Introduction
Improving Monzo's international money transfer experience is a critical opportunity to enhance user satisfaction and potentially increase market share in the competitive fintech landscape. I'll approach this challenge by first clarifying key aspects of the current product, then analyzing user segments and pain points before proposing and evaluating solutions. Let's dive in.
Step 1
Clarifying Questions (5 mins)
Why it matters: Helps identify gaps in the current offering and areas for improvement. Expected answer: Basic international transfer functionality with competitive rates, but limited currency options and transfer speeds. Impact on approach: Would focus on expanding capabilities and improving user experience.
Why it matters: Determines whether we need to focus on catching up or innovating beyond competitors. Expected answer: Monzo lags behind some fintech competitors in terms of features and global reach. Impact on approach: Would prioritize feature parity and unique differentiators.
Why it matters: Ensures proposed solutions are feasible within regulatory constraints. Expected answer: Strict KYC/AML requirements and varying regulations across different countries. Impact on approach: Would focus on solutions that balance user experience with compliance requirements.
Why it matters: Aligns product improvements with broader company objectives. Expected answer: Focus on increasing engagement and retention of existing users while attracting new customers. Impact on approach: Would prioritize solutions that enhance the overall banking experience for current users while making the service more attractive to potential new customers.
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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