Fintech #5 Axos Bank

What is Axos Bank?

Axos Bank is a modern, digital bank that offers a variety of financial products and services to individuals and businesses. The purpose of this product requirements document is to outline the key features and functionality that Axos Bank should include in its digital banking platform.

Target Audience:

The target audience for Axos Bank’s digital banking platform includes individuals, small businesses, and mid-sized businesses. The platform should be easy to use and accessible for all levels of financial literacy.

Problem Identified: 

The onboarding process for small businesses is frustrating in terms of document upload and downloads. After reading reviews, asking small businesses that bank with Axos bank what their biggest struggles with the platform is, the same conclusion was reached: The onboarding process is tedious, customer support is a nuisance.

Examples of Customer Reviews: 

How can Axos Bank can improve its retention rate?

1. Reduce the number of steps taken to set up a business account.

2. Reduce the number verification. (A maximum of three security questions) 

3. Increase transparency about fees - Ensure the customer understands the fees associated with their accounts where hidden fees could frustrated customers and reduce customer  retention. 

Thoughts If I were an associate product manager at Axos Bank: [Idea credit goes to Mohit Agarwal - Growth @ Wealthfront] I would create a closed feedback loop with the customer service and product team. The reason being is the customer service team knows deeply about the customer pain-point; and the customer service team can provide the product team valuable insights through direct feedback which that data can be used to make more customer focused decisions.