Fintech, often known as financial technology, refers to the application of technology to resolve financial problems faced by businesses and individuals.
The requirements for finances in this situation are pretty comprehensive and include things like borrowing, saving, transferring, monitoring, selling, investing, loaning, and getting money from an entity.
The nature of the financial technology space is more complex and fast-paced than any other industry, which means that financial technology firms are among the pioneers of using new technologies.
Naturally, this puts much pressure on Fintech Product Managers to make decisions faster than their peers from other traditional firms. It also requires a lot of creativity to come up with solutions to real-time scenarios in a way that the customers are satisfied with. Let’s understand what interviewers are looking for in Fintech Product Managers to find the perfect product-market fit.
Product Sense:
Fintech Product Managers need to have a clear ‘product sense.’ It is the ability to understand what existing products are available in the market and how their product differs from others.
As far as finance products are concerned, several traditional methods could be used to solve some problems. A good Fintech Product Manager, in this case, must be able to decide which of the methods is the most efficient and then use the technology applications required to make it work.
Product Analytics:
A good Fintech Product Manager should understand their product organization structure and performance and how to get it to deliver its results. This is not possible without having a clear data analytics plan in place.
The data analytics needs to be supported by a detailed product plan that shows the different steps, what they will cover, and how they will work.
It is important to note that data analytics is not limited to just quantitative methods; it can be equally used to detect correlations between variables. Data analytics also helps in identifying trends and changes in the market.
Product Leadership:
As the financial technology sector of the modern world has emerged, there has been substantial growth in the number of Fintech products available for consumers, paying business professionals, and investors. These products may include digital wallets, payment options, financial products and services, intelligent trading platforms, and the like.
A Fintech Product Manager must be able to research the product trends and their different applications before working out which application suits a particular customer. It is also important for a Fintech Product Manager to be able to evaluate the potential of a product they are working on.
Product Strategy:
A Fintech Product Manager is expected to be able to come up with the right product strategy for their product and how they will able to handle the inevitable changes in the market.
The product strategy combined with the data analytics sets out how you will get your product to work strategically. It is also important to be able to predict what is likely going to happen in the future.
A good Fintech Product Manager needs to be able to learn from their own mistakes and understand what went wrong. This will enable them to take corrective action to bring the product back on track.
Product Execution:
The product must be executed efficiently to ensure the right results are achieved. In addition, a good Fintech Product Manager will also be able to identify the challenges they are likely to face while executing the product and implement corrective actions early enough.
Product Optimization:
Working in finance means you must ensure that you minimize your losses and increase your gains as much as possible. Understanding the intricacies of different products in your portfolio and how they impact other products is vital.
You need to learn which of your products must be maintained and which can be dropped if they are not performing well. A good Fintech Product Manager should also be able to build their strategic plan and put the strategies in place accordingly.
Cross-functional collaboration:
Fintech Product Managers must collaborate with other departments to ensure their product is successfully executed. A good Fintech Product Manager should be able to reach out to different departments, including Marketing, Sales, Development, Operations, and others, to create a good working environment for their clients.
A good Fintech Product Manager should be able to build a relationship with the sales and marketing teams to secure a continuous flow of prospective leads.
Technical skills
Finally, a good Fintech Product Manager needs to be a talented technical person who can build the product and drive it until it is released into the market. You need a strong understanding of what is required to make any Fintech product work.
Fintech Product Managers do not rely on anyone else while working on their products; they need to innovate and bring new levels of efficiency into their products.
Because we deal primarily with people’s finances, there is little tolerance for error in fintech goods; hence, a solid understanding of reliability and security would be pretty helpful in developing reliable products.
As a Fintech PM, you are expected to have good systems thinking and to invest in establishing solid platforms combined with enjoyable experiences.
Also expected of you is to have outstanding communication skills. You need solid cooperation with engineering and design systems to ensure they are resilient, secure, and correct on a large scale.
Wrapping Up!
Fintech Product Managers are constantly asked to get on the ball and deliver high-quality products or services to their clients. Fintech IT products are highly client-focused, which means you have to have a clear product strategy, detailed data analytics, and a keen understanding of trends in the market before delivering a product with an effective execution plan.
