Weekly FinTech Tip: Releasing a Minimum Viable Product is More Beneficial to Your Organization than Releasing a Completed Product
What’s up with everybody always trying to achieve 100% in every project?
Have you ever been part of a project in which a group of people are pushing that every single feature and every single ability that project is supposed to have gets implemented before it’s moved out to production? Unfortunately, this approach can damage your organization.
Financial institutions tend to want to implement 100% of the functionality and services of any product before letting it go live. However, this approach is counterproductive. Why? Because you will never achieve 100%. It’s a fantasy. It would actually be better to achieve what we call Minimum Viable Product, otherwise known as MVP.
A minimum viable product is the absolute minimum feature set that you need to use this new service or feature. The purpose of the MVP is to get the product out the door so instead of trying to guess at what consumers want, you can learn. You can release your product, let consumers to use it, get feedback from your consumers and members, understand where their needs lie, and then change your approach and continue to drive new features into the product. You might also find out that some of these features need changing. You may find out that the whole concept is not going to work. What if you have spent months and months trying to get it to 100%, only to find out that nobody wants it? You want to get things out fast, you want to learn from them very quickly, you want to adapt to those learnings, and, more importantly, if they don’t work, you want to fail fast and pivot. That’s why 100% is not a good idea.
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Premiered on May 2, 2019