Reduced risk, better ROI and max efficiency – here are the key ways to supercharge your data-driven development and stay miles ahead of the competition
Are you using a predictive, structured method for building and developing new solutions?
In FinTech, for example, banks and traditional institutions are losing market share to disruptive new technologies, triggering a cascade effect where innovative newcomers are releasing so many new solutions, that even FinTechs are at risk of having their established products (and thus revenue stream) cannibalised
The answer? Up your innovation game with an organised, structured and predictable way to keep delivering on consumer needs, first.
That is where a data-driven development approach comes in handy.
Data-driven development is a methodology that relies on your customer data analytics to guide the entire product development life cycle. Instead of internally brainstorming on what features to add or new products/solutions to create, you rely on data and feedback to drive your innovation.
From initial concept through to market launch and continuous improvement, every stage is informed by data collected from various sources – letting you make evidence-based decisions and move faster.
In FinTech, data-driven development means gaining access to and processing vast amounts of data generated by customer interactions, transactions, and external market conditions, to highlight patterns and trends that can inform product features, design choices, and strategic priorities.
Developing solutions based on data minimises guesswork by validating product features and functionalities with real data. This reduces the risk of developing features that customers don't want or need, ultimately leading to a higher return on investment.
The approach naturally provides deep insights into customer behaviour, preferences, and pain points. By understanding these factors, fintechs can create products that truly meet customer needs, resulting in higher satisfaction and loyalty. Learn how to hyper-personalise and drive engagement with full customer data analytics.
Data-driven insights help identify potential risks and challenges early in the development process. This foresight allows companies to proactively address issues, minimising the chances of costly errors and product failures.
By identifying which features users value the most, FinTechs can focus their resources on what matters most. This targeted approach reduces wasted effort and accelerates time-to-market, leading to significant cost savings.
Your internal customer data is all good and well, but it often lacks a bit of nuance – you don’t get to see the whole person when you’re only looking at their financial behaviour. Customers lead full lives, and they engage with many other products in other spheres such as retail, work environments and social media.
Big Data is a term for when you have vast amounts of fragmented data that are often unstructured and from various sources (such as a customer’s everyday behaviours in a range of places online) and one way to learn more about your customer than your competitors is to tap into big data sources to inform your product development.
See how one of the world’s e-commerce leaders does it in our look at Amazon’s omnichannel strategy and learn how to use big data to understand customer needs.
Once you have more (and better quality!) data than your competitors, the next step is using it in a way that heroes your brand and products. You want to use it to deliver a better experience to your user than anyone else can – deeper insights, faster products, more unique offerings etc.
A key strategy today is to use AI and machine learning to hyper-personalise your products, features and communication – every touchpoint with the customer.
See how to use machine learning for personalisation.
Next, speed is the key. If you can deliver new solutions faster, and with more accuracy, you’re making it harder for competitors to catch up. (Building iteratively means gradually improving on products with feedback, so the faster you get prototypes out, the quicker you can iterate.)
That’s where having a good app development agency pays off – you get access to a larger number of highly experienced app developers, product managers and strategists to either bolster your internal team or handle the product development on your behalf.
Learn how to develop new products 3 times faster, how to save up to 80% on development costs and how to scale your software effectively.
Need help with data-driven app development?
Speak to our technology consultants to get moving fast.
