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Your idea of multicurrency current accounts with P2P payments, investment, and crypto products falls into a crowded space. We've identified a few similar products, suggesting some existing activity, but the category is still considered a 'Swamp' which means the market has seen several mediocre solutions that nobody loves. The engagement is low with an average of 3 comments, which indicates limited excitement or adoption for similar products. This means that unless you can offer something fundamentally different, you’ll likely struggle to stand out or make money. Building in this space might be a challenge due to the existing solutions that haven't gained significant traction. There is no net use or net buy signals, which might be concerning, but also it might be normal as many products don't get any feedback. Given this context, you need to think very carefully about how to differentiate your offering and whether this is the best area to invest your time and resources.

Recommendations

1. Begin by thoroughly researching why existing solutions in the multicurrency account and P2P payment space haven’t achieved widespread success. Analyze their shortcomings and identify unmet needs or pain points that your product could address differently. Look for patterns in user feedback, market trends, and competitive landscapes to understand the underlying reasons for their struggles. This will inform your strategy and help you avoid repeating past mistakes.
2. If you decide to proceed, narrow your focus to a specific underserved group within the broader market. Instead of trying to appeal to everyone, identify a niche audience with unique requirements that existing solutions fail to meet. For example, you could focus on international freelancers, small businesses engaged in cross-border trade, or digital nomads. By tailoring your product to a specific audience, you can create a more compelling value proposition and increase your chances of success.
3. Rather than directly competing with established providers, consider building tools or integrations that enhance their existing services. Explore opportunities to partner with existing platforms and offer your product as a complementary solution. This approach can provide a lower-risk entry point into the market and allow you to leverage existing infrastructure and user bases. Also this is a great way to collect data, learn and see if the market actually needs your idea.
4. Before committing to your current idea, explore adjacent problems that might present more promising opportunities. Look for related areas where there is less competition and greater potential for innovation. For example, you could focus on developing tools for managing international payments, facilitating cross-border investments, or providing financial education for global citizens. Broaden your perspective and consider alternative paths that align with your expertise and interests.
5. Given the challenges and uncertainties in the multicurrency account and P2P payment space, consider conserving your resources and energy for a more promising opportunity. Evaluate your strengths, passions, and market trends to identify areas where you can make a greater impact. Don't be afraid to pivot to a different idea that aligns with your skills and has a higher likelihood of success. Time and money are valuable, and it's important to invest them wisely.

Questions

1. Given the existing 'Swamp' category, what are the three most critical differentiators that will make your product stand out and attract users who are dissatisfied with current solutions?
2. Considering the low engagement observed in similar products, what specific marketing strategies will you employ to generate excitement and drive adoption among your target audience?
3. How will you validate your assumptions about user needs and preferences before investing significant resources in product development, and what metrics will you use to measure the success of your validation efforts?