The Xinja app is in the App Store and we’ll be bringing out a an android version in a next few months - very keen to get volunteers to beta test the Android version - if you’re interested please sign up at this link
I just sent through my deets - more than happy to test.
Happy to test @digixinja, always looking for more apps to test on the phone, especially money saving apps.
So I’m pretty disappointed that there’s nothing of substance about this in the June update (limited to one sentence of 17 words noting negative feedback in regards to its absence). Is there anything more you can tell us here? A cheaply made prepaid visa card that glows in the dark is pretty gimmicky if I can’t use it.
I also thought the… “rationale” underpinning the peddling of Xinja home loans on p.6 of your update was (a) specious, given that’s not how share valuation works and (b) really irresponsible given the self-obviating risk/reward differentials that would apply to taking on a home loan versus what would commonly be an investment in a relatively small parcel of shares. I’d recommend leaving such ambit statements out of future updates and marketing home loan products on their merits.
Hi @XinjaSENSEI - I can sense your frustration on both these fronts - so thought I would leap in and answer…especially as you have my favourite name!
Android version -
Our dilemma with bringing out an Android version of the app now is that its a bloody expensive exercise, absolutely not that we dont want to. I myself am a Google Pixel user and it’s really annoying that I have to use my iPad to enjoy Xinja!
However as a cash strapped start up, firmly in beta, always testing, changing and experimenting, running two platforms is just too expensive. Its not just the set up - each time we roll out a feature we have to develop it and test it for both platforms.
This increased cost would mean a trade off where we have to reduce the number of features we can deliver, test and experiment with. So I and the team made the call to go with just one platform.
The decisions we are making now in terms of priorities are tough. We dont have even close to the amount of money to do absolutely everything we want to right now, so we have to spend money very wisely and balance app development, product development and supporting different platforms.
As always our responsibility is to be prudent with how we invest our investors’ money and do our best to make the company successful. I know not having an Android version of the app sucks, but its not something we are likely to be fixing before we are through the beta products and fully licensed…which means it could be 2019 before we get there.
Home loans -
Thanks for your thoughts on this, I write the shareholder updates personally, so will consider them carefully.
We are looking for early home loan customers to test our product, processes and technology with, and it goes without saying that proving our ability to attract home loan customers, deliver a great experience and start growing revenue is absolutely core to our success.
We have a great product coming to market, and will roll it out slowly over the next few months. Asking friendly investors to participate and to provide feedback on the experience so we can improve it as we go and before we roll out to the public in general is a core part of the Xinja philosophy. That is building with our customers and for our customers in everything we do, especially product design. It also really helps us to manage risk.
We have had a lot of people - including investors - actually asking for Xinja home loans and requesting to be early customers, so I thought I’d add to that and ask for handraisers in the monthly report. In fact we have had quite a few lovely investors come back to us in the last couple of hours offering
That said, comments noted and taken on board. As one of my team always says “Feedback is the breakfast of champions!”, and Sensei I am always happy to receive yours. An engaged, thoughtful, constructive investor base is all any CEO could ask for.
Have a great evening, and reach out any time you like.
That’s all great Eric, I guess my point in relation to the first issue is that, in the spirit of community and openness, some more prompt (or extensive) disclosure of this tech-epiphany should have been made given you’ve now elected to split your customer base; which will likely remain split for some time unless they own both types of devices. Some very well might, but that can’t be assumed and you need to think about how you retain those prospective Android users in the interim. I certainly found the update to be far less than satisfactory in light of your advice and whilst I’m prepared to wait it out, retention of these individuals can’t be assumed either.
On the second issue, its obviously good to hear that some users are sticking their hands up for loans as that’s obviously crucial to getting the model working & underpinning growth, etc. The marketing plug for these products was made more than well enough without the last dot point on p.6, and as a consumer protection lawyer I found that incredibly irksome to read (also being conscious of your intentions here). I’d just suggest being more careful with those points in the future.
@XinjaSENSEI , Some very good points.
However, I had a slightly different view.
I thought that the framing of the interest rate repayment was actually positive.
There is encouragement to make the repayment.
Eric is not asking people who are not considering mortgages to go and get one.
Reading that was a much more positive experience than one that I just had in a CBA branch the other day when I didn’t even enquire about a mortgage.
Regarding the conversation around the potential increase in the share price, it is purely theoretical as Xinja isn’t publicly traded so there is no true gauge for what someone would be willing to pay for a share.
However , with Xinja writing mortgages and customers making timely repayments of interest and principal , this should aide in an increase in the intrinsic value of Xinja over time.
It is a shame about the android development. However, capital is finite. Would you have liked a poll? I hope that many other android users are willing to be as patient as you.
I appreciate capital is finite and businesses have to prioritise trust me. I wouldn’t have been concerned at all about the delay on the Android app if I’d been informed more completely in the update, which is what I was talking about in the first paragraph of my comment earlier this evening. I shouldn’t have to dig for it on the forum.
Hi Eric @XinjaMaker,
If the Android version isn’t due out until early 2019… that’s a long time to be waiting on a list to get access to a bank account. I didn’t know that when I signed up.
I think having an open waitlist now for something that is actually much further away than the vast majority of people are going to realise, is going to start causing more issues as the months go on and in turn, potentially strain the relationship with the potential customer.
You aren’t wrong Yogi, points well made… it does concern me that we might be disappointing Android based potential customers. Your counsel is wise, thank you.
I dont want to say 2019 for certain though, because it might be earlier. I am hoping we can get it developed before then, but it depends on the amount of funding we are able to raise, and whether existing projects come in on time and on budget.
The last thing I want to do is make a promise of Android in 2018 and then break it.
Leave it with me…I am going to talk to our tech team again and see what the most recent status is and see if I can magic some money from somewhere!
Thanks again, and not just for this comment. Appreciate all your thoughts and support.
If the product isn’t available yet, it’s not available yet. That’s cool.
I think, to some degree, the issue is less about that the product is or isn’t available yet, it’s more about the public clarity of it.
Perhaps just some extra / varied communication could suffice in this instance*.
*Not actual official business advice. You should still do whatever it is you are planning or not planning to do.
Fair. @XinjaSENSEI, thanks for your reply mate.
In the interest of transparency.
Could we publicly announce the delay of android after your chat with the tech team?
Did this update ever arise? Still feeling very much in the dark with a card rapidly gathering dust.
Yes! We don’t have exact dates yet, but the budget has been allocated, and we are working towards it as we speak. Bear with us for two weeks, and I’ll have more concrete information. To give you a very rough idea, instead of early 2019, it’s looking like late 2018. I can’t promise exactly when, but that is how it’s looking. Really sorry for the delay, as always security has to be our top priority!
I take it you’re building these apps natively?
Opted in to be a beta tester many month’s ago and was happy to receive an email today saying that I’ll get the app around Monday and account being opened soon. Thankyou for the opportunity.
Happy to test on my Droid phone. Presume it’s not a problem to logged in via iPhone and Droid simultaneously?