Not the most imaginative answer Iām afraid, but I always think one of the biggest problems we need to solve for users is what to invest in next - how to discover the next best opportunity. Everybody needs to solve this problem somehow whether theyāre experienced or new to investing, so our job is to make it easier (without providing advice, of course!)
So on that level, something like Spotify has iterated over and over with their discovery features to help its users sift through millions of tracks and find something new and relevant for them. If they donāt do this well, people jump to the next streaming service. I think we can learn from this and help customers find the gems amongst the thousands of stocks on Freetrade.
One thing Iāve learned over 15 years working in product roles is that youāll always have someone who doesnāt like the way your product works or is designed. Our job is to make our products solve as many problems for customers as possible in a better way than theyāre solving it already. But different people have different views and challenges with investing, so one product rarely works for everyone.
So, once weāre armed with that knowledge and sufficiently thick-skinned, the easiest trick in our bag is talking to customers as frequently as possible. This way we really understand why they use our product, why they do (or donāt) invest, what role Freetrade plays for them in their unique context. Really understanding this makes designing products a whole lot easier than if we just used our best guess or personal views. But sometimes people will still they they donāt like it
Good question. I canāt give you any dates for employer contributions to SIPPs. But I definitely recognise the pension industry today is broken. We want to fix it by giving everyone a better way to save for their retirement, rather than being invested into a choice of two or three funds that charge high fees and deliver average performance. Rest assured, this is on the roadmap for growing the Freetrade SIPP.
Of course. I recognise how important withdrawals (and deposits) are - people want to feel in control of their money at all times. Weāve made improvements to both throughout the year, but Iād still like to cut the time it takes for a withdrawal.
We donāt control settlement times unfortunately, so we make the money available in your account to withdraw as soon as weāre told it has settled (and sooner, if you want to that money trade again).
Weāre looking at how we can reduce the time to receive the money once you hit withdraw - weāre in the hands of the banks at this point, and rely on the speed of their processesā¦ But theyāre gradually improving their tech, so Iāll be first in line to test it out!
On a lighter note how is the new office and are there any cool areas we should know about ? The pictures shown so far make it look like a very fun place to be!
Thanks for your thoughts @Peter, Iāll be sure to let @Caitlin know
As I mentioned above, weāre working on how Freetrade should look and feel across all platforms currently - not just as we work on web, but with all the new account types, larger stock universe, new features and so on. It could quickly get very cramped in there! But weāre on it. Watch this space
Thanks for the feedback. Giving access to share offers is definitely something Iād like to add, so you get the best prices through Freetrade. I canāt say when but yes, Iād say this is something weāll offer in future.
Yep, thereās a change to open banking coming called āvariable recurring paymentsā. Catchy
Basically this means being able to move money easily, regularly and automatically from your bank account to your Freetrade account. Itās also a whole lot less clunky and expensive than standing orders and Direct Debit. The banks have been mandated to implement this, so weāre waiting with bated breathā¦
Thatās it for today folks - thanks for your questions, itās been fun, I hope youāve got some of the answers you hoped for, thereās so much more to come!
Enjoy your weekends and look out for more insightful AMAs to follow soon.