So you may remember we asked everyone a few weeks ago what features they were into to help us prioritise the features we bring out with the Xinja bank account beta. A BIG thank you for all of those of you that took part, and here’s a flavour of what you said. Some of this was predictable – with some clear winners – some clear ‘whatevers’ and some unexpected, but some were surprisingly divisive……as we say, ‘money cuts deep’ and it feels like with some of this we touched a nerve ….
#1 ‘Love it…..or hate it?’
There were several features or feature territories that had the same effect as serving up a plate of anchovies – people loved them, or loathed them…..The biggest ‘ouch!’ reaction came from the idea of setting a waiting period (anything from minutes to days) before you can take money out of an account. This is a sort of ‘save me from myself’ feature; I need to consider before spending on that. Monzo in the UK offered something similar for gambling sites, in an attempt to help people with potential gambling issues. Whilst some really want to be controlled, others felt this was potentially a major infringement of liberty and sent us really clear ‘don’t you dare’ signals. As we commented in another blog recently, how personal do we want to get with our banks? The next pot we stirred was asking whether people wanted to see how others ‘like them’ spend. Clearly there are heaps of you that respond to that comparison, but a whole heap of others who either felt that that kind of competitiveness was distasteful OR perhaps were worried about coming up short OR probably a combination!
#2 ‘Do I want to know how money makes me feel?’
We got very mixed reactions too to associating money with emotion. Like tracking how your state of mind affects your propensity to spend or how much happiness your spending created. Some people clearly feel the need to address the impact of their financial well being to their overall well being while others didn’t see the relevance, or maybe were nervous of facing that even? Do we want to be reminded of regret, of poor judgement – is that a mirror some of us just don’t want to look in? What’s interesting about all these anchovies is that they didn’t appear to correlate to gender or age – there appears to be an attitudinal divide that cuts across us.
#3 ‘Help make sense of my deliberate choices vs ‘set and forget’
On to the winners and the top five tells us there is a clear need for knowing more precisely where your everyday spending is going, as well as desire to curtail ‘set and forget’ subscriptions and ring fence funds. When features were ranked, respondents attributed more value to everyday conveniencet features that improved visibility, choice and control (e.g. getting notifications before fees are charged, or easily seeing subscriptions) than round ups, or predicting the future (knowing the past and the present was more important).
#4 ‘Pls improve my financial awareness’
Features that improve your financial awareness were highly valued. Like reframing money to make it more meaningful to you – be it in work hours, via your calendar, or good vs. bad vs ugly spending habits – so ‘money mindful’ but perhaps not as deep as implied in #2.
#5 ‘Round ups & savings features must be awesome’
You valued features that show the “how” of creating financial health (eg. rounding up, saving features) but you expect them to be done bloody well. No pressure 🙂
#6 ‘Whatever will be will be’
Male respondents were likely to be indifferent to ’seeing where they spend the most money’. Female respondents thought seeing ‘where they spent the most money’ as a more desirable feature compared with males. Does this indicate men are just less concerned about their spending habits, women more anxious to know the truth? Or that men monitor more as they go?
Drop us a line
If some of these inferences resonate or jar with you, drop us a line & let us know.
We’ll be running Xinja labs shortly to unpack these findings and test concepts. Look out for invites very soon.