Introduction
Building a product that users love and stick with is no small feat. In the world of fintech, where trust and reliability are paramount, the stakes are even higher. Many promising ideas launch with a splash, only to fizzle out within months. Why? Because teams fall into the trap of adding features endlessly, hoping something will resonate. Instead, successful products are built on a solid foundation—a core that delivers consistent value and evolves with user needs. In this article, we explore six essential principles for creating products that not only survive but thrive. From avoiding the feature-first fallacy to embracing the concept of bedrock, these insights will help you build something that truly sticks. Let's dive into the feature-first fallacy, the power of MVPs, and more.
1. The Feature-First Fallacy
It's tempting to think that more features equal more value. In financial products, where users trust you with their money, the urge to solve every problem with a new button or screen is strong. But this approach often backfires. When you lead with features, you risk creating a bloated, confusing experience that no one loves. Users don't want a swiss army knife—they want a tool that does one thing exceptionally well. The feature-first mindset also ignores the reality of limited resources: every new feature adds complexity, maintenance costs, and potential points of failure. Instead of asking “What can we add?” start with “What can we remove?” Prioritize the core job your product does and resist the temptation to pile on. Remember, less is often more—especially when dealing with sensitive financial data.
2. Understanding the Minimum Viable Product (MVP)
An MVP isn't a half-baked product—it's the simplest version of your idea that delivers real value to users. Jason Fried, author of Getting Real, champions this concept even if he doesn't always use the term. An MVP forces you to focus on the essential: the one thing your product absolutely must do to solve a core problem. In fintech, this might be a secure way to check a balance or transfer money without friction. The key is to launch quickly and iterate based on feedback, not on guesses. Many teams fail because they wait for the perfect feature set. Instead, ship a lean, functional experience. Your users will tell you what they actually need—and you'll avoid wasting time on features that never stick. An MVP isn't a compromise; it's a strategy for building products that evolve with real-world use.
3. The Columbo Effect: Saying No to Feature Creep
Feature creep is the silent killer of product stickiness. Inspired by the detective Columbo, who always says “just one more thing,” teams often add endless enhancements thinking they'll delight users. But each “one more thing” adds complexity and dilutes focus. In financial products, this can lead to security vulnerabilities or a confusing user interface. To combat the Columbo Effect, adopt a ruthless prioritization framework. Ask: Does this feature directly solve a core need? Does it align with our bedrock? If not, kill it. Saying no is a superpower. It protects the user experience and keeps your product lean. Remember, you can always add features later—but you can’t easily remove them once users depend on them. Protect your product from the temptation of “just one more thing” by staying laser-focused on what truly matters.
4. Internal Politics vs. Customer Value
Many financial products become a reflection of internal power struggles rather than customer needs. Different departments—compliance, marketing, engineering—each lobby for features that benefit their own goals. The result is a “feature salad”: a mishmash of unrelated functions that confuses users and dilutes the core value proposition. To avoid this, align your team around a single north star: customer value. Every feature request should be evaluated based on how it enhances the user’s experience, not whose agenda it serves. Break down silos by creating cross-functional teams that work together toward a shared vision. Use user research and data to settle debates. When internal politics drive product decisions, users lose trust. Build a culture where the customer’s voice is louder than any internal department’s demands.
5. Bedrock: The Core That Sticks
Bedrock is the foundational element of your product that provides enduring value. In retail banking, for example, the bedrock might be the regular servicing journey—checking balances, viewing transactions, and managing day-to-day money. People open a current account rarely, but they engage with it daily. If that core experience is smooth, reliable, and intuitive, users will stick. Bedrock isn't a shiny new feature; it's the steady, unglamorous functionality that users depend on. Identify your bedrock by asking: What do users do most often? What brings them back? Then double down on making that experience flawless. Every other feature should support and enhance the bedrock, not distract from it. Products that prioritize bedrock over novelty build lasting loyalty. In a world full of distractions, being the product that simply works is a powerful differentiator.
6. Applying Bedrock in Financial Products
Financial products are uniquely suited to the bedrock approach because trust and reliability are non-negotiable. In practice, this means investing heavily in the core transactions: secure logins, fast payments, clear statements, and responsive customer support. Don't get distracted by flashy extras like cryptocurrency wallets or social trading features unless they directly strengthen your bedrock. For example, a simple feature like real-time spending notifications can enhance the daily check-in experience. Test and refine these core journeys obsessively. Use analytics to see where users drop off and fix those friction points. Remember, your product’s stickiness depends on how well it serves its primary purpose. By making your bedrock rock-solid, you create a product that users not only adopt but rely on every day—turning casual users into loyal advocates.
Conclusion
Building a product that sticks requires a shift in mindset from feature accumulation to core value delivery. Avoid the feature-first fallacy, embrace MVPs, resist feature creep, align internal teams around the customer, and identify your bedrock. In financial products, where every transaction carries weight, this approach is especially critical. By focusing relentlessly on what truly matters, you can create an experience that users not only choose but stay with for the long haul. The path from beta to bedrock isn't easy—but it's the only path to a product that truly sticks. Start by rethinking your feature priorities today.