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Product Management Improvement Question: Enhancing user experience for Wise's recurring international transfers

Asked at Wise

15 mins

In what ways can we enhance the user experience for setting up recurring international transfers on Wise?

Product Improvement Hard Member-only
User Experience Design Feature Prioritization Metrics Analysis FinTech Banking International Money Transfer
User Experience Product Improvement FinTech International Transfers Recurring Payments

Introduction

Enhancing the user experience for setting up recurring international transfers on Wise is a critical challenge that directly impacts customer satisfaction, retention, and the platform's competitive edge. To address this, we'll explore user segments, pain points, and innovative solutions that can streamline the process and add value for our users.

Step 1

Clarifying Questions (5 mins)

  • Looking at the product context, I'm thinking about the primary use cases for recurring international transfers. Could you help me understand the most common scenarios where users set up these transfers, such as regular remittances, business payments, or investment contributions?

Why it matters: This will help us tailor the experience to the most frequent use cases. Expected answer: Regular remittances to family members abroad are the most common use case. Impact on approach: We would focus on simplifying the process for personal transfers and potentially add features like family member profiles.

  • Considering user behavior, I'm curious about the cross-platform usage patterns. Are users primarily setting up these recurring transfers on mobile devices, desktop, or is there a significant split?

Why it matters: This will inform our design decisions and prioritization of platform-specific improvements. Expected answer: There's a 60/40 split between mobile and desktop usage. Impact on approach: We would prioritize mobile optimizations while ensuring a consistent experience across platforms.

  • Regarding product lifecycle and company alignment, where does improving recurring transfers fit into Wise's broader strategy? Are we looking to increase the frequency of transfers, the average transfer amount, or expand to new user segments?

Why it matters: This will help align our improvements with overall company goals. Expected answer: The focus is on increasing the frequency of transfers and expanding to new user segments. Impact on approach: We would explore features that encourage more frequent use and make the product more accessible to new user groups.

  • Considering external factors, how has the competitive landscape for international money transfers evolved recently? Are there any emerging technologies or regulatory changes that could impact our approach?

Why it matters: This will help us identify opportunities for differentiation and potential constraints. Expected answer: There's increased competition from fintech startups and traditional banks are improving their offerings. Impact on approach: We would focus on unique value propositions and potentially explore partnerships or new technologies to maintain our edge.

Tip

At this point, you can ask interviewer to take a 1-minute break to organize your thoughts before diving into the next step.

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