What new functionality would make Starling Bank's "Spaces" savings tool more effective for users?

Introduction

To improve Starling Bank's "Spaces" savings tool, we need to identify new functionality that enhances its effectiveness for users. I'll analyze the current product, user segments, pain points, and potential solutions to propose strategic improvements that align with Starling's goals and user needs.

Step 1

Clarifying Questions

• Looking at Starling Bank's position as a digital-first challenger bank, I'm thinking "Spaces" might be a key differentiator. Could you share how "Spaces" fits into Starling's overall product strategy and what specific metrics you're looking to improve?

Why it matters: Determines if we focus on acquisition, engagement, or monetization Expected answer: "Spaces" is core to user retention, looking to increase average savings per user Impact on approach: Would prioritize features that encourage frequent interactions and higher savings amounts

• Considering the evolving fintech landscape, I'm curious about the competitive context. How does "Spaces" compare to similar tools from other neobanks or traditional banks, and what unique value proposition are we aiming to strengthen?

Why it matters: Helps identify gaps in the market and opportunities for differentiation Expected answer: "Spaces" offers more flexibility than traditional savings accounts but lacks some advanced features of dedicated savings apps Impact on approach: Would focus on introducing innovative features that leverage Starling's banking infrastructure

• Given the importance of behavioral economics in savings products, I'm wondering about current user behavior. Can you share any insights on how users typically interact with "Spaces" - frequency of use, average number of spaces per user, most common savings goals?

Why it matters: Informs which aspects of the tool to enhance for maximum impact Expected answer: Users create 2-3 spaces on average, primarily for short-term goals, checking weekly Impact on approach: Would explore features that encourage more diverse and long-term savings goals

• Considering the rapid pace of fintech innovation, I'm thinking about the product's future trajectory. What's the vision for "Spaces" in the next 2-3 years, and are there any emerging technologies or trends you're particularly interested in incorporating?

Why it matters: Ensures proposed improvements align with long-term product vision Expected answer: Interested in AI-driven personalization and potential integration with open banking Impact on approach: Would prioritize scalable solutions that can incorporate machine learning and external data sources