Breaking: Veteran Product Builder Warns of Looming Crisis in Fintech
Financial apps are being built to fail. A seasoned product developer with decades in the industry warns that the relentless push to add features is creating a wave of bloated, unloved products that collapse within months. The core problem, they say, is an obsession with quantity over quality.
“I've lost count of promising ideas that go from zero to hero in weeks, only to fizzle out,” said the expert, speaking on condition of anonymity due to ongoing consulting agreements. “Financial products are especially vulnerable because the stakes are high and users are unforgiving.”
The Pitfalls of Feature-First Development
When building from scratch or migrating legacy journeys to digital, teams often fall into a trap. They race to add “one more thing” that solves a specific user problem, only to face security vetoes, low adoption, or unforeseen complexity. This approach, the expert argues, creates a “feature salad” — a chaotic mix of functionalities that serve internal politics, not real customer needs.
“Many finance apps become a reflection of internal department battles,” the veteran explained. “Instead of a clear value proposition, you get a confusing mess. It’s the Columbo Effect — there’s always ‘just one more thing’ someone wants to add.”
The Minimum Viable Product Myth
The concept of a Minimum Viable Product (MVP) is often misunderstood. Popularized by Jason Fried in his book Getting Real and his podcast Rework, an MVP is meant to deliver just enough value to engage users without overwhelming them. But the expert says most teams lack the discipline to stick to it.
“An MVP requires a razor-sharp eye and the courage to say no. It sounds easy, but it’s not. Everyone gets seduced by the next feature request,” they noted. “Without that restraint, your product quickly becomes a Frankenstein of features no one truly loves.”
The Secret to Sticky Products: Bedrock
The antidote, according to the expert, is a concept called “bedrock.” This is the core element of your product that provides lasting value. For retail banking, the bedrock is everyday servicing — checking balances, paying bills, viewing statements. It’s not the flashy new investment tool or AI chatbot.
“People open a current account once in a blue moon, but they look at it every day,” the veteran said. “If you nail those routine interactions, users stick. If you ignore them for gimmicks, they leave. Bedrock is what makes a product stable, useful, and irreplaceable.”
Background: A Crowded Market in Crisis
Financial technology has exploded over the past decade, with thousands of apps competing for users. Yet churn rates remain high. Industry data shows that over 70% of fintech apps are deleted within 90 days of installation. Experts attribute this to a lack of focus on core value.
“We’re seeing a repeat of the dot-com bubble, but for apps,” said a fintech analyst from a leading consultancy. “The ones that survive won’t be the ones with the most features. They’ll be the ones that solve a single, fundamental need flawlessly.”
What This Means for Builders and Investors
For product teams, the message is clear: stop adding features and start identifying your bedrock. Ask yourself what your users absolutely need every day, and make that experience flawless. Everything else is optional.
For investors, this is a warning. Look for startups that obsess over a narrow, essential use case rather than those promising a Swiss Army knife. The market is already flooded with feature-rich failures. The next winners will be simple, reliable, and deeply habitual.
As the veteran concluded: “Build from the bedrock upward. If your core is solid, users will trust you. And trust — not features — is what makes a product stick.”
Note: For more on identifying your product’s core value, read our guide on bedrock features. To avoid the feature-first trap, see the pitfalls section.