![]() You also have to tell your product's story better with simple design and a clear value proposition.Minters – you asked, we’ve delivered. As Simon Sinek said, “people don't buy what you do people buy why you do it.”Īt the end of the day, your minimum viable product shouldn't just work better than those of your competitors. Just because your product is built around an innovative idea doesn't mean that users will adopt it. This has made Apple Pay into the staple tool for purchasing items on the go. It rarely glitches and makes user security a priority. On the other hand, Apple Pay was built specifically for iOS. Even with those issues aside, Pay By Touch just didn't work reliably. It also linked your biology directly to your credit card, which needed to be more secure than Pay Per Touch worked towards in practice. If Pay Per Touch had taken off, it would have required an entire industry overhaul, for the sake of simplifying everyday transactions. Source TL DR: Keep Your UX in Line With What Users Already Use They soon found out that people don't readily trust something at the grocery store that they need to use their fingerprint on.Īt the end of the day, there were no real overhauls in security, and Pay By Touch didn't even work reliably when people went to complete their transactions. Pay By Touch assumed that its idea was compelling enough for users to adopt, despite not integrating with existing payment systems and devices. While the idea was novel, its execution was weak. It had $340 million in funding and was lauded as futuristic and visionary. Like Mint and Wesabe, Pay By Touch (2002-2008) was a pioneer in web-based finance tools, but one that let you complete purchases with the touch of your finger. Apple Pay's Secure Systemĭon't Expect Users to Jump Hurdles Just for a Good Ideaīoth Pay By Touch and Apple Pay sought to reduce the number of steps you take to complete a purchase in-person. They could make smart decisions with all the important material in front of them. Mint was far more detailed and more interactive than Wesabe had ever been, and empowered users to feel like they were in control of their finances. Their product saved users time that they would have otherwise spent checking their account balance, or logging into multiple accounts to view their investments. Mint succeeded because it gave users something that they wanted, needed, and made it easy to navigate.īut above all, Mint provided more value to its users than Wesabe did. Instead of the “social networking” aspect, Mint offered analytics of their users' spending and a complete vision of their finances. ![]() Mint took Wesabe's idea, but trimmed the fat in Wesabe's features. Source TL DR: Give Users What They Want-And Show It That's an awkward concept when considering your finances and sensitive information. Wesabe was meant to show you a complete vision of your finances, but that vision is vastly incomplete if it doesn't show you how much you're spending.Īlso, Wesabe advertised itself as a partial-social networking tool, hoping to jump on the “social” bandwagon. There were a ton of buttons showing you where you could view your separate accounts, but you couldn't necessarily view all of your transactions in one place. ![]() Compared to other tools at the time, Wesabe was one of the first money management tools that aggregated your data directly from your bank account, as opposed to its earlier competitor Quicken, which “started out as a blank spreadsheet requiring manual data entry.” Their interface helped pioneer how we manage our finances online.īut Wesabe had a few glaring issues. The companies' different futures came down to who had a simpler interface that offered more value. ![]() But one quickly fell to the wayside while the other grew to 1.5 million users in two years and became a household name. Wesabe and Mint were among the first web-based money management tools. Mint's Clear Purpose Don't Overwhelm Users with Unwanted Features It's filled with product design disasters that we can all learn from.īy looking at the success of Mint and Apple Pay, and the massive failures of their competition, we can take away a few dos and don'ts about telling your product's story with clear, simple design. While not as new as other tech industries, the personal finance space has been rife with competition for the past decade, with no signs of slowing down. The importance of a simple product design is evident with personal finance startups. Telling that story without overwhelming users often calls for a simple product design that can communicate value even at a glance. The scary reality is that 90% of startups fail.Ĭompanies succeed when they can tell their product's story clearly and deliver value without frills. A good idea, no matter how innovative or helpful, isn't enough to guarantee product success.
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