management for small enterprises, we need to take a comprehensive approach. This involves understanding our users, identifying pain points, and developing innovative solutions that address their specific needs. I'll outline my strategy for tackling this challenge, focusing on user-centric design and data-driven decision-making.
Step 1
Clarifying Questions (5 mins)
Why it matters: Helps identify gaps and improvement areas in the current offering. Expected answer: Basic forecasting, invoice management, and expense tracking tools. Impact on approach: Would focus on enhancing existing features vs. introducing entirely new ones.
Why it matters: Directs our efforts towards solving the most pressing issues. Expected answer: Difficulty in predicting cash flow, managing late payments, and accessing credit when needed. Impact on approach: Would prioritize solutions addressing these specific pain points.
Why it matters: Determines if we should focus on acquisition or retention strategies. Expected answer: Moderate market share with steady growth, but facing increased competition. Impact on approach: Would balance between improving core features for retention and adding new capabilities for acquisition.
Why it matters: Helps identify opportunities for differentiation and potential threats. Expected answer: Increased competition from fintech startups offering specialized tools. Impact on approach: Would focus on leveraging NAB's strengths while incorporating innovative features.
Tip
At this point, you can ask interviewer to take a 1-minute break to organize your thoughts before diving into the next step.
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