Cannabis B2B Platform Provider Drives Customer Adoption and Revenue With Online Banking Solution

Finance and Banking

A person sitting at the table looking a laptop.

Challenge

Bringing a groundbreaking product to a highly regulated market was a complicated effort for this B2B company. To launch within 12 months, they needed expertise to help prioritize, define and develop the features and requirements their customers were looking for.

Outcome

We provided the company with the strategy, roadmap and expertise needed to launch this new platform. Our leadership in design and product management allowed for knowledge transfer to the company’s internal teams, who are empowered to scale this new solution in support of their $100M revenue goal.

Established in 2016, this B2B platform provides cannabis businesses with tools to run their operations more effectively. As the company grew, they realized a need to complement their CRM and logistics solution with online account opening and digital banking capabilities.

Given the challenges unique to the cannabis sector, the company needed an innovation and technology partner that could provide digital banking, payments, product design and technical development expertise. Endava’s teams were well-equipped to help the brand speed up their time to market, improve the customer experience, increase customer retention, and maintain strict compliance

A person holding a laptop in one hand and point at the screen with the other one,

Solving for a complex environment

Bringing a groundbreaking product to a highly regulated market was a complicated effort for the company. To launch within 12 months, they needed expertise to help prioritize, define and develop the features and requirements their customers were looking for.

The client’s main challenges included:

A lack of knowledge related to banking regulatory requirements in their industry
Lack of a process for Investigating and documenting customer pain points
No clear process for defining a value creation roadmap for customers
Launching a new product within an aggressive six-month timeline
Providing enhanced UX within banking’s compliance constraints

There is tremendous opportunity to offer banking services to a largely underbanked industry that continues to grow exponentially. Working in conjunction with the wholesale platform provider, our team provided a path forward and the expertise to support the build of a fully compliant and transparent banking program. The solution delivers an enhanced user experience for businesses within the B2B platform supporting growth targets and addressing existing banking challenges

Nicole McIntyre

Senior Industry Consultant, Endava

Native client third-party integrating: To add more depth to the platform experience, the client prioritised adding apps that enable: 

Enterprise content management: With the assortment of content management systems already under the client’s umbrella of offerings, we instituted enhancements and new features to improve the platform’s functions across the many operating systems it serves. The work included rebranding the user experience and interface, security upgrades and resolving several internal and customer-flagged product issues.     

 
Social media syncing and emoji use: We assisted in adding an app that allows the client’s user to connect the platform to a well-known messaging app and use emojis within that integration. We worked with native and web-based engineering team to remove potential obstacles and de-bugged certain areas to make the integration more stable and ready for rollout.
Interoperable collaboration: We supported adding a collaborative board app into the client’s platform to allow collaboration without context switching. Work included authentication oversight, native integration into multiple operating systems, adding business/operation metrics and making the functions more accessible.

Building the right roadmap

To start, Endava constructed a Minimum Viable Product (MVP) strategy and a long-term vision for the company’s digital banking platform. Working closely with the client, we then collected product feedback and customer requirements, and then translated those insights into a detailed roadmap for the new platform and user experience.

Our approach included:

Crafting and refining a strategy, product roadmap and KPIs
Collecting and analyzing customer feedback to optimize UX
Developing wireframes, personas and journey maps
Providing subject-matter expertise to enable the platform build

Setting up an online banking solution for success

Endava provided the company with the strategy, roadmap and subject-matter expertise needed to launch this new platform. Our leadership in design and product management allowed for knowledge transfer to the company’s internal teams, who are empowered to scale this new solution in support of their $100M revenue goal.

Overall, the project is set to achieve the following results:

Speed up time to market and set up scalability of their BaaS product
Align new features with banking regulations
Drive customer adoption and retention
Enable progress toward a $100M revenue goal

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