RedCompass

RedCompass

CASE STUDY

CASE STUDY

CASE STUDY

CASE STUDY

From Data to Action: How RedCompass Labs and Eight Bit Studios Revolutionized Financial Crime Response

“Bringing the RedFlag Accelerator Portal to life has been the culmination of hours, days, weeks and months of hard work and effort, so a huge congratulations to all the RedCompass Labs team, and our partners, clients and other contributors who have enabled us to bring this work to fruition.”

Tom Hewson

Partner, CEO @ RedCompass Labs

Client

RedCompass Labs helps financial institutions deliver profitable, secure, end-to-end payments and financial crime services and solutions. 

Overview

In the early 2020s, RedCompass Labs developed the RedFlag Accelerator, an authoritative reference for tracking and responding to indicators of modern slavery, human trafficking, and Child Sexual Exploitation in the financial industry. This comprehensive tool was a 200-page guide for financial institutions that included red flags that indicate possible human financial crime, guidance for how to respond, all organized and sourced with data from regulatory agencies and large data sets of trends.

Ask

At the end of 2022, RedCompass Labs approached Eight Bit Studios with an idea: how might we transform a massive data set and response recommendations into an intuitive, self-serve product for financial institutions globally?

Solution

Over the course of the following year,  Eight Bit Studios helped RedCompass Labs form their vision for this RedFlag Accelerator, discover needs from the future customers of the RedFlag Accelerator (RFA), and deliver a beautiful, intuitive web application where financial institutions could easily search, filter, and source guidance on responding to human financial crimes.

Results

SOLID DESIGN

Most people we spoke with had very positive responses to the initial designs shared in user trials, which we attribute to careful & intention design driven by needs uncovered in the discovery interviews.

SCALABLE FOR BUSINESS

Product was built with enough flexibility/scalability to enable client to add new localized versions for additional countries/locations moving forward, and new content or architecture layers as needed. This sets them up for success to be a truly global organization that provides a valuable service.

PROVEN SATISFACTION

Client was excited to demo our product at an upcoming industry conference as a mechanism to grow excitement and solicit potential customers of the solution.

OUR APPROACH

OUR APPROACH

Discovery

Strategic Workshops:

  • Internal workshop with 8 Bit x RCL

  • Determined hopes/outcomes for ACAMS ‘22

  • Aligned on early factors of web application

  • Improved the confidence of RCL team to speak about RFA at ACAMS ‘22

  • Articulate product vision for non-existent product (being made)

  • Define intended target audience

Stakeholder Discovery Sessions:

  • Business requirement alignment

  • RedFlag Accelerator requirements

Financial Institution Discovery Interviews:

  • Gaining insights from banks (specific roles) who would be utilizing RFA

  • Learning work environments

  • Understanding typical practices for day-to-day tasks

  • Information gathering to inform design UI and UX strategy

  • Generated user scenarios for key activities

  • Refining of intended target audience

Delivery

Design Iterations:

  • Brand alignment & guidance

  • 3 design iterations with client reviews for each one

  • Grounded user scenarios generated from discovery interviews

User Trials:

  • Initial reactions to UI and flow from Australian bank employees

  • Iterative product improvements based on trial feedback

Development of Front End:

  • Collaborated with RCL back end development teams to finalize product

  • Provided expert technical guidance on approach to tech stack

Ready to embark on an epic app quest