“Dad vs. Web3: A Product Manager’s Tale of Two Worlds”
My dad has always had a bit of a head-scratcher when it comes to grasping my gig as a web2 fintech product manager. Now, attempting to demystify the whole web3 product is a whole another level of challenge. So, let me regale you with a tale of my undying love for understanding users, particularly the silver foxes of society — our cherished yet oft-neglected senior citizens.
I’ve held the role of a product manager (PM) for six years, focusing on web2 products. When it comes to elucidating my work, it’s a rather straightforward task. Web2, particularly in the realm of fintech, essentially involves taking traditional finance concepts and ushering them into the digital era. Think of it as akin to upgrading from stovetop ovens to their sleek, electrical counterparts (pardon the culinary analogy; I’m quite the baking enthusiast). The core elements remain intact: the ledger, transaction records, and account statements are all there. My primary challenge was akin to teaching those who grew up without the internet about these modern marvels. This transformation streamlines bureaucratic processes, reduces manual labour, and minimizes paper usage. Now, users can seamlessly transfer funds, even using just a phone number instead of a bank account number.
Mature audiences are quite often forgotten in the software development world. Unless your product specifically targets them, just like how Masako Wakamiya [1], a lifelong-learner lady who enjoys coding and creating a game for senior citizens, chances are your products are catered towards the large demographic of the masses.
The global senior citizen population is poised to undergo a staggering transformation, with projections indicating a doubling from 2021 to 2050. This shift translates to a shift in the ratio, evolving from 1 senior citizen for every 10 individuals to a more pronounced 1 in 6 worldwide [2]. What once served as a reference point for comprehending the dynamics of the web2 landscape no longer holds in the realm of web3 products. In web2 fintech, a succinct explanation sufficed — it was merely banking made accessible and available online. The older generations observed the gradual evolution of the financial system, and although they may possess varying degrees of financial literacy, they grasp the overarching concepts surrounding banking and financial institutions.
However, web3 works quite differently. With tokenomics, each platform or Decentralised Autonomous Organisation (DAO) mints or prints its native currency (tokens) to run the utility, ask or bid the security, and run the governance. The idea that even the ledger is distributed in the nodes across the chain is different from how traditional finance has run the ledgers.
While the allure of decentralised ownership serves as a powerful draw for enticing newcomers from the web2 world, the idea that there isn’t a solitary entity overseeing the database management might appear perplexing to some.
I immersed myself in the CEX and DEX experience just like how I benchmarked different competitor apps to get the user journey flow, as I’m also a new convert. With my coming role as a PM in web3 products, it comes naturally to me to try and learn different flows, not just for the products closely related to my features, but also for the feel of web3 in general. More apps, more exposure, more inspiration to draw from. However, I also put on the hat of a non-tech-savvy user just like what I always did when I assessed the UX options for my web2 products.
Let me illustrate with an example. The web2 fintech platform I’m well-acquainted with operates on the premise that one account is tied to a single phone number. Just recently, my father approached me, puzzled by the sudden disappearance of his e-wallet balance and transaction history. As it turns out, he had inadvertently logged in using a different account. Additionally, I once worked as an assistant for an elderly woman in Edinburgh. She found the concept of two-factor authentication (2FA) rather inconvenient, and she agreed with the reason after I explained that security often involves trade-offs with convenience. My interactions with senior individuals have deepened my capacity for user empathy. It’s become second nature for me to see things through their perspective, particularly when assessing the user experience flow.
As is often the case with pioneering ideas, the initial phase proved to be the most challenging. Building momentum necessitated an all-hands-on-deck approach, where the entire team had to roll up their sleeves to introduce and familiarize users with QR payments. Encouraging the adoption of cashless, mobile-based payments within a predominantly cash-driven society demanded a considerable amount of time and concerted effort from the government.
I had the privilege of attending two blockchain conferences, Blockchance 2023 in Hamburg and Token 2049 in Singapore, where I had the pleasure of meeting numerous visionary founders with innovative business concepts. What captivated my attention the most were ideas grounded in everyday utility, like converting cash into cryptocurrency at top-up points or making coffee payments using tokens. These concepts could serve as a user-friendly entry point for individuals venturing into the world of crypto, offering tangible benefits with minimal barriers.
The other day I evaluated the UX of an exchange.
Despite my familiarity with concepts like staking and yield farming, I faced the challenge of explaining these concepts to users with limited experience in investing. It became apparent that certain principles could be applied to enhance the user experience, particularly when targeting senior citizens or individuals with limited tech literacy.
- Connection with the existing system.
Establishing a connection with the existing system is crucial. This connection encompasses the terminologies employed within web3 products. For instance, explaining staking can be equated to the concept of non-timed deposits in traditional finance.
- Real-world applications.
NFTs in the gaming realm are gaining traction due to their relevance in the Play-to-Earn (P2E) model, which resonates with gamers. However, for those outside the gaming sphere, the appeal lies in using tokens for purchasing goods, leveraging loyalty reward apps, or embracing decentralised asset ownership, all of which can serve as compelling selling points.
Blockchain technology was conceived in the realm of complex mathematics and game theory, yet this doesn’t imply that it should remain an enigma reserved solely for tech enthusiasts. Its initial purpose was to challenge the deficiencies inherent in centralised banking systems. However, true progress toward financial inclusivity and decentralisation hinges on gaining traction and garnering interest from the broader public. Therefore, by unravelling its complexities and streamlining the learning curve, we can potentially integrate blockchain and the world of cryptocurrencies into everyday life, making them more accessible and facilitating a smoother transition for all.
References:
[1] ‘INTERVIEW | Masako Wakamiya, the Oldest App Developer in the World | JAPAN Forward’. Accessed: Sep. 25, 2023. [Online]. Available: https://japan-forward.com/interview-masako-wakamiya-the-oldest-app-developer-in-the-world/
[2] United Nations Department of Economic and Social Affairs, World Social Report 2023: Leaving No One Behind in an Ageing World. in World Social Report. United Nations, 2023. doi: 10.18356/9789210019682.
