What metrics would you use to evaluate Blend (Financial Software)'s consumer banking onboarding solution?

Introduction

Evaluating Blend's consumer banking onboarding solution requires a comprehensive approach to product success metrics. This financial software plays a crucial role in streamlining the customer acquisition process for banks and credit unions. To effectively assess its performance, we'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Blend's consumer banking onboarding solution is a digital platform that simplifies and accelerates the process of opening new bank accounts or applying for financial products. It integrates with existing banking systems to provide a seamless, user-friendly experience for both customers and financial institutions.

Key stakeholders include:

1. End-users (consumers) seeking to open accounts or apply for financial products
2. Banks and credit unions using Blend's solution
3. Blend's product and engineering teams
4. Regulatory bodies overseeing financial services

The user flow typically involves:

1. Initial application: Users enter personal information and select desired products.
2. Identity verification: The system verifies user identity through various methods.
3. Product customization: Users choose specific features or terms for their selected products.
4. Document upload: If required, users submit necessary documentation.
5. Review and submission: Users review their application before final submission.
6. Approval and account creation: The system processes the application and creates the account.

This solution aligns with Blend's broader strategy of modernizing the banking experience and increasing operational efficiency for financial institutions. Compared to competitors like nCino or Backbase, Blend focuses more on the consumer-facing aspects of onboarding and offers a wider range of product types.

In terms of product lifecycle, Blend's onboarding solution is in the growth stage. It has established market presence but continues to evolve with new features and integrations to meet changing customer needs and regulatory requirements.