5 Mistakes to Avoid When Launching a New Trade Credit Product

Hey, I get it – building the product is tough, but getting everyone on board, building trust, and scaling it without overwhelming your team? That's where the real challenges lie. Launching a new trade credit product can be an exhilarating step for any financial institution or fintech company. But even the best-designed offering can stumble if the rollout isn't handled with care. A shaky start often leads to slow adoption, pushback from your team, and even harm to your reputation. To help your product thrive, let's talk about five common pitfalls to steer clear of, along with some practical tips to make things smoother. I'll share this in a way that feels relatable, because I've seen how these issues can weigh on teams just like yours.

1. Assuming Your Existing Workflows Can Just Absorb It

The Pitfall: “We'll plug this into our current underwriting and claims setup – no big deal.” It's easy to think your current processes can handle one more thing. But honestly, those systems are probably already maxed out. With old-school handoffs, manual sign-offs, and fragmented tools, adding a new product can turn small cracks into big problems. Manual processes don't scale gracefully – they lead to hold-ups and slip-ups, and as things get busier, they become real chokepoints. Take insurance, for instance: even now, underwriters spend 30–40% of their time on admin stuff like re-entering data. Layering on a new product without fixes just amps up the duplicate work and frustration.

Why It Hurts People: Your team feels it right away. Underwriters might start feeling exhausted from all the repetitive tasks, and their output dips. Claims folks could miss deadlines they used to nail, juggling clunky systems. It can really drag down morale – everyone wants to focus on meaningful work, not battle outdated tools. What was supposed to be an exciting launch ends up feeling like extra weight on already tired shoulders.

A Better Approach: Let's strengthen things before you hit go:

• Check for pain points early: Chat with your frontline folks – underwriters, adjusters, support teams – about what's slowing them down now. They're the ones in the trenches, so their insights can highlight issues a new product might worsen. Fix those first to set a solid foundation.

• Redesign together: Involve your teams in updating workflows, rather than dictating changes. Maybe bring in automation or a unified workbench to ditch emails and paper trails. The aim? Smoother operations that handle more without the hassle, cutting down on errors and burnout.

• Opt for flexible tools like low-code rule engines: New products often need quick tweaks to rules or approvals. A low-code setup lets your product and risk teams make changes fast, without waiting on IT. This empowers everyone, keeping things agile and reducing bottlenecks.

2. Putting Off Data Quality and Integration

The Pitfall: “We'll sort the data once it's live.” Rushing to launch and figuring data fixes later sounds practical, but poor data doesn't pause – it spreads and undermines everything from the start. If your customer and account info isn't clean and synced across systems, you'll end up with duplicates, unreliable risk calls, and messy reports. For something like trade credit, which depends on spot-on credit limits, payments, and claims, bad data can lead to off-base decisions and compliance headaches.

Why It Hurts People: Your risk and analytics pros might lose faith in their tools if the numbers don't add up. Skewed data means risky choices – approving the wrong clients or turning away good ones. Tech teams get stuck in fix-it mode, instead of innovating. And if clients or partners catch errors, like mismatched accounts, trust takes a hit. Compliance folks worry about breaches, which could mean fines or worse. It's stressful, and in finance, these slips can have big repercussions.

A Better Approach: Treat data like the vital piece it is, right from the planning stage:

• Set data standards as a must-have for launch: Define quality goals for key data – dedupe records, check fields, align systems – and hit them before going live. It's way easier (and cheaper) to clean up front than deal with chaos later.

• Integrate and test sooner: Get tech and security involved early for seamless connections, maybe via APIs. Use a test environment to run real scenarios and catch glitches before they affect customers.

• Run a data cleanup sprint: Dedicate time pre-launch to profile data, fix oddities, and confirm reports are accurate. Starting with reliable data builds confidence inside and out.

3. Overlooking the Everyday Influencers

The Pitfall: “We've got leadership on board – that should do it.” Exec support is great, but it doesn't always trickle down. The real drivers of change are often the analysts, managers, and coordinators folks look to daily. Skip engaging them, and your new product might face subtle hurdles: ignored emails, sparse training attendance, or sticking to old ways quietly.

Why It Hurts People: This can breed quiet pushback. Teams might agree in meetings but revert to familiar methods out of doubt or routine. Rollouts drag, with some groups barely using the new stuff. Unofficial shortcuts pop up, hiding true adoption from leaders. It's frustrating when goals aren't met, and the whole team misses out on the benefits.

A Better Approach: Make change management real by involving those key players:

• Find and empower champions: Spot the trusted vets in each area – like the analyst everyone asks for help. Bring them in early as advocates. Peers listen to peers, so their buy-in can spark real enthusiasm and smooth adoption.

• Highlight their successes: When a champion nails a pilot or lands a client win, share it widely – in meetings or updates. It motivates them and shows others the product works, turning doubters into fans.

• Create open feedback channels: Set up a change board or regular check-ins for honest input. Host informal sessions for questions. This makes the launch feel shared, boosting ownership and catching issues fast.

4. Recycling Old Compliance Approaches

The Pitfall: “Our current compliance setup will cover this too.” It's tempting to copy-paste existing checks, but a new product changes the game – new rules, regions, or partners. Missing these can leave gaps in licensing, fraud prevention, or reporting.

Why It Hurts People: Oversights hit hard: missed regs lead to fines or scrutiny. Delays in approvals or payouts frustrate everyone. Partners might pull back if compliance seems shaky. Worst case, pausing the product post-launch hurts rep and morale.

A Better Approach: Embed compliance from the design phase:

• Map regs early: Gather your team to list requirements by area – sanctions, AML, privacy. Do the research upfront to avoid surprises.

• Design for easy audits: Log decisions with details, build monitoring dashboards. This makes oversight simple and helps spot drifts quickly.

• Get sign-off from experts: Review assumptions with risk and compliance leads. Their input ensures everyone's aligned and prepared.

5. Forgetting the Post-Launch Plan

The Pitfall: “Launch day – mission accomplished!” Treating launch as the end means no ongoing support, so momentum fades. Questions linger, training stops, and performance isn't tracked, leading to drift back to old habits.

Why It Hurts People: Excitement wanes if issues aren't addressed. Teams feel unsupported, clients get inconsistent service. Adoption stalls, and the product's potential goes unrealized, disappointing those who built it.

A Better Approach: Plan for the long game:

• Create lasting resources: Build guides, FAQs, and success stories for ongoing use. This helps new folks and keeps support strong.

• Set check-in milestones: Track metrics at 30/60/90 days – policies issued, feedback, trends. Adjust as needed to keep things on track.

• Offer continued help and celebrate progress: Assign an owner for Q&As and updates. Share wins like faster approvals to reinforce value and keep spirits high.

Wrapping It Up

Launching a trade credit product is about more than speed – it's about quickly earning trust from your team, partners, and clients. Align processes, data, people, and compliance throughout. Dodge these pitfalls, and your product won't just launch; it'll take root and grow. With solid ops and team support, you'll see quicker approvals, easier claims, and satisfied customers – a true win without the stress.

Sources:

1. Alex, “From Hero to Zero: The Fatal Impact of a Poor Product Launch in Banking,” UXDA – Highlights the consequences of weak launch strategies in financial products. (https://theuxda.com/blog/poorly-executed-launch-could-sink-even-perfect-financial-product)

2. “Key Challenges in Manual Workflows That IT Leaders Can't Ignore,” Kissflow – Explains how manual, legacy processes cause delays and employee burnout, underscoring the need for workflow automation. (https://kissflow.com/workflow/challanges-of-manual-workflow)

3. “Insurance Productivity 2030: Reimagining the Insurer for the Future,” McKinsey & Company – Reports that 30–40% of underwriters’ time is spent on administrative tasks like rekeying data, indicating the inefficiencies of legacy workflows. (https://www.mckinsey.com/industries/financial-services/our-insights/insurance-productivity-2030-reimagining-the-insurer-for-the-future)

4. Traci Curran, “The Costly Consequences of Poor Data Quality,” Actian Blog – Details how duplicate or inaccurate data leads to skewed insights, bad decisions, and compliance risks (e.g. hefty fines under regulations). (https://www.actian.com/blog/data-management/the-costly-consequences-of-poor-data-quality/)

5. “Change Agents: Catalysts for Organizational Growth,” Prosci – Emphasizes that internal change agents (champions) can identify adoption barriers and prevent resistance to change during new initiatives. (https://www.prosci.com/blog/change-agent)

6. Mike Slavin, “The Internal Advocate’s Strategic Role in Adoption Success,” Vendavo Blog – Describes how leveraging internal advocates boosts project success by getting teams engaged and aligned, increasing the likelihood of hitting project goals. (https://www.vendavo.com/all/internal-advocates-strategic-role/)

7. Lance Dacy, “Regulatory Compliance Challenges within Product Delivery,” Big Agile – Discusses how compliance requirements vary by region and how failing to integrate compliance into product development leads to delays, redesigns, and potential product launch failures or fines. (https://big-agile.com/blog/regulatory-compliance-challenges-within-product-delivery)

8. “Product Launch Isn’t the Finish Line,” Tarigo Product Management Training – Warns that launch is a starting point, not the end, and that ignoring the post-launch phase leads to poor adoption and missed opportunities; advocates for tracking post-launch metrics (30/60/90-day plans) and continuous feedback loops. (https://productmanagementtraining.com/product-launch-isnt-the-finish-line/)

9. Alex, “From Hero to Zero: The Fatal Impact of a Poor Product Launch in Banking,” UXDA – (Support & Monitoring) Stresses the importance of readying customer support and technical teams for post-launch issues, with ongoing monitoring and adjustments to ensure a stable product experience. (https://theuxda.com/blog/poorly-executed-launch-could-sink-even-perfect-financial-product)