Building Products That Scale and Deliver Better Money Experiences

Nearly 1 in 4 consumers has opened a new bank account in the past 6 months. In today's competitive landscape, building products and experiences that can scale while delivering customer value is more important than ever. 

Wes Hummel, MX Chief Technology Officer, shared his top 5 areas to focus on to create a winning product strategy: 

1. Understand your customers. Always start with the customer in mind. This includes what they want, their goals, and expectations. Financial providers have access to the most valuable customer data set — transaction data. By leveraging transaction data (like where customers shop the most or how much they’re paying in interest on their loans), financial providers can deliver the personalized experiences half of consumers now expect. 
2. Focus on the user experience. Creating a simple, straight-forward experience for consumers is critical. It doesn’t matter if the product is better than other options if consumers can’t easily access and use it. Financial providers should make it easy for consumers to find what they need, use the product effectively, and gain value.
3. Build a scalable architecture. Products need to be able to scale as the customer base grows to ensure a reliable experience for consumers. This requires using a scalable technology stack and developing products in a way that makes it easy to add new features and functionality.
4. Remember innovation takes iteration. No product is perfect. Not only is that okay, it’s critically important. As financial providers learn more about their customer’s needs, they can and should continue to iterate to improve the money experience and deliver even more value.
5. Cultivate strong teams. The most important factor for a winning product strategy is the team behind it. Building successful products and experiences requires a strong team of people who are passionate about addressing consumer needs and care deeply about the experiences they deliver.