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 my area of expertise, 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. They may think,” If I may only add one more thing that solves this particular person problem, they’ll enjoy me”! What happens, however, when you eventually encounter a roadblock caused by your safety team? not 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 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, 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 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. This implies that the priority is to provide as some features and functionalities as possible to satisfy the requirements and desires of competing internal departments as opposed to a distinct 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 mainstay of your product is really important to users, and Bedrock is that. It serves as the foundation for the fundamental building block that creates value and maintains relevance over time.

The bedrock has to be in and around the regular servicing journeys in the world of retail banking, 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 two, 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 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 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 and prepare their meal. 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 financially successful 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 foremost with a clear “why”? Whom? Before beginning any construction, make sure your mission is completely clear. Make sure it also aligns 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.
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. A/B tests are run. User feedback on Gatter. Talk to those who use it, and change things up accordingly.

The foundational paradox

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

How do you begin your quest for bedrock, then? Take it slowly. Start by identifying the essential components that your users actually care about. Concentrate 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.