Launching The FinServices Mobile App MVP: Tight Deadlines and Lessons Learned

In 2021, FinServices, a prominent exchange holding in Central and Eastern Europe, was at a crossroads. They had a robust financial service, serving their users only through a website. This limited their reach and potential to scale. Recognizing the need to evolve, they planned on developing a mobile app to cater to their expanding user base. However, there was a catch—they lacked an in-house development team. Not worried by the challenge ahead, FinServices approached Imaga with the request to create a mobile app within an ambitious deadline of just five months.

When working on a project, your team is the first detail you should consider. You have a few options:

• In-house team: This option relies on your existing employees. If you have the right expertise and number of specialists, this is an option you can consider for your project.
• Outsourced team: This implies hiring outside resources to help you develop your project as needed. These could include freelancers or full-cycle development agencies.
• A combined team: This option provides the best of both worlds, where you and your team would work with outside professionals to turn your concept into a market-ready product.
  

FinServices decided to go with their in-house team and Imaga’s development resources to realize their vision.

“The first hurdle we encountered was assembling a capable team. We considered various options, including in-house, outsourced, and a combined team approach. Opting for the latter, we leveraged in-house expertise while utilizing Imaga’s developers and specialists. This collaborative effort ensured a diverse skill set and streamlined project execution,” stated Madina Abaeva, FinServices’ Product Manager.

Imaga undertook the development of a sophisticated financial marketplace, an ambitious task considering our deadline. We assembled a team of experienced experts and conducted a thorough competitor analysis. Initially, to meet the 5-month deadline, we opted for cross-platform development for the mobile application launch. However, after numerous discussions with financial service experts, we recognized the limitations involved with this approach and opted for native development, which would provide enhanced scalability and long-term viability.

To ensure future scalability and security, we expanded our scope of work, utilizing Swift UI for iOS and Compose for Android, alongside Java for backend development. This strategic selection aimed to accommodate potential high volumes and uphold robust security measures crucial for handling sensitive financial data. Given the nature of our platform and its interaction with customer data, robust security protocols such as KYC procedures were necessary. Our focus on prototyping and research underscored the initial steps in the development process, laying a solid foundation for upcoming phases.

The process remained relatively straightforward at this stage. We evaluated our hypotheses, identified the MVP’s areas for improvement, and implemented changes before conducting the second round of interviews. Typically, 2-3 rounds of interviews are enough to test our UI ideas thoroughly. Insights gained from these interviews proved valuable, helping us refine the MVP and understand FinServices’ clients' future preferences. We cataloged the ideas generated and incorporated them into our backlog, with most of these features launched in later iterations.

Engaging with users and conducting market research is critical to ongoing research efforts. The initial research phase provides valuable insights by allowing us to test early versions of the app and analyze user interactions to identify areas of difficulty, preferences, and engagement points. Subsequent conversations with users clarify gaps or issues, such as UX challenges or service comprehension. This iterative process extends beyond product release, as our pre-MVP launch activities demonstrated. These insights also guide the product’s roadmap, often leading to unexpected discoveries and emphasizing the importance of user feedback in prioritizing features and products. We can achieve sustainable product growth with iterative cycles of action, rapid experimentation, and continuous refinement.

Since the start, our focus has been the systematic development of the FinServices MVP, aiming for incremental improvements with each sprint to ensure continuous progress. Initially, we centered the app around a single product—specifically car insurance—chosen for its simplicity. Despite its basic features, launching the MVP early allowed us to gather valuable feedback from real users. Over the period of two years, we regularly updated the app every two weeks, introducing new features and enhancements. Throughout this process, we relied on data-driven insights, utilizing a dedicated product analytics platform directly integrated into the app. Even during the MVP phase, we formed hypotheses, tested them, and analyzed user behavior within the app. Additionally, we strategically included banners promoting other products within the app interface to better understand user interactions and preferences, guiding our ongoing development efforts.

To wrap things up, our CBDO, Dmitry Akhmetov, and CPO of Mobile Product, Madina Abaeva, have prepared a checklist to refer to when working with your MVP. Here are the essentials you should keep in mind that will transform your Minimum Viable Product into a Minimum Lovable Product, adding that extra spice for the potential to make users fall in love with it.