The last month was a challenge for the MoneyRebel team, because we were working hard to go over different scenarios and different user stories. We started this project with a firm visualization what we wanted, and our development team was confident that this could be achieved. They succeeded in many things, but there are areas, where we have had many conversations about what things will be like in the end.
Blog je na voljo tudi v slovenščini TUKAJ.
The plan was always to create a platform, and so we needed to develop a strong structure, that would allow us to scale, quickly and nimbly. The up and running product has only 50% of its functionalities deployed, and we are pushing our development team to prioritize between the bugs that need fixing and minor process changes, that are required in order to prepare the app for UX polishing. So what we have now is a strong foundation, that allows us to build features on top of it.
In the past few weeks, we have had three in-depth workshops with the development team. We went over several possible scenarios. We have had representatives from the advisory industry guiding us concerning their needs, and users on the other hand, where they have told us what they want to have.
I must admit that the most frustrating part of this process is that we all want quick changes, that from the outside looking in, seem like minor UX/bug fixing issues that wouldn't require much additional work, but in development, this reflects itself in days/weeks of development. We have decided that we won't put pressure on ourselves, because we understand that right now is a crucial moment, where we need to structure every next step so that it doesn't backfire on us in the future. And yes, now we know what the scenarios are that need to be implemented.
Onboarding independent financial advisory companies
The app that is now live has 50% of its functionalities, and with the next upgrade, we are going to add at least 20-30% further functionalities, and this will help us get to a position where we will be able to onboard independent financial advisory companies and their users, which also gives you (our community) the opportunity to start using the app with advisors on it. The last 20% of functionalities are going to be built in a lean way.
Now we are committed to starting the first implementation of the system in Q1 2019. We are planning to onboard an independent financial advisory company, with five advisors and more than 500 clients. This customer will give us insights in terms of what we need to change, and we will prioritize these steps and try to implement them during the year. So this is our primary focus right now.
In the past few days, we have undertaken an in-depth session with the advisory company that is going to be our first customer. The process still needs some adjustments. The reality is now that the platform can be used in three different ways:
As a marketplace of advisors that communicates from our side.
As a platform, like "Salesforce," which means that we are going to license advisors, open an organizational entity for them and leave it to their internal IT admin.
As a license on Premises – the Moneyrebel platform will be sold as license and will be installed on the client's premises - the relationship will be comprised of the license and maintenance, allowing the client to get all the new SW builds/upgrades.
All of these scenarios have made us rethink many things, from the perspective of the end-user, so in this case, we have much repetitive work in front of us, how we are going to define the user, and what happens if the user is part of all three scenarios (how should his mobile app respond to that, etc.)
The team is small and agile
The team is small and agile; we don't want to leverage it too much although we would love to have additional hands on board, the whole team committed that we will cover different fields of work and competences to get everything in the right shape for the next step.
We have decided that we are going to implement OKR's in our process. OKR's are known as Objective Key Results. Our primary goal is to become the best Independent Financial Advisory Platform in the EU - that means that we need to cover many angles. Our primary short term (Q1 2019) objectives are to be able to onboard our first independent financial advisory company and to start with the token economy - this will be done after we establish the library.
One of our goals is also to establish a better quality control process and be able, to sum up, all the suggestions in a logical backlog for the development team so they can plan the next upgrade, including all feedback from the market.
What’s on for this week? Mitja and I are going to London, where we will attend FinovateEurope, an innovative FinTech conference with over 1,200 attendees from the financial industry. Our goal at this event is clear - we are looking for new partners.
I must add this - I respect the patience and all the support from our community. Thank you!
Jaka Kladnik, MoneyRebel COO