Solo Wallet
In my role as the Director of Product Management - Banking at SoLo, my primary responsibility centered around overseeing all aspects of money movement within the Solo app. This encompassed the management of the Solo Wallet, a crucial deposit account that allows members to conduct transactions seamlessly on the SoLo platform.
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The Solo Wallet serves as the default payment method for both funding and repaying loans, positioning it as a cornerstone of the platform's financial ecosystem. To facilitate this, during the enrollment process, every new SoLo member is provided with a designated bank account, essential for executing transactions within the platform. This account issuance is a mandatory step, enabling secure and efficient money transfers between members.
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The cash balance held within the Solo Wallet is coverage up to the standard maximum deposit insurance amount of $250,000. This safeguarding mechanism is made possible through SoLo’s strategic partnerships with reputable banks, ensuring members' financial security and peace of mind while engaging with the platform.
Wallet iOS
Money Movement Revenue
Upon joining Solo, my initial focus centered on establishing a new revenue stream. Historically, the platform relied on instant interchange EFT for moving money in and out of users' Solo Wallets, enabling instant transactions but incurring substantial costs. Within 45 days of starting my new role, we engineered an entirely revamped withdrawal flow within the Solo app, introducing support for ACH transactions—a transformative move that significantly reduced expenses.
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The revamped flow offered users a choice: instant transfers, which incurred a 1.75% fee, or free but slower ACH transfers. Despite the availability of the fee-free option, post-implementation, over 90% of users continued to opt for the instant, fee-charged transfers. This choice enabled users to swiftly manage their funds within their Solo Wallets.
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The implementation of this new withdrawal method proved lucrative, generating $50,000 of revenue within the first month post-deployment. Ongoing monthly revenues exceeded $250,000 for Solo—translating to an estimated Annual Recurring Revenue (ARR) of $3 million. A new substantial and sustainable revenue stream had been created that was supported by user preferences for expedited money movements.
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Withdrawal Fee ARR
Withdrawal Flow iOS
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AI Processes
Solo required a significant amount of assistance with the creation of operational procedures as many simply did not exist when I started. I was the first at the organization to leverage AI in order to streamline our operations and create a set of standard operating procedures. Examples included:
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AI was instrumental in transcribing meetings and generating comprehensive summary documents and outlined actionable items.
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Leveraging AI, we extracted valuable insights from Slack conversations, transforming them into actionable product requirements detailed within our PRDs
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Incident reports, crucial during outages, were expedited by AI's capacity to analyze third-party data, swiftly creating comprehensive reports to guide resolution efforts
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The automation of app store review analysis allowed us to identify product feature requests and user suggestions, guiding our product enhancement strategies
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Data analysis played a pivotal role in deciphering complex datasets, offering insights that informed our decision-making processes and supported the creation of our KPIs
By harnessing AI capabilities across these diverse tasks, we optimized our workflows, enabling more efficient processes while driving informed decision-making and strategic product development at Solo.
