Product - The Second of Three P's of Intellectual Property

By Tntra, based on a conversation between Mehul Desai and Elle Kim

The London-based company Revolut, launched in 2015 by Nikolay Storonsky and Vlad Yatsenko, provides various online banking services, such as bank accounts, debit cards, free currency exchange, and stock trading. Revolut Junior is a prepaid card account created exclusively for kids aged 7 to 17 to aid in their learning of financial literacy and money management. The project had two important parts: defining the MVP functionality for children and parents and developing a brand platform to decide how to position the product.

The Revolut team introduced the Brand platform after organizing a workshop with important stakeholders to identify fundamental principles, target markets, personality, and long-term product direction. The branding team used data to inform the app's visual design using Miro's Three-Hour Brand Sprint Template. With the help of the Double Diamond architecture, a simple-to-use MVP solution for children and parents was produced.

There were four phases of the Revolut Junior project. User interviews and competitive analysis were conducted during the Discovery stage to define four user categories and develop personas. During the Definition stage, ideas were generated, app features were prioritized, and an information architecture and feature map were created. As potential MVP solutions were generated, usability testing was done during the development stage. The product was ready for delivery at the Delivery stage.

Powering Profitability through Effective Product Development and Management

Product development is a challenging endeavor, with many goods failing during development or shortly after launch, highlighting the importance of effective product management.

According to recent data, just 40% of the products firms flourish on the market. Furthermore, only 60% of the other 40% are successful in making money. This suggests that Product management is difficult because many products fail during development or after launch.

However, good product development and management can help brands achieve most of their objectives. Per a report by Productfocus, 69% believe that product management is a leadership role, and a good product manager could substantially increase company profits.

The same report by Productfocus, reveals that a fully optimized product manager can increase company profits by an impressive 34.2%. This highlights the significant impact of effective product development on a company's bottom line.


Intellectual property has three elements that contribute to value generation. After discussing the first element of IP, i.e., Patents, in one of our previous papers, we now discuss Product, the second P in IP. This paper discusses various topics, including product creation, user-centered design, adoption and scale, and the future of product development.

The whitepaper is based on a discussion between Elle Kim, a skilled payments and product professional, and Mehul Desai, Co-Founder and Chairman of Tntra. The following parts will discuss various facets of product development and FinTech from Elle's viewpoint.

Product development is the process of making something that facilitates a specific interaction or action. In the context of payments and transactions, it enables someone to pay for something, whether a card, a wallet, or a gift card.

In general, effective product development concentrates on developing solutions that make people's life easier in whatever they envisage doing, whether shopping, delivering a gift, or simply paying their bills. For instance, in the area of payments, digitization has sparked innovations that have produced a user-centric experience.

The paper offers advice on approaching Product development differently in how you may come to the core product concept by looking at it as a facilitator of something else. Returning to the payment example, it should be noted that for most consumers, payments are never the main focus of a product. Payment apps with a large user base that contributes to adoption and growth, like Google Pay and Samsung Pay, are a means to an end and an added feature to an existing product.

Ultimately, the paper moves towards defining the Holy Grail of FinTech. FinTech's true value lies in simultaneously solving problems for consumers and retailers. The real benefit of FinTech is in resolving issues that affect consumers and retailers simultaneously. Although the financial services sector has benefited from new technology, the ultimate goal would be to use it to enhance relationships between consumers and businesses.

Defining Product Development

The process of imagining, designing, and producing a product that facilitates a particular action or interaction is known as product development. To provide a product that improves and makes the end user's experience easier and more seamless, it should ideally comprise identifying and addressing the wants and wishes of the end user.

In the realm of payments and transactions, the product is how individuals can make payments, whether through a card, a wallet, or a gift card. Understanding and fulfilling the needs and goals of the user should always be a priority in product development. By putting the needs of the user first, developers may produce products that speed up transactions and improve the user experience as a whole.

The development of a product must consider both the user experience (UX) and the customer experience (CX). The user experience of making a payment and the payment method is entwined in the payment landscape and should be viewed as connected elements. The usability, practicality, and effectiveness of the payment procedure highly impact the whole experience for users. The "how" of payment methods and the user experience of making a payment should therefore be considered by product developers as they build and develop their products.

Product development revolves around creating solutions that make people's activities, such as shopping, sending gifts, or making payments, easier and more enjoyable. To achieve this, staying attuned to the fundamental human needs and desires the product aims to fulfill is vital. By understanding users' core motivations and expectations, developers can effectively tailor their solutions to meet those needs.

Additionally, staying abreast of the latest technological developments and trends is crucial in successful product development. By incorporating emerging technologies and trends into product development, developers can ensure their solutions remain relevant and competitive in the ever-evolving market.

Provider-Centric to User-Centric Approach

The product development specialist attests to the transition from a provider-centric to a user-centric strategy in product development. Financial services like Google Pay, Samsung Pay, and American Express have all seen how the payments industry has changed, especially with the digitization of credit cards and payments that attempted to enhance user experiences.

Historically, the emphasis was placed on creating solutions that suited the internal procedures and goals of the providers, such as payment processors and financial institutions, since product development was primarily focused on their demands and ambitions. However, as customer-centricity increased and technology's influence grew, the emphasis moved to emphasizing the user's perspective and creating products that catered to their unique wants and preferences.

Innovations in mobile payments and credit card digitalization are two examples of how the payments business is changing. By offering simple, safe, and seamless payment methods, these developments aimed to empower people. In this situation, user-centric product development concentrated on streamlining the payment process, boosting security, and providing flexibility in payment options to match user preferences.

Although the user-centric approach resulted in considerable gains for consumers, the businesses forgot about the retailers along the road. For instance, the payment industry has grown to be fragmented and complex, with many participants and payment alternatives. Retailers have struggled with this complexity as they try to understand the plethora of payment options and wallets, leading to higher costs and operational concerns.

The product specialists are emphasizing the importance of considering a balanced strategy from the viewpoints of both users and retailers. The main goal of merchants, which the industries should not disregard, is to generate revenue through sales. Therefore, easing the load on shops and facilitating smooth transactions can be accomplished by optimizing the payment process and the interactions between various participants in the payment ecosystem.

Adoption and Scale of Payments Services

One of the most common mistakes passionate payment businesses may make is treating payments as the core of their value proposition. However, the product developers disapprove of this. Payment applications or services are an enabler in the transaction process for a consumer. They serve as a tool, not as the main feature.

Unless it is based on the enormous user base of an established company, a payment product cannot scale. Payments must be integrated with a wider and more pleasant experience that a user loves. Therefore, payment startups must focus on enhancing user experience and offering real value to grow.

It's also crucial to consider the consumer-merchant relationship and the shopping experience while trying to reach scalability. Payment solutions should alter the total value offered for merchants in addition to the end-user experience.

To encourage uptake and scalability in industries other than payments, products should serve as facilitators rather than the primary focus. These products need to satisfy actual user needs and deliver discernible value properly. Similar to how payment methods can grow by merging with user bases that have already been formed, products across a variety of industries should employ the current level of quality established market trust to serve essential consumer needs.

Understanding customer pain points, building a strong user base, enhancing the core human experience, and keeping open to feedback-driven pivots are important elements to achieving acceptance and growth. It is possible that the organizations successfully manage the difficulties of product creation and promote broad adoption and growth by adhering to these principles.

The Holy Grail of FinTech

FinTech is not a very new concept, and many aspects of it, such as payments, have already been in existence for some time. The current landscape of FinTech is a mixture of old and new technologies, with additional layers built upon the existing infrastructure. Therefore, it is important to reimagine the FinTech infrastructure.

In this sense, the Holy Grail of FinTech is to capture the essence of basic exchanges between a business and its customers while streamlining the digital infrastructure to maximize value for both parties. However, adding a new layer of innovation without adding any additional value is not sufficient. To introduce innovation at the right points along the value chain, product developers must carefully examine the fragments of consumer and merchant contact.

The Holy Grail of FinTech is the holistic approach that integrates innovation and the core relationship between the retailer and the consumer. In summary, it includes -

  • A return to simplicity and effectiveness of the transaction between retailer and consumer.
  • Re-evaluation of business trajectory to shift its focus on technology to enhance consumer and merchant relations and experience.
  • Adding a layer of innovation at the right place in the value chain such that it creates new value propositions for retailers and consumers.

Generative Technology and the Future of Work

In "Generative Technology," Artificial Intelligence (AI) and Machine Learning algorithms generate original concepts, materials, and solutions. These technologies can autonomously produce output based on incoming data or set criteria without relying on pre-programmed instructions.

Generative technologies like AI, ML, and VR are advancing product creation. The technology stack, however, is now cluttered due to technology's haphazard implementation. This unplanned application of technology runs the danger of distracting from the problems the product needs to solve.

For instance, many businesses specialize in various niches in the FinTech sector. This noise makes the voices of the actual end customers sound pallid, and hence the actual consumer and retailer issues remain unanswered. There is a need for product developers to focus on innovation that cuts through the noise and provides a useful alternative to the current ecosystem.

Technology is not only shaping the product development discipline but also redefining the future of work. Remote collaboration and communication technology are changing the atmosphere. The ability of technology has made the boundaries of work more fluid. As a result, the future of work is moving from an office-based activity towards a more flexible and purpose-driven approach.

The work philosophy is changing, with individuals seeking deeper meaning and significance in their professional endeavors. Rather than being confined to specific roles or products driven by the latest technology trends, there is a shift toward understanding the purpose behind these innovations. The focus is now on how technology can positively change the world and benefit society.


The whitepaper examined many facets of product development, mostly through the lens of payment services. It underlined the significance of using a user-centric strategy, which aims to develop solutions that cater to end users' requirements and preferences, thereby improving their experiences. The paper concentrated on the transition from provider-centric to user-centric product creation, particularly in the payments industry, where digitalization has profoundly altered how people make payments.

To attain broad adoption and growth, it is crucial to consider user and retailer viewpoints throughout product development. It is necessary to ensure that the innovation stack is embedded only after careful consideration for retailers and consumers. In this regard, the impact of generative technology on product development and the future of employment becomes crucial.

The paper also discusses the Holy Grail of FinTech from the perspective of experienced product developers. The whitepaper advocates for simplicity and effectiveness in transactions, reevaluating business focus on FinTech technology and strategic innovation to create value for retailers and consumers.

Future product development in the FinTech industry will require a deep understanding of user wants and aspirations, a complete strategy that takes into account the full customer journey, and the adoption of cutting-edge technology that actually help customers and retailers. By putting the user experience first, optimizing payment processes, and fortifying relationships between businesses and customers, FinTech enterprises may create interactions that go smoothly and benefit all parties involved. Additionally, the deliberate and intentional use of generative AI technologies will continue to change how we work and impact how products are developed in the future.

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