In what ways can Wise improve the transparency of its fee structure for business customers?

Introduction

Improving the transparency of Wise's fee structure for business customers is a critical challenge that directly impacts user trust, satisfaction, and ultimately, retention. As we dive into this problem, we'll explore the current fee structure, identify pain points for business users, and develop innovative solutions to enhance transparency. Our goal is to create a more user-friendly experience that aligns with Wise's commitment to fairness and clarity in international money transfers.

Step 1

Clarifying Questions

• Looking at Wise's position in the market, I'm thinking about the competitive landscape. Could you share insights on how our fee structure compares to our main competitors, and if there are any industry benchmarks we're aiming to meet or exceed?

Why it matters: Helps us understand if we need to focus on matching industry standards or creating a unique differentiator. Expected answer: We're competitive but not leading; some fintech startups offer more transparent models. Impact on approach: Would influence whether we innovate on the fee structure itself or focus on presentation and communication.

• Considering the diverse needs of business customers, I'm curious about the current segmentation. Can you tell me more about the types of businesses we serve, their transaction volumes, and if there are any significant differences in how they interact with our fee structure?

Why it matters: Allows us to tailor solutions to specific business needs and pain points. Expected answer: We serve SMEs to large corporations, with varying transaction volumes and frequency. Impact on approach: Would help prioritize which segments to focus on and potentially develop segment-specific solutions.

• Thinking about the product lifecycle, where does our business offering stand, and what are the key metrics driving this improvement initiative?

Why it matters: Helps align our solution with the product's current stage and business objectives. Expected answer: Growing phase, focusing on increasing business customer acquisition and retention rates. Impact on approach: Would emphasize scalable solutions that can grow with the product and potentially focus on retention strategies.

• Considering the complexity of international transfers, I'm wondering about the current user journey for understanding and calculating fees. Can you walk me through the typical steps a business customer takes to understand their total costs for a transaction?

Why it matters: Identifies potential friction points in the current user experience. Expected answer: Users navigate through multiple screens, with fees presented at different stages. Impact on approach: Would guide us in streamlining the fee presentation process and potentially consolidating information.