Nubank is developing social features to replace legacy joint bank accounts
Jag Duggal · Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google) · May 16, 2024 · at 40:19
Jag Duggal, Chief Product Officer at Nubank, explains how legacy joint bank accounts fail modern family financial needs and shares Nubank's upcoming product direction.
0:00 / 0:55exact quote · 55.5s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“Our hypothesis is it's not surprising that that artifact, that that product is not made for the modern customer. That it is easier for me to share a Spotify playlist with my wife or my daughter than it is for me to share a savings goal just mechanically. So we're going into a product development cycle that says there is a new social banking arrangement that is not about Tweeting. And it's not about social, very broadly defined. It is about our financial lives are inherently social. And it is very hard to share with my spouse, with my kids, with my parents who might be helping me pay for my child's education as an example, use case.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Jag Duggal
Nubank requires a 50% Sean Ellis score because Brazilians are culturally polite
“For us, our threshold isn't 40%. We've generally moved it up to 50%. I don't believe we have product market fit. Unless 50% of Brazilians are telling us they would be very disappointed because Brazilians are inherently polite more, more polite and more optimis…”
Giant platforms like Nubank and Google can mask failing products for years
“When you have a big app like new bank or places like Google and Facebook, you can make any product look great for months, if not years, because you have such a large customer base, you can always get them to try it with all sorts of basic techniques, but you'r…”
Duggal: Executives will still blame PMs if pressured products fail
“But if you genuinely believe it's not yet ready to scale your product, at the end of the day, the big mess is the thing you're still going to own. And we're all going to forget that we told you to scale the thing. We're all going to still blame you at the end …”
Duggal: Only Fundamentally Different Products Drive Word-of-Mouth Growth
“Again, it goes back to only fundamentally different gets customers to tell their friends.”
Nubank is attempting to build the first global bank on one codebase
“We are trying to build what we believe is the first global bank on a single code base.”
Duggal: Nubank achieved 94-95 NPS in Mexico and typical NPS in 70s-80s
“There are been, for example, in Mexico, we've recorded an NPS when we launched the first couple of years of 9495. Right. So yeah, which is way better than we got in Brazil, but our NPS scores skew in the seventies, eighties, and occasionally nineties.”