I pitched, designed and shipped Xe Insights, a purpose-built data analysis tool for world currency traders. It allows users to create robust and highly customized views into any number of currency pairs they are interested in while providing live news and analysis.
Plenty of tools for stock traders, but not world currency
Our competitive analysis revealed that FX currency enthusiasts and traders were in need of a more reliable source for navigating the complexities of foreign exchange than they currently had available. The current tools had three main pain points:
1. Fragmented information sources
The currency market data was spread among numerous sources, causing users to comb through various platforms to get comprehensive insights, from different websites (including Xe) to other apps, journals and blogs.
2. Littered with distracting ads
Existing sources suffered from poor usability and were filled with disruptive ads, which complicated the process of comprehending complex information.
3. Tools focused on investment stocks
The best competing products were primarily tailored to stock markets, and overlooked the specialized needs of Forex traders.
The Opportunity: ~85% of Xe users needed information, not money transfer
When we surveyed our users, 85% indicated that they primarily use Xe.com for various informational purposes, and generally not sending money. This made sense because Xe was originally just a currency exchange rate provider before it was acquired, and had built a massive audience around its excellent data. Recognizing that we were monetizing only a small portion of our audience through transfers, we began devising strategies to provide value-added services to the larger segment that focuses on exchange rate information.
The Need for Advanced Insights
User interviews revealed a variety of unmet needs, such as the ability to holistically analyze currency trends and economic events. Users are looking for interactive charting capabilities that allow superimposing multiple currency pairs, utilizing advanced indicators, and integrating real-time news.
"I wish the chart package was more interactive. For instance, I can't access year-to-date data or review historical data from Xe. I also want to compare USD/Euro and Swiss Franc on the same chart."
Customizable Beta Development
Our MVP was crafted with drag-and-drop widgets, allowing users to personalize their currency dashboard. This beta version aimed to gain insights into the features users found most valuable for our final product.
Demonstrating Value to Stakeholders
Our challenge was to demonstrate the necessity and feasibility of a new product offering. Within one month, 6000 users organically signed up for our waitlist.
The significant interest, along with our profit analysis and projections, successfully persuaded our stakeholders to fund our initiative, invest in necessary data sources, and allocate time and development resources to bring our vision to fruition.
Soft launching to Xe users
To promote our new product offering, we developed a public landing page and crafted several advertisements featured on the main Xe website to launch our public beta.
Xe Insights successfully launched as a new B2B revenue stream, attracting thousands of subscribers and establishing itself as a valuable tool for currency traders and enthusiasts.