MVP Specification
MVP Feature Specification
Architecture alignment note (2026-02-14): This document is pre-architecture research from the mobilebank-research phase. Drop ultimately chose a PSD2 pass-through model — no wallet, no balance held, no IBAN generation, no top-up. AISP reads bank balances, PISP initiates payments from the user's own bank account. Cards are a FUTURE feature (feature-flagged). This document is retained as research reference — it does NOT reflect the current Drop architecture.
Table of Contents
1. MVP Philosophy
Focus Areas
- 89% of user retention comes from 5 key features (Gartner 2025)
- 3-minute onboarding is critical (74% abandon if >5 minutes)
- Avoid low-impact features (68% ignore crypto/loans in MVP)
What to Include
- Account creation and KYC
- IBAN generation
- Card issuing (virtual)
- P2P transfers
- Basic top-up
What to Exclude (MVP)
- Crypto trading
- Loan products
- Investment features
- Advanced analytics
2. Core Features
Feature Priority Matrix
| Feature | Priority | Complexity | Timeline |
|---|---|---|---|
| User Onboarding | P0 | Medium | Week 1-4 |
| Digital KYC | P0 | High | Week 2-6 |
| Account Creation | P0 | Medium | Week 4-8 |
| IBAN Generation | P0 | Low | Week 6-8 |
| Virtual Card | P0 | High | Week 8-12 |
| P2P Transfers | P0 | Medium | Week 10-14 |
| Top-up (Card) | P1 | Medium | Week 12-16 |
| Bank Transfer | P1 | Medium | Week 14-18 |
| Transaction History | P1 | Low | Week 8-10 |
| Push Notifications | P1 | Low | Week 10-12 |
| Physical Card | P2 | High | Post-MVP |
3. Feature Specifications
3.1 User Onboarding
Goal: Complete signup in <3 minutes
Flow:
- Download app
- Enter phone number
- Verify via OTP
- Enter email
- Set password/PIN
- Accept T&C
- Start KYC
Requirements:
- Phone number validation
- OTP delivery (<30 sec)
- Email verification
- Password strength rules
- Biometric setup (optional)
Acceptance Criteria:
- 95% OTP delivery rate
- <3 min completion time
-
25% activation rate
3.2 Digital KYC (Know Your Customer)
Goal: Verify identity in <5 minutes
Flow:
- Select ID document type
- Capture front of ID
- Capture back of ID (if applicable)
- Take selfie (liveness check)
- Enter personal details
- Verification processing
- Result notification
Document Types:
- Passport
- National ID card
- Driving license (select countries)
Requirements:
- Document OCR
- Face matching (>98% accuracy)
- Liveness detection
- PEP/Sanctions screening
- Address verification (optional)
Integration: Sumsub or Onfido API
Acceptance Criteria:
-
85% auto-approval rate
- <2 min average verification
- Manual review queue for failures
3.3 Account Creation
Goal: Generate EUR account with IBAN
Flow:
- KYC approved
- Account type selection (Personal)
- IBAN generation
- Account activated
- Welcome notification
Account Features:
- Single EUR account (MVP)
- Real-time balance
- Account details view
- Statement generation (PDF)
Integration: BaaS provider (Swan/Treezor)
Acceptance Criteria:
- Instant IBAN generation
- Valid SEPA-reachable IBAN
- Real-time balance updates
3.4 IBAN Generation
Technical Requirements:
- Named virtual IBAN (user's name)
- SEPA reachable
- Target2 compatible (if available)
- Instant credit notification
Provider Options:
- BaaS provider native
- OpenPayd (if separate)
- Banking Circle
Formats:
- Display: XX00 0000 0000 0000 0000 00
- Copy to clipboard
- Share via QR code
3.5 Virtual Card Issuing
Goal: Instant virtual Mastercard/Visa
Features:
- Instant generation post-account
- Add to Apple Pay / Google Pay
- Card details view (PAN, CVV, expiry)
- Freeze/unfreeze toggle
- Spending limits
- Transaction notifications
Card Controls:
- Online payments: ON/OFF
- ATM withdrawals: ON/OFF (N/A virtual)
- Contactless: ON/OFF
- Geographic restrictions
Security:
- PCI DSS compliant display
- 3D Secure enabled
- Real-time fraud monitoring
Integration: Marqeta or Stripe Issuing
Acceptance Criteria:
- <10 sec card generation
- Successful wallet provisioning
- Real-time transaction auth
3.6 P2P Transfers
Goal: Send money to other users instantly
Transfer Types:
A) Internal (App-to-App)
- By phone number
- By username
- By QR code
- Instant settlement
B) SEPA Transfer
- By IBAN
- Standard SEPA (D+1)
- SEPA Instant (if available)
Flow:
- Select recipient method
- Enter/select recipient
- Enter amount
- Review details
- Authenticate (biometric/PIN)
- Confirmation
Requirements:
- Amount validation (balance check)
- Transaction limits
- Confirmation of Payee (name match)
- Audit trail
Limits (MVP):
| Type | Daily | Monthly |
|---|---|---|
| Internal | EUR 5,000 | EUR 20,000 |
| SEPA | EUR 2,000 | EUR 10,000 |
3.7 Top-up Methods
A) Card Top-up
- Visa/Mastercard debit/credit
- 3D Secure required
- Instant credit
- Fee: 1-2% (or included in premium)
B) Bank Transfer
- SEPA inbound to IBAN
- Auto-reconciliation
- Credit on receipt
C) Future: Apple Pay / Google Pay top-up
Integration: Stripe or Adyen for card payments
3.8 Transaction History
Features:
- Real-time updates
- Filter by type/date/amount
- Search functionality
- Transaction details
- Receipt/proof generation
- Export (CSV, PDF)
Categories:
- Card payments
- Transfers (in/out)
- Top-ups
- Fees
3.9 Push Notifications
Mandatory Notifications:
- Transaction alerts (all)
- Login from new device
- Card frozen/unfrozen
- KYC status updates
- Security alerts
Optional Notifications:
- Marketing
- Product updates
- Weekly spending summary
4. Timeline
Phase 1: Foundation (Months 1-2)
Week 1-4:
- Project setup, CI/CD
- BaaS integration start
- Auth service
- User onboarding flow
Week 5-8:
- KYC integration
- Account creation
- IBAN generation
- Basic app UI
Phase 2: Core Features (Months 3-4)
Week 9-12:
- Virtual card issuing
- Wallet provisioning
- Transaction history
- Push notifications
Week 13-16:
- P2P transfers (internal)
- Card top-up
- Basic card controls
Phase 3: Launch Prep (Months 5-6)
Week 17-20:
- SEPA transfers
- Bank transfer top-up
- Security hardening
- Compliance audit
Week 21-24:
- Beta testing (500 users)
- Bug fixes
- Performance optimization
- Soft launch
Milestones
| Milestone | Target Date | Deliverable |
|---|---|---|
| Alpha | Month 3 | Core features working |
| Beta | Month 5 | 500 beta users |
| Soft Launch | Month 6 | Public availability |
| GA | Month 7-8 | Marketing push |
5. Success Metrics
Activation Metrics
| Metric | Target | Threshold |
|---|---|---|
| Signup completion | >80% | >60% |
| KYC pass rate | >85% | >70% |
| First transaction | >50% in 7 days | >30% |
| Card activation | >70% | >50% |
Engagement Metrics
| Metric | Target | Threshold |
|---|---|---|
| MAU/DAU | >30% | >20% |
| Transactions/user/month | >10 | >5 |
| App opens/week | >3 | >1 |
Quality Metrics
| Metric | Target | Threshold |
|---|---|---|
| App crash rate | <0.5% | <1% |
| API latency (p95) | <500ms | <1000ms |
| Uptime | >99.9% | >99.5% |
| App store rating | >4.5 | >4.0 |
Business Metrics
| Metric | Target | Threshold |
|---|---|---|
| CAC | <EUR 30 | <EUR 50 |
| Monthly burn | <EUR 50K | <EUR 75K |
| Active users (6 months) | >5,000 | >2,000 |