9A - Testing the Hypothesis

9A - Testing the Hypothesis

After conducting five more interviews with individuals who share the specific need that my company is targeting, I summarized and analyzed the explanation and results from the questions asked to these individuals. The following information comes from an investment banker in New York, an aspiring lawyer from South Florida, a man struggling to create a start-up company, a businesswomen who successfully started her own online clothing design company and a teenage who has been reselling shoes for years. 

Who: Although at first you wouldn't think it, any particular banking app or wallet share a lot in common that focus on similar opportunities, but are considered to be outside the boundary. From the interviews, I conducted that this means users may actually use their bank's application and it's tools to deal with mobile payments and money transferring, a very similar opportunity to the one my business exists around. Although, this opportunity falls outside of the boundaries because of the specific companies focus within my opportunity. After learning through the interviews, most responded that they agree that PNC, BB&T, Chase and other banks do not create their apps with intentions to be used as a universal mobile payment app, so therefore their customers and opportunity is different then my companies focus. Venmo, CashApp and others like my business designs are intended to attract users based on the convenience of transferring money to others and being able to withdraw it, not managing your bank accounts.

What: The need I identified, after asking during interviews, is very specific to a certain range of companies and opportunities and there are very few other similar needs. Mobile banking offered by individuals banks is the closest need/opportunity being fulfilled as users can manage there bank accounts and money through their mobile devices. Jeffrey, who runs his own shoe business explained that the need is meant to limit actual bank visits, add connivence to managing transactions and ultimately accept or send money virtually. He further explained that the need my business is trying to fulfill covers similar aspects in that it's made for convenience with sending and receiving money virtually, but also adds a great deal of other tools. In all, the companies within this industry segment focus on money transfers, withdraws, storage, timeliness and personal wallets not specially associated with bank accounts. 

Why: The underlying cause of the outsider's need is different that those within the boundary as I've learned that these companies intentions are not to establish a universal mobile payment method that offers easy and convenient ways to transfer, manage, withdraw and spend money. A few of the people I interviewed agreed that the banking apps designs are meant to make it easy and convenient to deal with your personal accounts, bank statements, fees, check balance and more tools that are not considered 'mobile payment'. Therefore, these specific apps that share similar needs are considered to be outside the boundary as there not competing with other applications such as Venmo, CashApp, Zelle and others. One individual summed it up perfectly during her interview, think of buying a car and owning it versus a car rental service that could save you money. 

Inside the boundary	Outside the boundary
Venmo, CashApp, Zelle, Paypal, Apple Pay, Android Pay	Chase Quick-pay, Google Wallet, Square Cash, Bank of America, Western Union
A universal mobile money transfer and payment app	The need is not meant to make mobile payments more convenient when purchasing a product/service from a company or transferring money to contacts and others.
The need exists to make managing, withdrawing, saving, transferring and spending money more convenient and at the tips of your finger on your mobile device.	These applications mainly exist to help with the connivence of checking balances, sending money within only businesses, are usually linked to bank accounts and are not a sufficient "middle-man" application.

Throughout these interviews, I have further learned about my opportunity's boundaries and what people consider when downloading mobile payment applications. As many of the people I interviewed explained, the apps outside the boundary are apps that are specific to a target audience and are not meant to create a universal payment platform for companies or people. The intentions of the companies within the boundary are to make it easy for all users to transfer money to each other by having a set platform that all companies and clients have as a method of payment. My company has grown and is meant to make everything convenient for mobile payment on your mobile device. This includes the creation of our hub which exhibits your spending, saving, accounts and allows you to transfer and withdraw money without a fee to others.