Me: I'm going to list app categories first, it will be tough to choose without a way to bucket all the different apps I use.
● Spotify:I love the UI/UX, music curation (discover weekly), and most importantly - besides Jay-Z every artist has released their entire discography to Spotify
● Dash: Same experience as AM/FM radio but app based. Love the DJ's and music curation (much like spotify)
● Apple Music: I still own 1,000+ songs so I use Apple Music to access this owned catalog. Never any overlap between my apple music songs and my spotify songs. Big plus.
● Superhuman: Email interface that focuses on a different UI than GMAIL, with emphasis on speed/shortcuts and organization
● Apple Notes: For a product manager, taking quick notes is essential. A few things I really like. Ability to create lists/bullets, easy to manage most recent notepads, ability to add PDF’s and photos which is great for quick access to presentations and brainstorms.
● Bank of America (Zelle): G reat interface, simple to navigate. Biggest plus is Zelle which is a direct Venmo competitor. Value prop is higher transaction limits and quicker transfer times than Venmo by working directly with banks.
● Capital one: Same type of simple, well organized interface as BofA. Very impressive.
● Digit Savings account: Links with your checking account and auto-withdraws a percentage of your overall checking account $ into custom categories of savings.
● Scoot: By far the most fun and efficient way to commute in a city
● Freebee: For warmer climates (like Miami), Freebee is a golf cart that fits 8 people for intercity transport. Absolutely free (paid for by city taxes)
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Interviewer: Let's focus on ZELLE. Let’s say your a PM working on ZELLE. What are the Key product performance goals and Metrics to track the success of those goals?
Me: Should I start by defining what the product does and my assumptions about the different customers??
Me: ok, I'm going to focus first on what the product actually does...
● Send / request / split bills
● Works with all banks directly
● Zelle takes a cut on receiver size of transaction
Next I'm going to try and define the user segments...
● Banks (BofA, Wells Fargo, JP Morgan, etc)
● Checking account customers (those exchanging money back and forth)
● 3rd party vendors (consumer to business transactions)
I would like to focus on the Checking Account Customers:
● College / young professionals: Mobile first, group payments are common, sharing economy, roommates and social share are very common - very rarely pay solo bills in this setting.
● Baby Boomers: often receiving payments, not mobile first. Big part of equation in family setting
● Landlords / business
I think I'm going to choose to answer this question with College/Young professionals as my primary customer:
Next I need to define the Customer journey to define key performance goals.... I'll go with monetization + engagement:
1. Total money exchanged between different banks per month
2. Money in corporate zelle account per hour (auto checks every 60 minutes). Could be important if Zelle makes money trading assets on public markets /or loans like a regular bank. I’ll get to this idea later...
3. # of Transactions sent over 10k per month (assuming larger transactions pay more $ in fees)
4. % interest zelle paid to banks
5. # of New business accounts opened per week
Interviewer: Now what would you improve to make it better?
Me: I'm going to focus on group pay; which is super common among college and young professional customers.
Pain points / User Needs
● As a requester dont like waiting a long time for money to hit my account
● As a requester: it is tough to remember to request money and also the exact amount agreed/or not agreed
● As a requester: it is awkward to ask for money, even though they owe me money.
● As a payer: I am worried about paying money to the wrong person
● As a zelle customer: account security is very important
● As a payer, I dont like paying transfer fees
Should I prioritize and pick maybe 2-3 paint points to focus on?
Interviewer: Maybe, I am actually curious how you'd go about prioritizing.
Me: ok, I would most likely make a trade matrix to compare 3 things: effect on user experience , how frequently you experience the pain point, and complexity to fix. Should I go ahead and prioritize?
Interviewer: No, let's move on. lets hear some solutions how you would improve Zelle.
Me: I'm going to assume the previously listed metrics would be the ones track success of solutions?
Interviewer: Yes, that's a good assumption
Me: OK solutions;
1. Security: Face ID verification in order to accept a transfer (not just at app opening, but another layer).
2. Group pay:
a. QR Codes to send money and or receive money instantly: just like Chinese AliPay. This is HUGE in China (and for Snapchat), but hasn't taken off in the USA. Need to look more into why that is.
b. NFC idea #1: Make it fun to get people to pay you back. Open the app and let others just tap their phone against yours and the payment request is executed without any work on the payers end. Reduces awkwardness of asking for money a day or two after..
c. NFC #2: If friends are already verified, they don’t have to take the phone out of their pocket to initiate a transaction. Phones detect their are near each other and a payment ask has been made by another friend. No questions asked, no awkwardness, & no need for servers to spend time splitting bills between 5-10 payers at 1 table.
d. Another idea to enhance the group pay experience would be to use AI to learn your spending habits, and if any unusually high purchase is detected based on venue (social settings mostly), you will get a notification with some questions about the purchase. The idea here is to use this as a chance to immediately add other payers and ask real time to split the check. No need to go back and try to remember from memory what the bill amount was and who was there with you.
3. New Monetization Idea: Partner with RobinHood to offer an option to instead of direct deposit but invest in the public market. Perhaps via robinhood investment fund already with a good reputation. Not sure if this already exists in some form or another but it would make a lot of sense. Money you receive sometimes doesn't seem real, so deciding to invest instead of depositing would be an easy decision.
4. Landlord/rent use case: nothing here yet since I am running out of time but with time this is a space worth exploring.
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