Create a product for borrowers and lenders.

Introduction

Creating a product for borrowers and lenders is an exciting challenge that addresses a fundamental need in the financial ecosystem. This product has the potential to revolutionize how people access and provide capital, making financial transactions more efficient and accessible. I'll approach this design challenge by first clarifying the problem space, then analyzing the market and user segments, identifying pain points, proposing solutions, and finally defining success metrics.

Step 1

Clarify Questions (3 minutes)

• Is this a product for a specific company, or should I consider it as a generic financial technology solution?

• Why this matters: The company's existing resources, user base, and market position will significantly influence our approach.
• Hypothetical answer: Let's assume it's for a mid-sized fintech company with a strong mobile presence.
• Impact: We'll focus on mobile-first solutions and leverage existing fintech infrastructure.

• Are we targeting a specific geographic region or considering a global market?

• Why this matters: Financial regulations and user behaviors vary significantly across regions.
• Hypothetical answer: We'll focus on the U.S. market initially, with plans to expand globally.
• Impact: We'll need to ensure compliance with U.S. financial regulations and tailor our solution to American financial behaviors.

• Do we have any constraints on development time or resources?

• Why this matters: This will help us prioritize features and set realistic goals.
• Hypothetical answer: We have a 6-month timeline to launch an MVP and a team of 10 developers.
• Impact: We'll need to focus on core features and potentially leverage existing technologies to meet the timeline.

• Are there any insights from previous user research or data that we should consider?

• Why this matters: Existing data can guide our initial assumptions and help us avoid reinventing the wheel.
• Hypothetical answer: We have data showing that trust and transparency are major concerns for both borrowers and lenders.
• Impact: We'll prioritize features that enhance trust and transparency in our solution.

Propose the Goal

Given our company's focus on mobile fintech solutions and the U.S. market, I believe our goal should be to create a secure, transparent, and user-friendly mobile platform that connects borrowers with lenders, streamlining the lending process while ensuring compliance with U.S. financial regulations. Does this align with your vision?

Define the Scope

For this product design challenge, I suggest we focus on personal loans, specifically unsecured loans for amounts between $1,000 and $50,000. This will allow us to address a wide range of borrowing needs while keeping the product focused.

Based on our discussion, I'll make the following assumptions:

1. We're designing a mobile-first solution for the U.S. market.
2. Our target users are individuals, not businesses.
3. We'll focus on unsecured personal loans.
4. Trust and transparency are key concerns we need to address.
5. We have 6 months to develop an MVP with a team of 10 developers.