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 industry in which I work, 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 perils of feature-first growth

It’s easy 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 papers or telephony channels to online bank or mobile applications. 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, right? 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 area. Even though Jason Fried doesn’t usually refer to it that way, his podcast Rework and his guide Getting Real frequently address this concept. An MVP is a product that offers only enough significance to your users to keep them interested without becoming too hard or frustrating to use. 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 funding 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. Instead of offering a distinct value statement that is focused on what people in the real world want, the focus should be on delivering as some features and functionalities as possible to satisfy the needs and wants of competing inside sections. 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 mainstay of your product is really important to users, and Bedrock is that. The foundation of value and relevance over time is built upon it.

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 five minutes, but they also look at it 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 working relentlessly 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 iteratively toward a clear value proposition. This means avoiding pointless extras and putting your users first, making the most of them.

It also requires having some guts, as your coworkers might not always agree with you immediately. And in some cases, it might even mean making it clear to customers that you won’t be coming over to their house to prepare their meal. Sometimes you may 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 room to work on something more crucial stuff.

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”? For whom? Make sure your goal is unmistakable before beginning any work. Make sure it also complies with the goals of your business.
Avoid the temptation to add too many features at once by focusing on one, core feature and focusing on getting that right before moving on to something else. Choose one that actually adds value, and work from there.
Give simplicity the precedence it deserves over complexity when it comes to financial products. Eliminate unnecessary details and concentrate on what matters most.
Accept continuous iteration as Bedrock is a dynamic process rather than a fixed destination. Continuously collect user feedback, make product improvements, and advance in that direction.
Stop, look, and listen: You must test your product frequently in the field rather than just as part of the delivery process. Use it for yourself. Run the A/B tests. User feedback on Gatter. Talk to the users of it and make adjustments accordingly.

The bedrock paradox

Building towards bedrock implies sacrificing some short-term growth potential in favor of long-term stability, which is an interesting paradox at play here. 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 journey to bedrock, then? Take it gradually. 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, test constantly because, whatever you think, Abraham Lincoln, Alan Kay, or Peter Drucker are all in the same boat! The best way to foretell the future is to create it, he said.