Key features delayed yet again

I see the roadmap has been updated and most of the key features everyone is hanging out for have been delayed again:

  • NPP/PayID deferred from Q3 to Q4
  • Multiple stashes deferred from Q3 to next year
  • Recurring and future payments deferred from Q3 to next year
  • Joint accounts deferred from Q4 to next year
  • BPay - thankfully hasn’t moved but I don’t have a lot of confidence that it won’t

Referral rewards is also pushed out to Q3. In the absence of some of the above features it’s hard to contemplate referring anyone.

Secret squirrel has also been pushed out to Q3. Unless it’s going to poo gold nuggets into my account I can’t see much interest in this one either.

There are still so many hygiene factors missing from the product. You’re not going to get a lot of applause for adding them but their absence is a major liability.

It really doesn’t seem like the things that customers are most asking for are being prioritised here. Hopefully the roadmap has been properly recalibrated and these are realistic delivery timeframes now.

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Lol :joy:
Thanks for the laugh…needed that!

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Agreed.

The lack of progress is embarrassing and contrary to their statements about having the best tech stack and being able to iterate quickly.

Xinja are at serious risk of alienating their loyal supporters who want this to succeed.

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Without explicitly saying anything - it was mentioned by staff in another thread - if any of you are shareholders, there is a place you can go and read a certain document that was recently put out.

I picked up a couple of new insights and there is news of note coming in the next couple of months.

It adds some context to some of the above and yes, while a bit frustrating, no one is sitting down twiddling their thumbs.

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I can understand the frustrations from customers and shareholders.

Having worked in Product Development in startups and large organisations for more than 20 years, I know how challenging it is in an environment of limited resources and unlimited urgent demands.

COVID-19 definitely threw a curve ball at most organisations, in many respects - productivity loss, recruitment freeze, reduction in capital availability, etc.

Be more forgiving, guys. Put yourself in their shoes, before being too critical.

If you have to choose between your health and meeting a deadline, what would you choose?

From a business strategy point of view, speed to market is not as important as product differentiation and positioning in this space.

“Getting it right” is more important than “getting there first”.

Things fall over (e.g. app crashing, service outages, security breaches, etc.) if you rush and cut corners just to meet an arbitrary deadline.

The fallout (i.e. reputation damage, needing more money to troubleshoot and fix things) from these are just not worth it.

Good things take time. :wink:

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@ContagiousEnthusiasm While I agree with most of what you’ve said, I can still understand why investors are frustrated.

Several media articles of late have quoted industry analysts who believe not all of the neobanks will survive in the long term. Xinja is probably the furthest behind feature wise and isn’t turning a profit, so I don’t think it’s completely out there to fear that Xinja will be first to drop off. I’m hoping not of course, but it is a possibility.

Whether or not this justifies the criticism is debatable, but I think the concern is definitely valid.

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At some stage, the bigger financial institutions will acquire the smaller digital banks for strategic reasons (i.e. kill off the competition, buy the technology/expertise, buy the customers, etc.). It is not such a bad thing for the shareholders of a digital bank if the price is right.

BOQ, for example, has legacy systems that are way overdue for an upgrade. They have announced a while back that they too will develop a digital bank under the Virgin Money brand. BOQ announced they will spend >$400m on IT infrastructure upgrade over the next 5 years. Why not partner with BOQ or get them on board as a strategic investor? Get additional capital to put Xinja’s development on a rocket.

Disclaimer: I am not a XInja shareholder. I am a customer.

Xinja have been pretty transparent from day 1 that they want to stay independent so I doubt they’ll sell out to another bank. I can however see them selling on their platform…that’s a good commercial opportunity.

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I mostly see where you are coming from.

I am an investor and absolutely understand the frustration, but it’s also a far longer game - a bank is being built. Plans change and the staff here have been more than upfront about that.

Do we want all the features and functions already? Absolutely. But I am not building a bank and I don’t know how to build a bank and I have some shares on the understanding that the team here does.

It’s obvious now that with the load of deposits that came in and then COVID, that revenue / income things are going to have to come in a little more quickly and that is reflected in the update and the roadmap. I think that’s just the way it’s going.

The company would not be forecast to be making a profit at this time regardless and I am not certain there is a correlation between amount of features and the coming demise of the bank, though I see from the front facing customer perspective how you reached this conclusion.

Depending on when you came in with your shares, assuming one of the crowdfundings, their value has already increased. It’s also been pointed out many times, that this is at least a medium or longer term investment. I imagine there will be an IPO in the coming couple of years and there are threads on here if you are looking to sell your shares.

I read the article and I think, even given the variables, Xinja would still have to be in the top handful of companies that are more likley to make it out the other side of this. There are many other far newer financial services / neobanks that are going to struggle far more.

I think we are in the latter stages of a lull at the moment, but from what we know a lot is happening and we should see the fruits of that in the coming couple of months.

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Changing themes slightly and I know it’s come up in the past, but…

As we know the markets are all over the place at the moment. And we know that Xinja is soon to launch the first loan / income products, but I want to say I think there is a massive opportunity here to offer loan products that are somewhat innovate, compelling and refreshing to the market.

I know a lot of loan features have come up in different threads, but I think there is a real opportunity to launch and have income generating plans that earn money for the company but also respect and treat the customer with decency and consideration.

All with a touch of excitement along the way, making people actually want to interact with their money, rather than merely undergoing the act of a somewhat slog through forms and processes.

I think investors and customers have been extremely forgiving of Xinja on the issue of features and products. When you look at Jan to now there really hasn’t been much delivered at all. Compare that to say UP who have delivered features pretty consistently every month since lunch and are now onto really interesting stuff like covers and forwards. They already have spend insights and categories. Sure they had a head start but Xinja really need to be looking at what they are doing. At this rate Xinja ( which Eric flagged as have the best tech stack of any bank in Australia) will be the last to deliver real time payments as one example.

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