Faster License Processing
Cut license processing time by 40% with workflows and automated documentation.
License Application Management
OUTLINE
Key Details
Status
Shipped-GA
Type
Net-new Feature
My Role
Design Lead + Research Partner
Prod-Dev Process
Agile (2 weeks sprints | 3-4 sprint deployment)
Deliverables
Exploratory concepts, High-fidelity prototypes, Interaction guide for hand-off
Overview
Licensing is such a complex process, and navigating this process can be really daunting for both
financial service
providers and banks that need various kinds of licenses to either bring new products to the market,
or maintain existing
products they already have in the market. The complexity is a result of how diverse the regulatory
frameworks are, and
the specific requirements for each license type. This often leads to delays, inefficiencies, and
errors in submissions.
A dedicated feature within the compliance management platform that simplifies each phase, from
identifying the right
license, to tracking the application post-submission, could significantly streamline the process,
reducing common
bottlenecks and improving overall efficiency.
Key Metrics and Impact
Months after the License Application went GA, we started seeing impact of the net-new feature via these wins:
- - 30% increase in the number of license applications submitted without rejection.
- - 60% adoption rate as users find value in the feature.
The project also achieved several notable internal successes, as it got attention of leadership.
- - Demoed at our 1st public release event of the year
- - Designs featured at company all-hands
- - Top 4 priority for 2024 company goals
What is License Application?
License Application is the structured process by which organisations, particularly
in regulated sectors like finance,
seek official authorisation from regulatory bodies to operate specific services or conduct certain
activities. This
process typically involves selecting the appropriate type of license, gathering and submitting
required documentation,
and adhering to regulatory guidelines. License applications must often meet stringent standards to
ensure compliance
with industry regulations, making the process both complex and detail-oriented.
Effective
license
application management
is crucial for timely approval and operational efficiency, as errors or incomplete submissions can
lead to delays,
penalties, or even rejections.
Business Motivation
Several financial institutions face an increasingly complex licensing requirements as regulatory environments evolve, and this makes compliance more challenging and resource-intensive. Building a licensing feature directly within EMTECH compliance management software addresses this need by providing a centralised platform to manage and track licensing applications, simplifying what can often be a fragmented process.
This feature would:
- - allow financial institutions to efficiently navigate diverse licensing requirements, reducing operational costs associated with manual tracking and compliance errors.
- - Furthermore, it enhances the software’s value proposition by integrating licensing management with other compliance workflows, giving clients an end-to-end compliance solution that drives both efficiency and accuracy.
By investing in a licensing feature, our software positions itself as a comprehensive compliance tool, boosting client satisfaction, retention, and market competitiveness. Our integrated approach not only meets immediate user needs but also opens avenues for future growth as regulatory demands continue to evolve.
Business Goals
Increased Operational Efficiency
Boosted efficiency by 25% with a unified compliance platform, cutting manual work.
Revenue Growth
Achieve 15% revenue boost through feature adoption and application fees.
UX Goals
- - Increase transparency with real-time license status, deadlines, and action tracking.
- - Simplify tasks with a step-by-step design, guiding users through forms easily.
What was I solving for?
Being part of the initial research and user interviews with my product partners for the feature, I drafted some customer pain points for the proposed feature.
Some pain points includes:
- 1. Users often struggle with understanding varying licensing requirements across regions or license types.
- 2. Without centralised tracking, users may be left in the dark about their application’s status and next steps.
- 3. Many users manage licensing tasks across various tools and platforms, leading to inefficiencies and potential for oversight.
- 4. Mistakes in application forms or missing documentation often result in costly delays or rejections.
From speaking to customers, we were able to gather their use cases (Names of customers
modified/hidden for
confidentiality):
“Starting from scratch with every new license application is time-consuming. I’d love a checklist or guided path so I know exactly what documents to gather and can be sure I’m not missing anything.”
~ Nathan Stephens, Compliance Manager
“Audits require proof that every license is up-to-date and compliant, which is a hassle when documents are scattered. If all licensing documents were organized and accessible in one place, I could pull them instantly for any audit.”
~ Mukthar Abubakar, Risk Analyst
“Renewal deadlines are critical, and missing one could be costly. Automatic notifications for each license’s renewal and expiration dates would prevent last-minute scrambles and keep us compliant.”
~ Rebekah Onu, Compliance Lead
Problem Statement
Based on the understanding of the customer pain points and potential use cases, we came up with the following statements that needed to be addressed through design in v0 of the License Application feature.
“How might we create a seamless and intuitive license application process within the compliance platform so that users can easily navigate regulatory requirements, efficiently prepare and submit accurate applications, and seamlessly track progress to ensure timely approvals?”
Design Explorations
Solution Demo
Summary
Collaboration
Collaborating closely with both Product and Engineering ensured design feasibility and consistency during implementation. Our daily stand-ups and feedback loops addressed challenges such as maintaining data accuracy, and integrating the application tracker into the existing system.
Result & Impact
At the time of writing this case study, this feature led to:
- - a 30% increase in the number of license applications submitted by FSPs, to regulators, without rejection.
- - a 40% improvement in user satisfaction, as indicated by our post-launch surveys
Lessons Learned
Two major things learned:
- 1. Early and consistent feedback was crucial to aligning design iterations with user expectations.
- 2. Frequent updates with developers minimised misalignments and sped up the development process.