In week 8, we acquired insights that enhanced our preparedness for our group assignment. Among the most pivotal pieces of knowledge gleaned from our classes are the "Business Model Canvas" and "Minimum Viable Product (MVP)" concepts. These new insights will not only improve our group's ability to analyse our digital platform strategy yet will also significantly contribute to our critical thinking and skill development, thereby effectively positioning us for our future careers.
Reflecting on my past professional experience in the E-banking sector, where we extensively engaged with fintech products, I must admit that in the past, we occasionally launched products without the necessary planning. Despite the initial success of many of these platforms, it became evident that some faltered over time due to inadequate planning.
A relevant example of such a failure is the introduction of "Check-in One" during the COVID-19 pandemic. This feature was intentionally developed in response to people's concerns about the feasibility of using an E-vaccination card instead of a physical card to check in at public places. Therefore, we aimed to alleviate this pain point by allowing users of our mobile banking app to generate their E-vaccination cards using our new app feature. These credentials would only become visible after being reviewed and approved by bank staff.
The introduction of "Check-in One" generated significant interest, particularly among our app users. This was because they did not need to download separate government-provided applications with similar functionality. Despite the initial success, "Check-in One" was unfortunately discontinued after only a few months. This decision was driven by legal restrictions imposed by the Ministry of Health and disputes among various parties responsible for the official E-vaccination card application (existing alternatives). Moreover, allegations of an excessive focus on a specific user segment (our bank customers) and a perceived lack of transparency in the vaccination card approval process (key metrics) further complicated matters.
The insights derived from our class discussions have provided me with a valuable perspective on such situations. While our features may offer a Minimum Viable Product (MVP) to users, it has become abundantly clear that a thorough business model analysis, as emphasized in the Lean startup methodology, is a prerequisite for launching a new platform. This strategic planning allows for a comprehensive evaluation of our business plan and helps in the mitigation of potential future challenges.
This knowledge has given me a profound awareness of the importance of thorough planning and a well-defined business model in all aspects of innovative ventures. This comprehensive approach enables anticipation and resolution of prospective obstacles, significantly enhancing the long-term prospects of any new product or service. By applying these lessons to my future initiatives, I will be equipped with a strategic mindset, thereby improving not only the possibility of project success but also my professional skills. This makes me a more capable and informed contributor to any organization I am a part of.
During weeks 7, delving into the intricacies of business models has guided me to a realm of innovative strategies. This knowledge found practical application in my digital platform assignment, where I conducted an in-depth analysis of "LOCA," an innovative ride-hailing platform in my home country. LOCA was established in 2018 by Souliyo Vongdala, a young entrepreneur holding an Electric Engineering degree from the United States. It distinguishes itself from other mobility services by employing an entirely electric fleet for its ride-hailing service. This strategic choice not only addresses environmental concerns but also optimizes operational costs for both drivers and passengers, showcasing LOCA's commitment to sustainable practices. Source: YouTube Souliyo's inception of LOCA was driven by his keen observation of passenger pain points, particularly among tourists. These travelers frequently encountered exorbitant transportation fares from local taxis, leading t
During the third week, we delved into the concept of digital platforms, which are internet-based services that facilitate interactions between diverse user groups, including individuals and businesses. These platforms create a virtual space where users can engage in transactions that would be impractical to pursue individually. Our class discussions also provided valuable insights into the economic characteristics of digital platforms. First, the "long-tail effect," which is driven by digital platforms such as online marketplaces, enables businesses to offer niche and less popular products to a larger consumer base. Digital platforms, as opposed to conventional stores with limited space, can attract smaller and more specialised customer bases and enable them to discover and purchase products that align with their unique tastes. For instance, popular music streaming services like Spotify have a huge collection of songs, including ones that aren't as well-known. While the
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