What features could Tend add to its savings accounts to encourage more consistent long-term saving?

Introduction

To encourage more consistent long-term saving in Tend's savings accounts, we need to explore innovative features that align with user needs and behavioral economics principles. I'll analyze the current product, identify key user segments, and propose targeted solutions to drive engagement and savings growth.

Step 1

Clarifying Questions (5 mins)

• Looking at Tend's position in the fintech landscape, I'm curious about its target demographic. Could you share more about the primary user base we're focusing on for this savings account improvement?

Why it matters: Determines the specific needs and pain points we need to address Expected answer: Millennials and Gen Z, primarily urban professionals Impact on approach: Would tailor features to tech-savvy users with variable income

• Considering the competitive landscape, I'm wondering about Tend's unique value proposition. What are the current key features that differentiate Tend's savings accounts from traditional banks and other fintech offerings?

Why it matters: Helps identify areas for improvement without compromising existing strengths Expected answer: Higher interest rates, no fees, and seamless mobile experience Impact on approach: Would focus on enhancing these strengths while addressing gaps

• Given the focus on long-term saving, I'm interested in understanding the current average customer lifetime value (CLV) and churn rate. Can you provide insights into these metrics and how they've trended over the past year?

Why it matters: Indicates whether we should prioritize acquisition or retention strategies Expected answer: Moderate CLV with room for improvement, slightly increasing churn rate Impact on approach: Would emphasize features that increase stickiness and long-term engagement

• Considering the broader fintech ecosystem, I'm curious about Tend's integration capabilities. What partnerships or third-party services are currently available or being considered for the savings accounts?

Why it matters: Identifies potential for feature expansion through partnerships Expected answer: Some integrations with budgeting apps, exploring open banking APIs Impact on approach: Would consider leveraging partnerships for enhanced savings features