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Building Your Long-Term Success: Sustainable App Development Principles

One of the major product development challenges is to create an app which has longevity. You have changing market conditions, OS updates, and increasing competition that can make apps irrelevant. This is a harsh reality in the app development industry.

You have no real manual to fool-proof a mobile app, but you can take some steps in product definition, strategy, development, and design to ensure the app has long-term success.

Here are some principles of app development which will help you make a sustainable app that has longevity in a constantly changing marketplace.

Solve a Real Problem as Your First Step
You need to define your product and address the needs of actually people that will use the app. You have to understand the user base and how the product is going to address the problems that they face. You need to do this before you start app development as it’s going to be the foundation as you develop the product and its direction.

You also have to have a good understanding of the market, gaps in solutions, the competition, and much more. You have to have a product that is viable in a way that addresses something that similar or other products don’t address. You need to address the needs of users and look to the competition to develop a product that will have long-term success.

Use Scalable Design
Scalable design works good in theory, but it can be difficult to do in practice. You need to design in a way that goes beyond what you’re putting out initially and you must consider the product roadmap you’re on. You have to have a balance between flexibility for new product iterations as well as features and you also have to ensure that this doesn’t leave older versions looking like they have gaps.

One feature that benefits from scalable design in the navigation menu. If the MVP has only a few features and no more are planned for new releases, then having tab navigation might not be your best approach. You may have issues as new features are added to the product. Facebook is an example of a product that uses tab navigation as one of its core features and it features a side menu for the others. This allows Facebook to add to the menu system without having to go through large re-designs.

Gather and Then Analyze User Feedback
You will often go to market with a minimum viable product. This allows for the launch of a product that has enough functions to satisfy the needs of the user. It also allows to approve or disapprove assumptions you have made and to help you improve th product for the future new releases to come.

An MVP has one advantage in that you’re able to gather information and then analyze that information based upon data and user feedback. This helps you evolve the product from the initial offering. You’ll learn what users like and dislike, what new features and most often asked for, and so on.

You need to have managers that look at feedback and respond to that feedback because it shows you’re engaged in the development of the product. You gain an understanding into what the users are looking for and what they will want in future versions of your product. This helps you keep the product relevant in the marketplace and that you meet the desires of your user base.

If you have a client app for a healthcare service for example, you might allow the submission of receipts thorough uploading pictures. Users might like the feature, but want it to be faster and use less data on their device. The addition of data compression in a new update would provide more functionality for users and cut down of their data usage.

Update and Release Often
To ensure that your app is relevant, you want to update it and release new versions of the app often. One you have launched the MVP, you can a look at data and user feedback to compile that data so you know what types of of new features or functions you might want to add to the app in the newer versions. As you test assumptions and gain more knowledge about your app, the roadmap of development will change. If you release frequently, you can stay adaptable to changing requirements and then evolve the app to meet user needs.

When you have a new release you have to ensure that that release adds value. This could be new functionality or new features. You might also add components that enhance the user experience. Releasing quickly, testing and iterating is called “fail-fast design”. Teams such as those with Spotify, do this. This allows you to try something quickly, look at its performance, and then take what you learn and apply this to new releases.

When you have external factors that impact the longevity of your app, then these are best practices to ensure the app is going to stay relevant to the user base over the long-term. You need to have a strong product definition which addresses the need of those that will be using the product. You have to have design that’s scalable and you need to look at user feedback and analyze your data. Once you do this, you’ll have the tools you need to create future releases. If you update frequently based on these criteria each time, you’ll have success with your product.

Benefits of Building an MVP or Minimum Viable Product

Successful apps like Instagram, Snapchat, and Uber have something in common.

These apps started as something simple and then evolved into the apps they are now today. These mature apps went through years of product development and capital. A large investment and a lot of time is required to build successful apps such as these. This fact is often underestimated by people looking to build a highly successful app.

Since it takes so much to build highly successful app, you need from the start an MVP, or Minimum Viable Product. This is a version of your product which has the features to get the product to market that solves a problems users have. You want an app that brings value, but still have an app that doesn’t cost you a lot in developing the app.

The needs of the business, industry, and what competitors are up to will determine what your MVP is going to entail. In some cases, the features of the app may be complex as this is considered an industry standard. You have benefit to choosing this type of approach to app development.

MVP Benefits
A Set of Core Functionalities that test Business Concepts Early
When you have an MVP product version and get this into the market quickly, you can attest the concept of your business. You’ll be offering a core set of features, but not a full-blown product with lots of features. You can gather user information, test hypotheses, and get the product into the market fast. This helps keep costs down, but still gives you a functioning product.

Strengthen Your Business Case and Win Over Your Shareholders
The MVP is a version of a more complex and larger product you’ll offer later. When you have to add more features and need more resources, the cost of the app goes up. If you have an MVP, you’re able to demonstrate the validity of your product in the market so you can build a business case for more investment into product development. If you’re looking for more money from stakeholders, having an MVP product that is variable helps to strengthen your overall position.

Having an Iterative Process Allows you to Evolve Your Product
An MVP product offering allows you to go to the market with a product that has core functionality and features. When you do this, you’re able to build up a core user base and get insight into what is working and what is not working. Once you have this information, product teams can use that data to make business decisions on new iterations of the product. They will know what new features to add, what is going to help ROI, how to increase sales, and where money should be put into the budget.

Cost Efficiency
When you have a mature product, this is the result of many years of development, but the costs are high. If apps are created iteratively over many years, you can spread the cost out over a longer time frame. This allows for reinvestment from earlier versions into the new versions.

When you have an MVP, you can take this same approach and provide value for the business within a short period while minimizing your costs. The MVP offer immediate value and as you gain users you’re able to improve the product based upon feedback from that user base. You’ll be able to make more intelligent investment decisions and grow the direction of the product.

The MVP or Minimum Viable Product model allows you to start on a smaller scale, but build up iteratively to create a better product with more polish. You can use user intelligence gathered from previous versions to help you design a better product. The product will evolve over each version and you’ll gain more ROI (return on investment) with the versions as you work towards a mature application.

Why You Need to Deliver Often and Quickly: The App Submission Process Is Just the Start

When you ship a product, you have just gone through a large benchmark. The release of the product is really just the beginning of the process. You can’t expect the app to have large downloads, perform well and have a lot of usage, without working to improve mistakes. This is a common problem that many make when launching an app.

You can’t just publish and pray that everything is going to go well. This assumes that the launched app is perfect and fully complete. It also ignores the benefits you get from collecting feedback about your app from users. This allows you to roll out new version based upon the feedback and market data. Delivering often and quickly can have benefits for both mature products and unproven ones, but the scenarios will be different.

Concepts Which Are Unproven
When you have a smaller user base for a product that’s unproven on the market, you’ll have a smaller release and you’ll want to launch quickly. There’s a degree of uncertainty with new concepts so you can’t know what the user is going to want right away. By getting it to the market quickly, you can collect data, get user feedback, and look at the assumptions you have made about your product. If you take too long to get your unproven product to market, then you’re using up time and resources based upon assumptions and you may need to change these. Failures will also cost more.

When you release a product you’ll learn from the user base and be able to improve the user experience. You can add new features, fill in gaps in older versions, and make your product better for the user. By focusing on features that the users want or are using the most of in the app for example, you can make the product better and then roll out the new features.

Once you grow the app by looked at the assumptions through approving or disapproving them, have made a more mature app, deliver new features quickly on a regular basis, you will retain, engage, and have a happy user base for your app.

Brands Which Are Mature
When you have a mature brand, there’s already a large user base. Consumers expect a level of quality from any mature product or brand regardless if it’s mobile or not. When the first version of a product goes to market, it has to meet a level of quality that consumers expect. It might not have a lot of features, but it has to be of a high quality, functional, and have real value for the consumer. Users don’t have as much leniency for mature brands when compared to unproven products. New products from an established brand need to please customers from the first release. A viable product is going to be different depending upon the company that’s going to be releasing it.

An MVP needs to be launched quickly, but the first version has to be fleshed out. If you update often, you’re able to add new features and functionality to that product so the user experience is enhanced and more value is added. This adds to retention and user engagement. You need to add value to users when you release new versions and worry less about validating your assumptions to prove your concept.

Spotify has a Decoupled Release Model by creating an environment where the release is easy to do. Their product is complex, but they have changed the architecture which allows for decoupled releases so new features can be pushed out easily without impacting the overall architecture. It’s a ship early and ship often mindset. They have a lightweight process so they can rapidly get new features of their product out fast.

Quick Frequent Releases Make for Better Products
When you deliver quickly and often, you will be able to consistently improve your product, add value to your users, and ensure that your product has longer-term success. It’s important to have a culture and a process that will allow you to do this. You can’t just focus on the initial launch as you’ll have a stagnant product and it will lose its relevancy in the marketplace which is competitive and evolving all the time.

A Checklist for Your Product Launch

It doesn’t matter if you’re doing a product relaunch. Launching a new product, or doing and update to an existing product., a launch can either save money and time or cost you both. Here are five steps which will help your team no matter the current size of that team. The steps will help reduce abandonment rates after launch, drive the daily usage, and maximize user retention. Make sure you remain flexible so you adjust things according to your needs as things will likely change as you move forward.

Have an Understanding of Your Audience
The first items on our Product Launch Checklist is conducting market research. You have to know the audience before you begin the steps as this will help you save time and money because you’re not just putting your product into the market without much thought. You have to know what the audience is looking for, what they don’t like in the current market, and what gives them problems. You need to know what causes a user pain by looking at their attitudes and their behaviors. If you’re doing a product launch and don’t know your audience, you won’t know the threats that could face your new product right away. You have to invest in market research as it provides a steady foundation so the rest of the product launch goes smoothly.

Messaging and Positioning Statement
Once you have completed all the market research, you have to create a deliverable. To do this, you need to know the weaknesses and strength of the product and share this with the project team and any stakeholders.

The Unique Value Proposition of Your Product
Once you know who you’re going to target, you have to determine the factors that make your product better than the competition. This will be called your Unique Value Proposition. This describes why the product will provide value to customers and the reasons why they need to buy-in. There are many apps in the marketplace, so you need to let the customer know why your app is going to provide more value. You have to focus on why it’s more valuable not just describe the product as you want it to stand out in the market.

You should ensure the internal team is on the same page as you in regards to messaging. An essential part of a product launch is having strong internal communications. You have to communicate in an effective manner to stakeholders, your team, and others or you won’t get the buy-in that you have anticipated.

Creating a Master Marketing Plan for Your Launch
Once you all the market research done you need to focus on your execution. You have to have an effective marketing plan for the product launch to be successful. Each step has to be executed in the right way and in a timely manner.

Promoting the Content
A good plan has a clear goal that the team has researched and agreed upon. Once you have your plan, you’re able to create marketing strategies which might include early access for bloggers, social media presence, website designs, advertising, and others. You should map out a timeline of expected events which will lead up to your product launch and then the launch ahead of time.

Once all of the launch activities are planned, you can assess what resources you need. This might include, product screenshots, demo decks, design materials and other resources. The audience might get resources from various sources so you need to make sure the message is tailored to the efficiency of the various outlets which will carry your message. Make sure you plan the marketing strategy with lots of time to spare because marketing is just as important as getting your product ready for its launch date.

Launching of Your Product
Quettra had a survey that showed 77% of daily app users will stop using an app after only three days. You want your app to have a high download and a retention rate so the first impression of your app is a key one the first few days before the actual launch. During this time, you need to showcase the value of your app to your target audience. You have to show value and impress the user quickly or you’ll lose their interest.

Follow-Up After Launch
Once you have launched your product, ensure that you look at what went well with the launch and what you’ll need to improve upon. In the follow-up you want to look at retention rates, engagement, and the satisfaction of customers. Feedback and customer’s reviews will help you determine if you met the goals of the launch. User may abandon an app because they have a lack of interest in it, lack of real usefulness in the app, or changes in their needs. If market demands change you need to be aware of this and shift to the new demands customers now have.

The launch isn’t a one-time event, especially if you’re launching an app. You’ll need to make improvements to the app and reassess the product as the market demands change. You should update and relaunch products on a regular basis so users are engaged with new features and functionality.

Disruptive Technology: The Outlook for Mobile Banking

Mobile banking is on the rise and Fintech industry is changing the old ways of doing things. Regular banks face a new environment that has opportunities as well as new threats. As new technology emerges into the market, consumers are asking for a better experience and more flexibility when they conduct their banking. In today’s world, banks have to evolve and change or their going to lose market share. Mobile banking is leading the way in banking disruption, but this also gives banks new opportunities, too.

We will look at how mobile banking is changing customer behavior, usage and trends in The United Sates and Canada, how Fintech and banks are working together to enhance customer’s experiences, the barrier to adopting new technology, and how banks can employ new strategies for their own benefit in the mobile world instead of suffering.

Attitudes and Consumer Usage of Mobile Banking
The use of mobile banking is about the same as mobile payments. It has been gradual and not explosive. Since 2011, mobile banking has been growing a great deal. Consumers are expecting a lot more from financial providers to help them manage financial matters. 70% of Millennials are now mobile banking users, but its also growing across the other age groups too. 58% of smartphone users aged 30-44 in the U.S. and over 20% above the age of 60 are now adopting the use of mobile banking.

In Canada, mobile banking has also come to the forefront. In 2015, 30% of Canadians said they used mobile banking which is up from just 5% in 2010. Canadian consumers are favoring Fintech innovations and mobile banking.
• 25% of Canadians say they are increasing their usage of mobile banking
• About half of Canadians say they see themselves using mobile banking in the future
• 90% of Canadians say that apps and mobile services make banking easier for them

In Canada and the U.S., consumer’s desires are aligned with mobile banking and its benefits. The US Federal Reserve Board put out a report that said consumers want to expand their banking functions with their phones. The study predicts that their will be an increase in mobile banking usage as more consumers use smartphones and recognize that mobile banking is convenient.

Canadian consumers consider mobile banking to be valuable to them as its convenient. The Canadian Bankers Association says that consumers like banking innovations and stated there are three main areas that are important to consumers:
• 90% said they want to bank at a time that’s convenient for them
• 77% like banking innovations that help them bank more quickly and that save them time
• 77% said they like the fact that they can bank from almost anywhere
• 60% of consumers said that because they can use their mobile device to pay for purchases, they have a more positive banking experience.

Both the U.S. and Canada consumers like the convenience factors of mobile banking and the fact that mobile banking can meet their demands. They like performing transfers, checking recent transactions, checking account totals, depositing a check with a photograph, and getting notifications. Customers are looking for added functionality that makes banking experiences convenient for them.

User Adoption Barriers
While consumers want more banking functionality, the one barrier that make them hesitant to adopt mobile banking is the security factor. Consumers in the U.S. in particular, have concerns about how safe mobile banking actually is for them. They have concerns about the safety of their money and personal data when they use smartphones for mobile banking.

The attitudes about mobile banking are changing. From 2014 to 2015, an additional 5% believed that their personal information was safe when they conducted used mobile banking. This was according to the 2016 report from Federal Reserve Board’s Consumers and Mobile Financial Services. Building consumer trust will be a major factor in changing attitudes in those that have concerns with security.

Banks vs. Fintech
Banks have seen their market share threatened by Fintech Industry, but many now note that there’s a big opportunity for collaboration. Head of Scotiabank’s Digital Factory, Jeff Marshall says that while there is competition, it doesn’t mean there can’t be collaboration. Banks and Fintech share common ground as they both have a focus on the customer experience.

This idea was stated in the Canadian Banks 2016: Embracing the Fintech Movement which was released by PWC. In this report it stated that Fintech should be seen as an enabler for traditional innovations and that banks will be improved on an ongoing basis.

Banks know that they can benefit from the innovations of Fintech. In the near future, many of the offerings provided by Fintech may be used in the operational model of banks. This will help them reach underserved markets, cut costs, and they will have new revenue streams as well as new products to offer consumers.

The Challenges for the Banks
Fintech products and mobile banking offer a wealth of new opportunities, but the banks still face challenges. Innovation is critical, but there are some barriers to progress such as:
• Organizational and bureaucracy are a problem. Startups have more flexibility than large banks.
• There’s long development cycles. Some banks still spend a long time changing their processes to facilitate new development ideas.
• When a system has bene there a long time it makes implementation and adoption of new ones more difficult.
• Organizational thinking needs to be more agile, proactive, and have a lean philosophy so they can keep pace with changing consumer habits and new advancements in technology.
• Security is a problem as many believe these systems are still not secure. Banks need to establish trust with consumers. This is especially true with new digital services innovations in the mobile banking sector.

How Banks Can Improve Mobile Banking Technology and Services
There are challenges, but PWC says that banks need to keep up because they run the risk of competitors taking market share away from them. To capture market share in the Fintech space and mobile banking areas to stay ahead of the game, banks have to focus on:

Planning for the Future
The industry moves quickly and banks need to invest in new processes and technology to meet their business goals so they can become market leaders and evolve. Banks have to focus on longer term strategies so they can use new technologies when they present themselves.

Focus on Consumer Solutions
Fintech startups have success because they look at customer’s frictions and eliminate these points. Banks are working on this as well such as the ability to take a check, snap a picture, and deposit this in a bank account. As those in the digital age gain more wealth, they will have expectations and changing behavior. It’s just not millennials that are being impacted by new technology as Fintech services are being adopted by other age groups as well. With a focus on the customer, banks will deliver the services that the users are looking for and they will eliminate the friction points.

Look to Different Development Philosophies
To compete with the various Fintech organizations, the banks need a different development philosophy. Product launches and inefficiencies are created as many banks still use waterfall. New processes will help banks go to the market with improved offerings and quicker service which will meet the market demand. Many financial providers and banks are currently going through this type of transformation including those in the U.S. and Canada.

The Need to Invest in New Technology
Banks will invest more in Fintech in the future, but also have to look to new technologies to reduce dependencies on their outdated legacy systems. They will still need to have a focus of security.

New Partners and Collaboration When Warranted
Banks may be able to work through barriers to advance process and technology, but they will need collaboration and partnership, too. They will be able to partner with Fintech companies through acquisitions, mutually beneficial partnerships and though other investments. Banks may also look to partners that have expertise in processes and agile development and experience in the mobile industry This will help them with their organizational thinking and help them market new products as they make the transition.

In banking technology today, mobile banking is a big topic. It’s a window into a larger world that banks are facing and now adapting to. Across all financial services, consumer behaviors are changing. To stay competitive, banks must also change. New thinking must be adopted and ways of getting things done. Banks may also lead the way to new innovations, too.