It has been almost a year since we decided to start our adventure with Bittiq. A healthy financial behaviour appeared to be so out of reach for many. We decided it was time to innovate personal finance! The first thing was to understand what had to change: what is it that gives people headache when thinking about finance?
In order to do that, we talked to more than 300 people about their experience with personal finance. Today we can say our company is entirely based on their contribution and their time. We were not looking for something specific but – at first – we simply wanted to understand what they considered to be good personal finance. We asked this question: if you had a magic wand, what would you change about your personal finance? I guess you already understand why – we wanted Bittiq to be that magic wand.
Here is what we learnt and what we are trying to solve.
Good choices are not about numbers. They’re about time
It takes hours to have your stuff in order and no one likes spending their free time checking bills and trying to figure out where their money were spent. But we all know that we should keep track of our expenses. It is the difference between what we know we should do and what we actually do that gives us a feeling of not doing enough.
We started with the idea of a financial app. Now we know our app is more about time than finance. We want to give anyone the time to do the things that really matter for them.
Don’t make me think about it
Another learning we had is that mostly, when people think about their personal finance, they love to have the feeling that everything is in order. When things are good it’s when you don’t need to worry about them. This way you can focus on something else.
Therefore, the idea of Bittiq is to give our customers a feeling of full control over your finance. It does that by managing the most routinary things for the app users and informing them only when an important decision is required.
KISS. Keep It Simple, Stupid!
This marketing slogan works perfectly also in personal finance. We can only be sure we’re doing the right choice if we understand what we do. A financial app, tool or software needs to make everything simple. It can be the most complete tool, but if it makes your life harder, than it’s the wrong one.
Our customers want Bittiq to talk to them like a friend, like someone they understand and they can relate to. For this reason, many of our efforts are focused on giving Bittiq a human touch.
Better be safe than sorry…
When you deal with something so important as personal finance, you need to make sure you don’t underestimate anything. Firstly, people don’t trust you if you don’t deserve their trust. They don’t care you think you’re building something awesome. You have to prove it. Secondly, as in real life, you don’t get the chance to make the first impression twice.
As a result, security is our first priority. Moreover, our efforts are in the direction of communicating this, because we believe in an informed relation with our customers. We want them to know that everything is transparent.
Dare to be different
If you want to offer something new you can’t do it with the instruments of the past. Personal finance is one of the sectors that has been touched the least by the great wave of innovation of startups. For many people, especially millennials, the word ‘finance’ is just old and stiff.
Our challenge is to be truly disruptive. Our message has to be innovative. For this reason we do things that others don’t do, we try to solve problems that others don’t solve and we want to be able to provide answers that old companies can’t provide. We don’t want to do it alone, it’s a path we want to go through together with all our customers.
Good personal finance. The start of something great and exciting
In conclusion, if we could sum up all the learnings of our first year this would be: take the time to know your customers. You need to know their needs, and you can be satisfied only when their story becomes your story.
These months spent developing Bittiq have been for us the start of something great and exciting. Our mission is to innovate personal finance making good decisions simple for everybody. Bittiq wouldn’t exist if more than 300 people didn’t allow us to use their time to talk and ask questions. For this reason this post is also to say thanks to all of them.