I thought for what it was worth, I would share my feedback on Dozens as it currently is. Positives and Negatives:
- The Card aesthetics and features of the App design.
- Easiest integration onto Curve possible - very fast and easy.
- IFFT and the regular savings. Round up.
- Easy access to card pin and details via the App.
General Points for Dozens (Keen to know others opinions)
- I will never use Dozens as the primary spend (Because I use a credit card for all my spending and pay it off in full). I use Tandem personally because it provides 0.5% cashback on all spend. By using a credit card as well you get interest each month on that £1000+ that you’ve got on the credit card rather than leaving current account or not saved (both small values but worth a £5 a month or whatever the saving is). +Purchase protection.
SO WHAT? - Dozens is not going to make money from people like me who won’t use Dozens to ‘Spend’.
Now that the 5% interest bond has been plauged with delays; the fact that generally the small value of the bond per person is small and likely could be seen as misleading that the 5% was advertised yet you can only get it on small sums… I feel like this is a good idea and I would probably scrap it in favour of some other form of reward: More savers awards, cashback on purchases at certain retailers (funded by dozens). I like the curve cashback you where select 3 retailers. I think that a similar thing could be brought in to attract customers instead and it would be more transparent and come under less scrutiny; interest on balances (Banking licence pending).
Growth of Dozens.
Note. I think that a focus on real growth should be when the Investment part of the app goes live and when the Grow is linked to a savings provider such as Raisin or A Another bank which doesn’t have a digital platform. I.e Virgin Money which is a big name, No App but good savings provisions. (A lot of technical work would be required BUT being able to actually grow larger amounts of money and monitor in the grow would be very appealing).
Generally, the proven way of growing a FinTech is through paid recommendations i.e. a fiver for you and a friend. This would be a good way to grow, but again I think (as what’s likely being done), this would wait until app functionality is complete. (Big financing required up front but I would say a better value that fixed 5% bonds)
5% Bond and everything about it really. I don’t think this gives the right image either of Dozens. Integrate other savings instead like Monzo.
I don’t think it’s particularly clear on how to achieve savers awards? I think a lot of users would get no value from the budgeting tool (which is good) but would still want to do what they can to get Nominations.
Some of the UX I don’t think is intuitive. I am not a fan of the Shareholder card and Dozens Card having different slots of money. But I can see the utility so that’s nonplus.
Not being able to transfer money as easily as integrated PayM or other Mobile number paying.
I’ll keep an eye out and return any questions if required.
Just thought I would get some things off my chest and into the mix.