Building Financial Products That Last: The Bedrock Approach
Financial products often struggle to maintain momentum after an initial surge of interest. The temptation to add endless features can lead to bloated, confusing experiences that fail to retain users. In this Q&A, we explore the core principles behind building products that truly stick—from understanding the pitfalls of feature-first development to discovering the bedrock element that keeps users coming back.
1. Why do many financial products fail despite early success?
Many promising financial products see a rapid rise from zero to hero in just weeks, only to fizzle out within months. The primary culprit is a feature-first development approach. Teams get caught up in adding more capabilities—driven by internal excitement or pressure from different departments—without verifying that these features solve real user problems. When security teams raise objections, or when a new feature isn't as popular as expected, the product starts to fracture. The result is a feature salad: a jumble of unrelated capabilities that lacks a clear value proposition. Users become overwhelmed and disengage, leading to the product's decline.
2. What is a Minimum Viable Product (MVP) and why is it crucial?
The concept of Minimum Viable Product (MVP), popularized by Jason Fried in his book Getting Real and podcast Rework, is a product with just enough value to keep users engaged without becoming overwhelming or hard to maintain. An MVP requires a sharp eye and the courage to say no to extra features. It's crucial because it prevents the organization from building costly, unnecessary components before validating core assumptions. By focusing on the smallest meaningful solution, teams can test, learn, and iterate quickly. This lean approach reduces waste, speeds up time-to-market, and ensures that every added feature genuinely serves user needs rather than internal politics.
3. What is the “Columbo Effect” in product development?
The Columbo Effect refers to the persistent temptation to add “just one more thing” to a product. Named after the detective who always had one more question, this phenomenon captures how stakeholders—from product managers to executives—keep requesting additional features even after a solid MVP is defined. Each new request seems reasonable on its own, but collectively they bloat the product, obscure its core value, and delay launch. Overcoming the Columbo Effect demands discipline and a clear understanding of the product's primary purpose. Teams must constantly ask: “Does this feature directly serve our user's most critical need?” If not, it should be deferred.
4. How do internal politics harm financial product design?
Many financial apps become a reflection of the business's internal power struggles rather than a coherent user experience. Each department—marketing, compliance, risk—pushes for features that satisfy its own goals. For example, the marketing team wants gamification to attract new users; compliance demands exhaustive disclosures; the tech team insists on cutting-edge architecture. Without strong product leadership, the result is a feature salad: a chaotic mix of partially baked, unrelated functionalities. Users face confusing interfaces and lack a clear sense of value. This internal focus not only dilutes the product's purpose but also increases maintenance costs and reduces customer satisfaction. The best products are those built around the customer, not around the org chart.
5. What is “bedrock” and why does it matter?
Bedrock is the core element of your product that truly matters to users—the fundamental building block that provides lasting value. In retail banking, for instance, the bedrock revolves around regular servicing journeys: checking balances, making payments, managing day-to-day transactions. Users open a current account only rarely but interact with it daily. If the everyday experience is smooth and reliable, they stay. If not, no number of exotic features will retain them. Identifying bedrock requires ruthless prioritization: stripping away everything except the most essential, enduring function. Once that core is solid, you can add layers on top, but the bedrock must remain stable and user-friendly. This focus is what separates fleeting apps from durable, beloved products.
6. How can teams shift from feature-first to bedrock-focused development?
The shift starts with customer empathy. Instead of asking internal departments what they want, teams should conduct deep user research to uncover the single most frequent or critical need. That becomes the bedrock. Next, define an MVP that solves only that need perfectly—resist all requests for extras. During development, enforce a zero-feature policy for anything unrelated to the core journey. Regularly revisit user feedback to ensure the bedrock remains relevant. Finally, celebrate simplicity as a success metric. When a product is easy, fast, and reliable for its primary use case, users reward it with loyalty. This disciplined approach prevents bloat and turns fleeting interest into long-term retention.