Hey everyone, it’s Matt Slonaker here, and I’ve been diving deep into the world of idea validation lately—specifically with the help of this brilliant list of 17 ways to test ideas before you waste time, inspired by Eric Ries’ The Lean Startup. As someone who’s spent years navigating the complex, often slow-moving world of banking and financial services, I can’t stress enough how critical these strategies are, especially now in 2025. Let me walk you through why this matters more than ever in our industry.

First off, the financial sector is at a crossroads. With digital transformation accelerating, fintech disruptors popping up left and right, and customer expectations evolving faster than ever, banks and financial institutions can’t afford to pour resources into untested ideas. That’s where steps like cutting features until it’s almost embarrassing (tip #1) or testing names and headlines (tip #2) come into play. I’ve seen too many projects stall because we overbuilt a product before validating the core concept. Writing down a clear promise in one sentence (tip #3) forces us to distill what we’re really offering—trust me, if I can’t explain it simply, my clients won’t get it either.

Then there’s the “build to learn” mindset—tips 5 through 8. Creating a one-pager to sell an idea before building it (tip #5) or using a fake button to track real interest (tip #7) could have saved us months on initiatives that sounded great in the boardroom but flopped with customers. In banking, where compliance and risk are king, replacing surveys with offers (tip #8) is a game-changer. People might say they want a new mobile banking feature, but are they willing to use it? Actions speak louder than words, and this approach cuts through the noise.

Testing with real people (tips 9-12) is where the rubber meets the road. Pre-selling to just five people (tip #9) or charging a dollar to gauge true interest (tip #12) might feel risky, but in an industry where trust and ROI are non-negotiable, it’s a lifeline. I’ve pitched ideas to my network via DMs (tip #10), and the curiosity—or lack thereof—told me everything I needed to know before committing budget. This lean approach is a stark contrast to the traditional multi-year product cycles we’re used to.

Finally, the “learn and refine” phase (tips 13-17) is where we turn setbacks into strategy. Tracking bounce reasons (tip #14) or documenting what worked and flopped (tip #17) keeps us agile. In banking, where the pace of change is relentless—think AI-driven advisors or blockchain-based transactions—repeating the loop faster than competitors (tip #16) could be the difference between leading the pack or playing catch-up.

Why is this more important than ever? Simple. The stakes are higher. Regulatory pressures are intensifying, customer loyalty is eroding as fintechs offer seamless experiences, and economic uncertainty demands smarter resource allocation. Wasting time on unvalidated ideas isn’t just inefficient—it’s a luxury we can’t afford. By embracing these 17 steps, we in banking and finance can pivot faster, build what truly matters, and stay ahead in a world that won’t wait. Let’s get testing, folks—this is our moment to innovate smarter!