Nilan Peiris: evaluation

Transcript context

…What did you find most helped increase trust in that way? Is it just get more people using it and then they'll share with their friends, or is there something you did there to... No, it was literally get more people using it, and they'll share with their friends. There's obviously a bunch of learnings we've had around what specific trust sentiments matter, especially geographically, but less powerful in the macro than get more people to use it. So coming back to that, and I'd love to get your thoughts on this one. So, as you said, lots of people go up to NPS, and they kind of heard people talk about it, heard people talk about recommendations. So my learning on this is you've got to work really hard to get recommendation. So, to get a nine or a 10, so our NPS is 70%, so it's really, really high. So it's kind of higher than the iPhone, and Google search. So really, really high, so off the scale high. And when we launch a market, or at the beginning it was much lower, so 20s and 30s. So instead it in context, like banks and financial services NPS is -30. So, most people don't recommend banks. So it's like, comes from a low base. But, what I've found is when you build a product, most founders, and most teams kind of stop when it works. As their next step, some people focus on conversion rate like, "I'm going to make this really, really slick," and that's cool, you get a bit more growth. But to get to recommendation, you're going to blow your users' socks off, and the phrase we use is, you have to give them an experience they didn't know was previously possible. And when you are in that place of doing something that no one has ever done before, that's where you get it. So the bar is all the way up there. And to put that in context, that means figuring out how to move money instantly. That means figuring out how to drop the price all the way from six all the way down to 0.35. And that's because there are systemic infrastructure issues in moving money around the world, which some people haven't solved before. And these problems are just really hard to solve. They take years to solve, but they have huge kind of returns when you do it. I love that just as a framework, is how do... We need to blow our users' socks off. And again, it just comes back to how you can get people to want to share this product, and drive word of mouth, blow their socks off. I want to dig into how you actually just figured out what these attributes are. Obviously you talked about this NPS survey highlighting things. How did you decide it was instant money movement, and some of the other things? Is it just basically looking at these survey results, and picking the things that come up most often?…

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