Lean-Marketing Principles’ Implementation in the Development of the Singapore-Based Digital-Bank

Being the center of the APAC region, which accounts for 50% of the world’s transaction, Singapore is an attractive market for new product development. The most popular frameworks for new product development, stage-gate and lean, are flawed but can be combined in order to overcome one’s limitations by advantages of the other. This paper is focused on the hybrid stage-gate/agile approach implementation in the development of the new Singapore-based financial technology product. The research is completed with accordance to the action research principles which also satisfies hybrid approach principles and allows to immediately receive feedback on the activities performed. This study identified customer segments that were targeted during iterative product development. Based on the market research and customer feedback, MVP and 4 consecutive increments of the product were developed. As a result of action research and hybrid approach implementation KPI were improved, customer acquisition cost was decreased and a set of recommendations for future feature development was developed.