Brought to you by the Bankiom Team

When we first started building Bankiom, we were excited about the amazing tech we could use to change the banking experience.

With the growing preference for self-service in banking and the power of technology to transform the customer experience, we spent a great deal of time talking about technology and innovation, like many startups love to do. We wanted to push boundaries and completely transform the industry.

Don’t Just Talk to Each Other, Talk to Your Customer

Ideas and code and first versions of products, however, can only go so far until they face the person who makes the real decision about the fate of any startup: the customer.

As millions of lines of code were being written and the first versions were tested we got our first user feedback. The quality of the feedback led to insights that made us want to talk a lot more with our future users. And that’s when our perspective on what we were trying to achieve shifted in an unexpected way.

Ask The Question That Matters Most For Any Startup

Before long we were deep in conversation with our enthusiastic customers – face-to-face interviews, chat and surveys. We wanted to understand the problems they were facing with their banks. And boy did we get answers… 14,549 unique answers to be exact! If anything, that goes to show the struggle and the pain are real!

When Customers Talk, Be Sure to Listen

We were very fortunate, as not all startups get the chance to speak directly with prospects who are actually eager to see their dream product or service launch.

We also feel a deep sense of responsibility, which made us wonder whether listening to the customer and designing a product from the customer’s perspective tend to get sidelined in the excitement of innovation. Are we too excited about what is new to really think about what is needed? Does novelty always represent value, or do customers vote with their clicks and tell you what creates value and what doesn’t?

As a result, tech companies come to market with products that want to do everything the customer may possibly ever need, delivering features and capabilities that may be great but are far beyond what the customer needs and therefore are rarely used. Deals are made and money is spent on products that would have been more successful for a fraction of the cost. Only because of too much imagining and not enough listening.

Every conversation with our future customers offered us precious insights, and helped us avoid the trap of building a highly capable mega-solution that no one really needed or wanted.

So what did our experience show that could help you succeed? Well, the following three golden rules:

How to Build Your Product Faster And Cheaper

  • Make sure your solution is truly what your customers want, need, and expect you to deliver. Reach out to them early, don’t be afraid to ask questions, as many as you can. You will not only build better solutions, you’ll also have a chance to make the crucial changes sooner rather than later, saving your team and your company precious time and money.
  • Building trust is always important but it’s crucial for financial services. Give your customers a say in your development process and you’ll build confidence in your ideas and strong brand loyalty. After all, your customers helped build the solution they want to use.
  • Remember, your customers don’t have the in-depth view of the product your team has. Communicate concisely, visually as much as you can, in bitesize bits to help your customers and team zoom in on what matters.

Your Commitment to Your Customer Defines Your Success

Starting from the customer’s perspective may sound obvious, but keeping your personal biases and preferences from interfering with the product requires discipline and a change of perspective.

It’s important to stay focused on what works for the customer, and clearing the path that will get you there.

This is why Bankiom now invests a lot of effort to connect easily and frequently with our future customers. Making this super-simple and effective is now at the core of our process.

Follow Bankiom on LinkedIn!

We’ll be sharing a great deal about how we are making it easy for our customers to connect with us and tell us what they want, and what we are doing to not only manage but also take action on what they are telling us across different channels.

Click here to visit the Bankiom page and travel with us on our journey!

Care to Share Your Own Experience With Us?

We’d love to hear how your team involves the end user in the product development process. Be sure to tell us under the post about this article on the Bankiom page!

Happy banking!

The Bankiom Team

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Last updated: 11 October 2020 - 08:01:02 GS8
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