There are different customer mindsets within FinTech, as the industry’s journey sets its eyes on understanding the customer product wants. This process isn’t always clear, and it might include educating customers but also sometimes just helping them navigate through the process. How can PMs create products and experiences that everyday people can relate to? Republic Product Lead Matt Hamilton shares insights into the importance of the customer journey and the future of FinTech.
(The views, information, or opinions expressed during this [series, episode, podcast] are solely those of the Matt Hamilton and do not necessarily represent those of Republic, its affiliates, and its employees and may not be current. The information provided on this podcast does not, and is not intended to constitute legal or investment advice; instead, all information, content, and materials available expressed are for general informational and entertainment purposes only.)
On Diversity of Customers in FinTech
Within the FinTech industry, new technology and trends are emerging quickly, leaving a gap for customers to either learn or relearn financial offerings. It is extremely important that product managers and leaders get to know their customers and be good stewards of their products.
“It’s always good to remind yourself on the outside that customers don’t care. They don’t understand, and they don’t want to understand all the inner workings of what’s happening. If your company or your product doesn’t look great or doesn’t speak to them, they don’t really care how much time or effort you spent on a certain aspect of it. It’s really grounding.
“We have at least a couple of different mindsets or personas in the FinTech space. You have people who are super plugged into crypto and the cutting edge of FinTech right now. Then you have a lot of other friends and family that … they’ve barely ever heard of anything. …
“It’s a really good reminder to a lot of different startups and even larger companies. … It’s important to stay plugged into all different customers.”
On the Vocabulary of FinTech
We know branding is very important for a product and company. The language and copy used to get the product message across are key. This is even more relevant and necessary for a space such as FinTech, where new concepts need to be explained to help with adoption, as Matt explained.
“A lot of times when we are designing something or thinking about names or copy, I’m constantly asking the question, is it intuitive? The reason why I’m asking that question is because being intuitive is relative. For some people, it’s intuitive to do one thing, for other people it’s intuitive to do another thing.
“The reason why we’re asking is whether or not that is across the board. Ask the questions for someone who’s coming in at an advanced level or someone who’s coming in at a different level: Are they both going to get what they want out of this, and are they going to feel like it worked well enough and was intuitive to them?
“The technique for that is to explain it like I’m five. If you’re using terms that are beyond high-school-level vocabulary, most likely that’s the wrong way to describe it. It’s not going to be very intuitive.
“… It’s going to be a combination of copy, iconography and imagery, and user interface that’s going to make something intuitive. That can be hard to wrap your head around, but for product managers and other people who are around product and design, it actually gives you a wide range of tools to use to make things more intuitive.”
On The Power of Visual Learning
Expanding on the vocabulary of FinTech, Matt explains the power of visual sharing and learning, and how imagery and other visual tools can help teach customers, sometimes much better than just basic copy.
“A lot of people underestimate the power of diagrams. Just showing someone a workflow or a timeline of what is going on graphically can be really powerful in sending that message, more so than trying to explain the complexities of ACH clearing times and securities issuance and closing times for an investment. Sometimes a good answer for how you can improve copy is actually to use imagery.
“Workflows are super everyday, every place items in workplaces. In a lot of corporate settings and internal business settings, you’re constantly creating workflows. What’s interesting is out in consumer product land, you don’t see a lot of workflow diagrams that the customer can see. That is something where we’re missing out on a little from a product design perspective. There’s more we can do there versus just trying to explain it in copy.”
About the speaker
About the host
I am the Director of Brand & Sustainability for Transfix, a leading transportation solutions provider, combining tech and a best-in-class carrier network to reshape the future of freight. I am also a host for Product Talk helping bring product leaders together to answer the question: "What makes a great product?"