The ability to send wire transfers is something that all traditional banks support, and is an expectation from high value customers. Many of these businesses would consider Found for their primary bank account, but would end up choosing a competitor upon learning that outgoing wires weren't supported.
Additionally, while wires weren't something that existing users needed often, it was important enough to them that they would churn from Found on the rare scenario where they did end up needing it.
I owned the end-to-end design of this feature, and worked directly with both engineering and company leadership to ensure we were designing an experience that wasn't reinventing the wheel. There is a time and place for experimentation, and it was important that the layout matched what users could expect to see at other banks. This is particularly important for a neobank like Found, where establishing trust and credibility during money movement flows is critical to keep users comfortable using the platform.
In addition to auditing similar competitors' features and producing interface design, I worked closely with our product manager on pricing strategy and initial limit criteria.
The business value of wire transfers was less about the fees Found received from wires, but more about the ability to attract and retain high value customers who significantly contribute to Found through other means, like larger balances held, more card spend, a Found plus subscription, or a kickback from a partnership offer.
Post launch, the percentage of wire outflows was growing at an 18% pace, week over week – and accounted for about 2% of all total outflows.
