The ‘Financial Technology’ (FinTech) can apply to any innovation where people transact business, from the invention of digital money to double-entry book-keeping.
The Fintech Ecosystem
The following companies are part of the Fintech Ecosystem:
- ROBO: Advisors and Personal Finance
- Digital Banks and Banking Software Providers
- Blockchain/DLT and Bitcoins
- Alternative Finance
- Payment Applications
Fintech is very beneficial for customers. In this digital age, Fintech has become a global industry and is still growing. In the Fintech ecosystem, there are various possibilities to create innovative ideas that will have a heavy effect on finance and the quality of the life of customers. It gives extreme ownership and a high-energy atmosphere to product managers and offers incredible professional/personal growth.
Who can be a Fintech Product Manager?
Anyone can be a Fintech product manager, anyone who deals with production or with service providers. For example, Engineering, Content Management, Business Analysis, etc.
Also, Start-up Founders, Investors, Fresh Undergraduates, Fresh MBAs, and Tech Leaders (GMs) could be Fintech Product Managers.
Core Skill Sets of Product Managers
Following are the core skill sets of product managers:
- Empathy: A product manager has the will to know about customer needs, emotions, and relations between the customer and the product.
- Data-Driven and Analytical: A manager has the skill to collect relevant data about the product and analyze the data to dig relevant information from it.
- OPC: Organizing, Prioritization, and Communication
Elaborative and Most Important Skill Sets of Fintech Product Managers
- Empathy: The Fintech Product Managers must have a high understanding of the needs of customers and stakeholders and meet the emotional needs of customers and the motivational needs of stakeholders.
- Customers: Every customer has an individual financial pain point, so products that appeal emotionally have to be created.
- Stakeholders: A “Fintech Product Manager” needs to be competent to deal with various stakeholders so that they do not complain about innovative products.
- Business Mindset: The Fintech Product Managers must have a business mindset. He/she should have knowledge about business, legal matters, finance, compliance, and risk.
Some questions you might need to answer:
- How will we fund a new loan product?
- Are we using the right factors in determining the risk of a borrower?
- How should we structure the legal agreement with our clients?
- Do our customer service teams have the information that is needed to respond quickly to client requests?
- Domain Knowledge: The Fintech Product Managers must have knowledge of the Fintech industry and global regulations about finance. Fintech Product Managers should update themselves with changes in customer behavior to win the competition.
- Detail-oriented with Zero Error Tolerance: The Fintech Product Managers have to have zero-tolerance for products. The products need to be secure, efficient, and have high accuracy.
- Creativity and Grit: Need creativity to explore the needs of customers at every zone and to keep motivating the team to move forward despite constraints.
Sowmya’s advice to all Fintech Product Managers: Focus on the problem, not on the solution. Find out customer problems and brainstorm, to create ways to eliminate these problems.