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Bibit's PRD

A brief yet detailed look into Problem State that Bibit is facing

Muhammad Fadhil

Background

Bibit has its debut in early 2019 after being

acquired by Stockbit⁠

, a space for investors to share ideas about stock investing, news, and real-time information. The platform is designed as a mutual fund "robo-advisor" in Indonesia, helping investors to build portfolios according to their risk profile and investment objectives. Based on the data, 90% of Bibit users are millennial investors who previously had no experience in investing. To date, Bibit is claimed to have millions of investors, mostly millennials and novice investors, in 500 cities in Indonesia to build investment portfolios based on their risk profile and financial goals in a safe, simple and easy way.

The Problem

Having been entrusted by millions of investors & amassed more than IDR 5 Trillions of asset managed in 2021 (

source⁠

), Bibit is one of the most used investment application in Indonesia. Despite that, there are still problems that Bibit is struggling with. Amongst them, these are a few notable problems that users are experiencing :

The time it took for users to withdraw their assets are too long which often times results in the significant difference of price (mostly loss) to user asset sold/bought

As Bibit is an app that focuses on the of its smart assistant (Robo), users may sometime feel that the recommended portfolio does not match with themselves financially and contemplate on whether to keep investing as suggested or skip it altogether

As Bibit has the main focuses of getting millenials to invest and getting more people to start their investing journey, it begs the question, is it educating enough for those who are first time investors? Do they understand the risks and benefits of each products of mutual funds?

High-level Approach

As we have already stated the Problem Statements, now we just need to pick which approach to take these problems head-on. As I have stated before that there are a few notable problems that users of Bibit is/may be experiencing even when going in the golden path.

As the root cause of the problem is the time taken for assets to be withdrew/bought, this problem has a high value if solved first but because this problem also requires the highest effort because it not only requires coordination with partnered banks and/or Asset Manager but also is limited by a wall that which is regulation. Even so, if we wanted to hasten our response time for users that are buying/selling their assets, there are still ways we can still deliver to our users, such as: implementing integrated API to partnered banks and/or Asset Manager, provide a reservoir of withdrawal funds that acts as backup to give users their withdrawal funds quicker, provide more instantaneous withdrawal/payment methods

On the issue with our smart assistant (Robo), there are a few ways that we can improve our services so that users may feel less overwhelmed when seeing the recommended portfolio and the amount needed, such as: doing regular questionnaire (surveys) of users monthly income and how many dependents is he/she caring for, optimizing the wealth factor to include margin of error in each users monthly income so that users can feel that investing is not burdening but something that can be made into an enjoyable habit

Last but not least of the problem is the product knowledge for users. Same as the other problems, I think there are a few ways we can solve this matter. Regarding this matter, I believe that we need to have a brief yet forced tutorial for users who just signed up. This is imperative so that we can guarantee users, be it first time investors or senior investor, can get the gist of the products and the risks that came along with it. Another important approach to this problem is to use a more detailed pop-up of information upon clicking the products and maybe even a more detailed withdraw/buy page that includes a gross and nett income that they will get upon successful withdrawal/buy which will increase users trust in our apps and understand the risks and benefits of what they are doing.

Goals & Success

What is our Goal?

To basically kick-start the investing industry in Indonesia and encourage more people (mainly millennials and first time investors) to invest and create an investing habit for them

We can say that our initiative has succeeded if:

We have successfully decrease the time taken for users to withdraw/buy assets in our application

Increase our user base by 50-75%

Improved our user retention/monthly transactions to IDR 500K each months

Improved NPS from our users, reducing bad rewiews by 30%

Within 3 month since we launched this initiatives (by the end of this quarter)

Problem Alignment

I strongly believe that PMs are uniquely accountable for making sure the “why” of an initiative is well-defined and well-understood. So often I’ve seen a team spend a ton of time designing a solution only to have the very premise of the problem it’s solving challenged at the very end. For this reason, I think just as much time should be spent defining the problem as determining the solution, as this saves everyone time in the long run.

I’m not going to dive into what’s the right way to write a problem statement as there are enough blog posts about that on the Internet. Rather, I want to share some additional color I like to include when defining the problem:

Ask “why” one more time than you think you need. Don’t just explain why you’re proposing this project; ask why the problem is important in the first place. Or why the problem even exists, to ensure you’re not simply describing a symptom of a deeper problem.

Optimize for eliciting a meaningful reaction. Sometimes a reader won’t give great feedback on your problem because it “sounds good in the abstract,” but it’s unclear what core assumptions underlie this problem, or how severe you think the problem really is (since, at some level, everything can be described as a problem). This is why the “High-level Approach” section is important—it can quickly give a sense of scope and lets the reader imagine what a prospective solution might look like, which for many is easier to react to.

State all your goals, even those immeasurable. Sometimes, the insistence on having only perfectly measurable goals and KPIs prevents you from clearly explaining what you’re trying to achieve. Simply describing what you want users to think, feel, and do can be an important first step in defining what success looks like.

Solution Alignment

At Figma, we find presenting solutions via a couple different lenses to be most helpful: key features and user flows.

User flows are the easiest way for readers to understand the project because it shows how the customer will ultimately experience it.

Key features is a quick way for other functions like marketing or product education to understand how we might talk about the initiative with our customers.

One common pain point with this section is keeping the designs up-to-date. Oftentimes you’re sharing this PRD early for feedback, or even as the product starts getting implemented, designs change. This is where Figma embeds save you a lot of time—

now, you can embed private Figma files⁠

, meaning that you can keep your existing sharing permissions (whereas previously you had to set the file to “Anyone with the link can view”). In Coda, it’s as easy as copy-pasting a link, and you’ll get options for how to embed the content.

Embed example:

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Launch Readiness

In this last section, we create a checklist of considerations you want all teams to make before actually launching a feature. Your project may have unintended legal consequences or important marketing implications, and this list is intended to flag the right stakeholders at the right time—and define criteria for launch readiness—so everyone can plan accordingly, well ahead of time.

One additional thing you can do here is to configure this so that certain individuals get notified (maybe via Slack) when the “Yes” checkbox is checked off.

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A single source of truth

Because this template is written in Coda, I was able to remove any redundant data entry, and to make sure everything about the project is automatically kept up-to-date. At the very top, there’s a section that gives readers extra context about the project (e.g., its current status). Go ahead and try it for yourself—just change the Project listed below and see all of the underlying info update:

Project:

Private embeds

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EDIT INFO

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Team:

@Collaboration

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Contributors:

⁠

TL;DR:

Embed Figma files only accessible to specific individuals or teams

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Status:

@Launched

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Shipping:

May 18, 2020

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This is pulled in automatically from the Figma Project Tracker. As you add more collaborators, or as the status of the project changes, this will automatically be updated so you’re no longer having to keep multiple places up-to-date!

Read about how we've set up the Figma Project Tracker here:

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An inside look at how Figma ships product Designing the fastest way to keep an entire company up-to-date on our roadmap using a Coda doc and a bit of social engineering. coda.io⁠

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