From Beta to Bedrock: Build Products that Stick.

I’ve lost count of the times I’ve watched promising thoughts go from zero to warrior in a few days before failing to deliver within weeks as a product developer for very long.

Financial items, which is the area of my specialization, are no exception. It’s tempting to put as many features at the ceiling as possible and hope someone sticks because people’s true, hard-earned money is on the line, user expectations are high, and a crammed market. However, this strategy is a formula for disaster. Why, you see this:

The drawbacks of feature-first creation

It’s simple to get swept up in the enthusiasm of developing innovative features when you start developing a financial product from scratch or are migrating existing client journeys from paper or phone channels to online bank or mobile apps. You might be thinking,” If I can only put one more thing that solves this particular person problem, they’ll appreciate me”! But what happens if you eventually encounter a roadblock as a result of your security team’s negligence? don’t like it? When a battle-tested film isn’t as well-known as you anticipated or when it fails due to unforeseen difficulty?

The concept of Minimum Viable Product ( MVP ) comes into play in this context. Even if Jason Fried doesn’t usually refer to this concept, his book Getting Real and his audio Rework frequently discuss it. An MVP is a product that offers only enough value to your users to keep them interested, but not so much that it becomes difficult to keep up. Although the idea seems simple, it requires a razor-sharp eye, a ruthless edge, and the courage to stand up for your position because it is easy to fall for” the Columbo Effect” when there is always” just one more thing …” to add.

The issue with most fund apps is that they frequently turn out to be reflections of the company’s internal politics rather than an experience created exclusively for the customer. This implies that the priority should be given to delivering as many features and functionalities as possible in order to satisfy the requirements and needs of competing internal departments as opposed to crafting a compelling value statement that is focused on what people in the real world actually want. As a result, these products can very quickly became a mixed bag of misleading, related, and finally unhappy customer experiences—a feature salad, you might say.

The significance of the foundation

What is a better strategy, then? How can we create products that are user-friendly, stable, and, most importantly, stick?

The concept of “bedrock” comes into play in this context. The main component of your product that truly matters to users is Bedrock. It’s the fundamental building block that creates value and maintains relevance over time.

The bedrock must be in and around the regular servicing journeys in the retail banking industry, which is where I work. People only look at their current account once every blue moon, but they do so daily. They purchase a credit card every year or every other year, but they at least once a month check their balance and pay their bills.

The key is in identifying the core tasks that people want to complete and then relentlessly striving to make them simple, reliable, and trustworthy.

But how do you reach the foundation? By focusing on the” MVP” approach, giving simplicity precedence, and working incrementally toward a clear value proposition. This entails removing unnecessary features and putting the emphasis on providing genuine value to your users.

It also requires some guts, as your coworkers might not always agree on your vision at first. And controversially, occasionally it can even mean making it clear to customers that you won’t be coming to their house and making their dinner. Sometimes you need to use the sporadic “opinionated user interface design” ( i .e. clunky workaround for edge cases ) to test a concept or to give yourself some more time to work on something more crucial.

Practical methods for creating stick-like financial products

What are the main learnings I’ve made from my own research and experience, then?

What problem are you trying to solve first, and make a clear “why”? Who is it for? Make sure your goal is unmistakable before beginning any work. Make sure it also aligns with the goals of your business.
Avoid putting too many features on the list at once; instead, focus on getting that right first. Choose one that actually adds value, and work from there.
When it comes to financial products, simplicity is often more important than complexity. Eliminate unnecessary details and concentrate solely on what matters most.
Accept continuous iteration as Bedrock is a dynamic process rather than a fixed destination. Continuously collect user feedback, make improvements to your product, and move toward that foundation.
Stop, look, and listen: You don’t just have to test your product during the delivery process; you must also test it repeatedly in the field. Use it for yourself. Run the A/B tests. User feedback on Gatter. Talk to users and make adjustments accordingly.

The bedrock paradox

This is an intriguing paradox: sacrificing some of the potential for short-term growth in favor of long-term stability. But the payoff is worthwhile because products built with a focus on bedrock will outlive and outperform their rivals over time and provide users with long-term value.

How do you begin your quest for bedrock, then? Take it one step at a time. Start by identifying the underlying factors that your users actually care about. Focus on developing and improving a single, potent feature that delivers real value. And most importantly, make an obsessive effort because, in the words of Abraham Lincoln, Alan Kay, or Peter Drucker ( whew! The best way to foretell the future is to create it, he said.