Designing an Investment App: A Framework for FAANG Interviews
In the ever-evolving landscape of financial technology, product managers preparing for FAANG interviews must be equipped to tackle questions about innovative solutions. This blog delves into effectively navigating a product design question focused on creating an investment app. This exercise not only evaluates your product design skills but also assesses your understanding of the financial market and user needs.
Leveraging the frameworks and strategies from ‘Decode and Conquer: Answers to Product Management Interviews,’ we will outline how to dissect and conquer this common interview question for aspiring product managers.
Detailed Guide on Framework Application
Choosing the Right Framework
The DESIGN framework from ‘Decode and Conquer’ is an invaluable tool for breaking down product design questions. DESIGN stands for Define, Empathize, Sketch, Iterate, Groom, and Narrate.
Step-by-Step Framework Application
When faced with the challenge to design an investment app, here’s how to apply the DESIGN framework:
- Define: Begin by defining the app’s scope, its target users, and the problem it aims to solve. Determine the key features the app must have.
- Empathize: Understand your users’ pain points, motivations, and financial goals. Use data and user research to uncover these insights.
- Sketch: Create sketches of the app’s user interface, including user flow and key screens. Highlight usability and simplicity.
- Iterate: Seek feedback on your sketches and iterate on the design. Make decisions based on user feedback and business goals.
- Groom: Refine and prioritize features by grooming your product backlog. Ensure your MVP focuses on core functionalities that deliver value.
- Narrate: Tell a compelling story about how your app design addresses user needs and stands out in the market. Connect features back to user benefits.
Hypothetical Examples
Imagine you’ve sketched a feature that simplifies the stock-buying process for first-time users, reducing the steps from five to just two. Narrate how user testing showed a 30% increase in completion rate for transactions due to this change.
Facts Checks and Approximations
Utilize real market data wherever possible, like quoting the size of the app’s target market. For areas outside your expertise, draw industry-standard approximations, like average user acquisition costs for fintech apps.
Communication Tips
When discussing your design, use a storytelling approach that ties back to the user. Employ visuals if possible to convey your design solutions vividly and memorably.
Conclusion
Designing a product like an investment app requires a thorough understanding of the user and the market. Through the DESIGN framework, you can methodically address each aspect of the design process, showcasing your strategic and empathetic approach. Remember, practice leads to perfection, so keep honing your skills with these frameworks and you’ll be well on your way to cracking those FAANG interviews.