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Building Features Without Breaking Speed
- 1. Catherine Cornell | Director of Product Moonshot Hackathon: Innovation At Speed
- 2. Stash is pioneering the future of personal finance by uniting investing, banking, and education into one seamless experience.
- 3. 4 million investors +$1 billion in AUM $28 at a time
- 4. Hackathons
- 5. Hackathons are an accelerant for innovation; but a boost of fuel without a steering wheel is bad.
- 6. Why hackathons: ● Foster collaboration ● Cross skilling ● Spark innovation ● Employee retention
- 7. Empathize Strategize Ideate Build Measure Learn Start hacking here Hackathons intentionally subvert the traditional product lifecycle.
- 8. There are a few types of hackathon projects ● The personal crusade ● The roadmap item ● The crowd pleaser ● The moon shot
- 9. First time investors lack the education and confidence to make their first purchase.
- 10. 78% of Stashers had a portfolio volatility higher than their target range. Those that did make a purchase, usually didn’t make the best choice for themselves.
- 11. Simplify the initial investment experience through ● personalizing a portfolio based on the Stasher’s risk level ● empowering the Stasher to add and remove investments from the portfolio ● explain how and why the customizations impact the overall portfolio The Mission
- 14. Start here
- 17. Portfolio builder is a learning by doing experience that walks users through building their own diversified portfolio.
- 18. Winners!
- 19. Production
- 20. Canary A/B test results: ● Number of Invest Buys ○ New users: +24% ○ Cautious users: +20% ● Distinct ETF Buys (a proxy for portfolio health) ○ New users: +38% ○ Cautious users: +31% Portfolio builder encouraged Stashers to get started at a higher rate, and invest smarter. Source
- 21. We out here. Empathize Strategize Ideate Build Measure Learn
- 22. Source Mixpanel analysis ● Once users got to the portfolio screen, very likely to convert. Need to drive users there more quickly. ● Only 27% of users who converted attempted to customize their portfolio. Quantitative
- 23. Empathize Strategize Ideate Build Measure Learn
- 25. A/B tests on native weren’t winners.
- 26. Empathize Strategize Ideate Build Measure Learn
- 27. ● All users indicate that this tool makes them feel either Confident or Very Confident in their investments post using Portfolio Builder. ● “How does the recommended set of ETFs reflect a moderate risk? What does each ETF actually mean? How did Stash select how much money to put into one ETF over another?” ● “How do I know this is good for me to buy and not just wants good for Stash for me to buy?”
- 28. Once people see [portfolio builder] and try it out, they are highly engaged. But we need to get them to that first step. It might be challenging to communicate that value prop before they actually see the experience.
- 29. Lessons
- 30. Portfolio builder paired with Lessons intro: ● Portfolio Builder conversion ○ +16.6% Source Build trust and confidence in Stash.
- 31. A hackathon helped launch us over the initial hurdles of building an ambitious moonshot feature quickly; but in our speed we lost the course of why Stashers wanted this feature.
- 32. Empathize Strategize Ideate Build Measure Learn ● How to get a giant check ○ Shoot for the moon
- 33. Thank you!
Editor's Notes
- good evening ladies, gentlemen and those beyond the binary, my name is intro
- We are boast no minimums to start, and place an emphasis on education and investing for the long haul. Stashers tend to be hard-working, no-nonsense aspiring Americans striving to make ends meet and improve their lives. They dont have alot of money to throw around. ]
- On the invest side of the business we’re helping 4 keep growing the over 1 billion in assets deposited $28 at a time. Our Stashers dont have alot to throw around.
- how many of you are working at a company that currently hosts hackathons on a regular cadence? How many are PRO hackathon? You truly believe they create a better product. How many think the think they are fun.
- Im going to tell you about how we used a hackathon to jumpstart a greenfield initiative
- Product development at stash.
- A moonshot is a fantastic, almost impossible to achieve pie in the sky greenfield int.
- Before i get into what we built, let me start with the problem our hackathon group set out to solve. Go through our whole registration funnel get to the end, are confronted with hundreds of choices and get overwhelmed.
- “Cannabis and tesla effect” With the S&P 500 dropping by nearly 3% on Aug. 5th large autostash drop upward trend in account closures
- I told you moonshot
- Damien Newman’s design process scribble
- Built out 9 portfolios, and a backend to calculate and return the volitlity of the portfolio. Original team was a designer, a web developer, the director of investments, web developer. Along the way we picked up a copy writer and backend dev
- We have a highly engaged Facebook group of advocate users. They voted portfolio the winner of the hackathon in the landslide.
- -we took a few weeks to get the data engineering squared away -Launched on the web first, dont have it explain it WAY easier to ship on web. There were a couple things that needed to happen before we were ready to deploy: Data engineering Deploy a model
- x Deploy a model
- Meaning 73% were taking Stash’s recommendations. You hear that what do you think. Yup scrap that feature on native.
- Presenter: Andre
- Shorter funnel, less taps, less decision making, simplified design.
- Presenter: Andre
- Interviewed 6 users on their experience with PB. they liked the concept and felt it did achieve the goal of making them feel
- Recommendation from UXR
- Relating to stashers before a decision had to be made
- Deploy a model
- Through traditional UXR and empathy we found our course to the moon.
- Presenter: Andre