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- Nubank focuses on building products that customers love "fanatically" rather than just incrementally better products.
- Nubank uses the Sean Ellis score to measure product-market fit, aiming for at least 50% of customers saying they would be very disappointed if the product went away.
- Nubank systematically iterates on products based on customer feedback and the Sean Ellis score, focusing on the core customer segment that loves the product the most.
- Product managers at Nubank are expected to push back and delay scaling a product if it hasn't reached the required level of customer love and product-market fit.
- Nubank emphasizes having a clear strategic hypothesis before doing customer research, rather than just being open-minded.
- Nubank believes in creating fundamentally new categories, not just incrementally improving existing products.
- Nubank has successfully launched multiple new business lines beyond just a credit card, by rigorously measuring product-market fit.
- Nubank is aiming to build the "first global bank on a single codebase" to provide a seamless, automated financial management experience.
- The speaker shares a personal story of an early career failure that taught him the importance of persistence and clear-eyed assessment of the odds of success.
- The speaker emphasizes the value of ruthless honesty, focus, and willingness to fight for ambitious goals, while still being open to feedback and pivoting when needed.
We may not be right but at least we are clear
Kevin Systrom in the early days of Instagram I heard him say it at a conference “we may not be right but at least we are clear” even if your strategy isn't right you have a very clear idea of what was supposed to be happening where do you think all this goes in the future
Sean Ellis Score
What is a good product-market fit score? According to Sean Ellis, a good Product/Market Fit (PMF) score is 40% or higher. This score is derived from his survey method, where you ask users, “How would you feel if you could no longer use [product]?”
Dont scale problems
It’s ok to have a small problem, don’t make them bigger.
we are not going to take a small problem and scale it because if we do that we end up with a big mess
29:46 how important culture is
We are owners not renters (31:30)
~35 the anecdote usually trumps the data, people forget what the question is
articulate the hypothesis. if you don’t have one it’s just a very interessting conversation.
the pitfall is falling in love with your hypothesis
oserve mais que pergunte, pergunte indiretamente mais que diretamente
~45
but I think there is almost a counterveiling Dogma in Silicon Valley or in tech companies more generally that strategy is easy and execution is everything and I think that's probably because there are a small number of companies that get the strategy right but the legendary companies that we all know about not only got the strategy right but then executed it really crisply what we don't hear about are the companies that got the strategy wrong never got even into the conversation and all of their great execution was multiplied by zero
great execution multiplied by a a poor strategy is a waste of everyone's time and because the strategy isn't clear you can waste a lot of time executing
again kevin Systrom
being very clear in your strategy is really important
strategy isn't an ambitious goal it's not an aspiration it's not a set of financial outcomes it is a coherent plan for how you’re going to apply your strengths in a leveraged way against a core important problem
pt: estratégia não é uma meta ambiciosa, não é uma aspiração, não é um conjunto de resultados financeiros, é um plano coerente sobre como você aplicará seus pontos fortes de forma alavancada contra um problema importante e central
we often confuse strategy with a vision a broad idea a very very broad vague aspiration
new bank strategy isn't we want to be the world's largest Neo Bank we do but that's not an interesting way to dimensionalize the problem in 2014 we had
Millennial middle class Urban Brazilians who hated paying credit card fees and were not able to get credit in the first place because they were too young and without a credit history and we could offer them not just a lower priced credit card but a no fee credit card which was an emotional thing that fee got people angry and we could do that because we were branchless and digital now that is a coherent description of a very specific problem for a very specific set of customers with a very specific solution based on a very specific Advantage by the way all of this
concentration is what builds wealth diversification is what preserves wealth
you need to be very very clear on what what bets you're making and why you think it's going to succeed
we're not trying to be incrementally better we are trying to be fundamentally different
~54 successful companies are typically in the fundamentally different business they're in the new category business Google was in the new category business Netflix Airbnb you you can go down the the long list
you should try to be Reinventing that category even if you're not inventing that category
we try not to scale big problems and so we try to solve our problems when things are small
one form of distraction we don't get into is fixing massive problems that we've overscaled before they were ready
01:04:00 there are a handful of principles, call them hypotheses, that we believe, and there are, I should be super clear, unproven hypotheses that will take years for us to prove out, and I'm sure there will be pivots along the way as we learn that things aren't quite the way we would've hoped at the beginning.
- full solution bank over financial seasons (We spend, we save, we invest, we borrow, we protect, et cetera)
- we are trying to build what we believe is the first global bank on a single code base
- How do we make the life life cycle of managing your financial life exponentially easier
- Customers everywhere around the world live harshly unoptimized financial lives
bloody-mindedness is a dramatically underrated quality as we over-intellectualize from strategy to execution and all the other things
Sometimes persistence is key and persistence while still being clear-eyed about what the odds of success are is also key.
I would just summarize a couple of core points. I think the idea of perseverance and being very clear about what you're trying to achieve and how much it is worth to you and how much you're willing to fight for it, while also being very open and transparent to feedback that you're getting from people, from the market about whether what's working and what's not and knowing what parts to let go and what to hold onto really tightly is an important lesson.
if you're trying to break through as an insurgent, you cannot fight on the ground that the incumbents stand firm.
You have got to find a disruptive vector and that means searching hard for what is fundamentally different so that it breaks through the noise
if you're not clear on what it is you are trying to do and if you are not willing to tolerate failure then you're just checking the boxes of someone else's expectations