Our client is a nonprofit organization that provides research, training, certification, and thought leadership events for the financial services industry. The client’s members include national and global banks, credit unions, and mortgage and auto loan providers. Over 250,000 financial services individuals at more than 1,500 financial services organizations take compliance and training courses through the learning management system (LMS) each year.
The thing is, this LMS had begun to slow business innovation. Its legacy tech started to handcuff them, preventing them from enhancing the product in ways that would differentiate them from competitors. They knew they needed a new solution and emphasized that differentiating themselves through their customer experience would be crucial.
The client asked Launch toassess the feasibility of building a new LMS experience utilizing open-source software, provide recommendations, and then implement a future state product operating model. This included:
- Implementation and oversight of future state requirements, architecture, user experience, application code, and quality assurance
- Migration strategy for moving customers from old to new platform
- Training the internal team to continue enhancements after Launch’s involvement
- Execution of a migration approach that minimizes risk of customer attrition
Using a phased approach, Launch performed the implementation, customer migration, operations and pipeline handoff, and subsequent release processes to successfully launch the new LMS.
Our client received excellent feedback on the new experience and netted a 30% increase in sales YOY. Customer attrition wasn't an issue - in fact, the new experience enhanced brand stickiness!
To prevent the type of technical debt they'd previously faced, the client employed the new operating model we created, continuing a biweekly release cadence of continued enhancements.
Best of all, the client’s learning management line of business evolved into a true digital product organization that now represents much of the overall company revenue.