It's easy to be overwhelmed by the number of responsibilities that a Product Manager has. You want to shine and show that you deserve the trust that the company placed on you. But first, preparation is key. Which is why in this session we will be diving deeper into the skills that will help you get ahead in the competitive PM space.

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Building Successful Fintech Products
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6. How to build successful
Fintech Products
- Aanchal Arora

7. Agenda
I. What is Fintech ?
II. Types of Fintech Products
III. Future of Fintech
IV. Building Fintech products

8. It’s really Finance + Technology !
➠ Any company that provides financial services through the usage of a
software or hardware or any other digital technology is a Fintech company.
➠ Fintech IS NOT bank.
➠ Every company is or needs to become fintech in some way or another to
provide support for exchange of goods or services. [blog]
Golden rule of Fintech : -- Transaction
A transaction is an agreement between a buyer
and a seller to exchange goods, services or
financial instruments.
What is
Fintech

9. ➠ Money Movement, or transactions by giving or receiving payments
➠ Consumer Banking
➠ Lending
➠ Investing
➠ Financial Planning
➠ Consumer companies
➠ Blockchain and cryptocurrency
Types of
Fintech
Products

10. Future of Fintech
Fintech is a trending, dynamic, and progressive industry which continues to boom while being at the
forefront of the tech world.
➠ Consumers are ready for the big change and branchless banks and direct investments.
➠ Market Size - estimated worth $4.7 trillion*.
In 2018, the FinTech market size was at $111.8 billion.
➠ Opportunity - Despite internet businesses growing faster than the rest of the economy, only about 3%
of global commerce happens online today**
➠ Traditional mainstream banking vs fintech
- Nearly 2 billion people worldwide still don’t own a bank account.
- Fintech can provide that opportunity and vision to participate in financial services without the need of
physical bank account.
*Source - Goldman Sachs
**Source - Stripe

11. Building Fintech Products

12. 1. Know the Rules
➠ When you are handling other people’s money, there are a lot of rules and regulations that
you need to follow !!
➠ Every country has its own set of regulations. Before expanding your product to new
geographies, take time to understand the legal norms of the new countries.
➠ Who regulates and sets these standards for Fintech ?
Many government financial bodies are responsible for regulating FinTech companies like ---
Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation
(FDIC), SEC, FINRA
✓ Legal Team and Financial experts are your best friends.
✓ Conforming to rules and regulation is your product’s competitive
advantage !

13. 2. Learn the Industry Jargon
➠ Fintech is stuffed with financial terms that non-financial people will not understand.
■ Regulatory Technology refers to any technology that is designed to help financial services
companies maintain regulatory compliance.
■ Supervisory Technology, is the technology used to conduct supervision with the use of
artificial intelligence (AI) and machine learning (ML).
- Focuses on data collection, and data analysis while improving monitoring, reporting
and oversight.
Familiarize yourself with some of the industry terms

14. 3. It’s not just about end users
Usually, a fintech product doesn’t stand alone, and it is integrated with card processing or payment
processing systems, analytics, reporting or merchant platforms.
➠ There are normally two types of users - like buyers and sellers.
➠ Fintech products normally have both segments - b2b and b2c working with end-customers as
well as third parties.
➠ Therefore, Fintech product development includes different interfaces and functionalities for
each party because each performs actions peculiar to their role.
Build your product for many user segments.

15. 4. Rethink the Goals
User Goals : - Do not just focus on functional outcomes.
Product Goals : - Ignore industry traditions.
➠ For long term investment products, a happy user is who doesn’t visit his account
frequently.
➠ Investors using mobile interfaces made worse decisions than the ones on the desktop.
➠ No payment experience is the best experience.
Framework inspired by Hierarchy of User Friction -
How will this feature serve the consumer’s emotional, cognitive, and functional needs -
● Emotional: I feel better about an aspect of my financial life.
● Cognitive: I better understand an aspect of my financial life.
● Functional: I see tangible change in my financial life, such as more money,
less expensive debt, or better credit

16. 5. Details matter A LOT
➠ Details Matter, Stakes are high.
➠ Every decision matters.
➠ Oversight is damaging --
○ High penalties, loss of licenses, both financial and credible impact.
➠ Could mean Long product development life cycle.
✓ Conduct Thorough Risk Assessment -
Understand concerns, what are the risks, mitigate risks, worse outcome
✓ Get things RIGHT the first time !

17. 6. Know your Ecosystem
➠ A Product Manager usually position themselves between the engineering, design, analytics
and marketing teams.
➠ A Product Manager in Fintech might also have to coordinate Marketing, Risk, Analytics,
Legal, Business Operations, Financial Operations, Policy Research and Sales teams.
➠ Many stakeholders with no technology background.
✓ Communicate and persuade everyone in the creation of one homogeneous
product.
✓ Hearing NO - decisions are often driven by external entities like regulators.

18. 7. Security is key
Security is an essential feature in FinTech that your team should invest the time and resources into.
Neglect of security measures costs companies not only money – it also costs them customers.
➠ tunneling protocols
➠ AI for fraud prevention
➠ secure messaging
➠ encryption
➠ blockchain
Incorporate security as a part of PDLC and PRD process.

19. 8. Building trust with customers
Recent generations are less trusting of traditional financial institutions.
According to a 2016 study conducted by Facebook, only 8% of millennials trust their banks.
Imagine the challenge of convincing them to trust a new company altogether!
Today’s audience is digitally-savvy, social media-literate, and actively engaged online from Google
search to buying on amazon or paying bills.
Work with product marketing to publish well-researched educational content and
to demonstrate that you are on your customers’ side.

20. How to
Build
Fintech
Products
1. Know the Rules
2. Learn the Industry Jargon
3. It’s not just about End Users
4. Rethink the Goals
5. Details matter A LOT
6. Know your Ecosystem
7. Security is Key
8. Build Trust with Customers

21. Thank You

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