In late 2020, our executive team sought to address slowed growth with new customers and identified a market opportunity with young working adults newer to personal finance. An articulated vision and validated, high-level concept aligned our teams around a simplified and informative new account opening experience for our prospective customers. However, additional work was still needed to bring this future closer to one that our development teams could deliver faster.
In just a few years, our product design team had grown a reputation for being an exceptional project partner and group to work with. Our efforts were thorough, engaging, and transparent. But there was one glaring flaw. We took a long time to deliver meaningful results. And it was totally avoidable.
In late 2021, the CFPB announced efforts to crack down on aggressive overdraft fees. The impending actions of the agency would have a direct impact on our overdraft services and an indirect impact to the unique benefits we offered our members. So we needed to find a sustainable way to continue providing financial assistance while complying with new regulations and remaining profitable.