Summary

In this episode, Leah and Marilyn dive into the world of fintech and its intersection with product management. They break down what fintech encompasses—everything from payments to lending and wealth management—and discuss their vast experiences in the field. The conversation highlights key elements such as the movement of money, the importance of security, compliance with regulations, and the challenge of creating user-friendly financial products. They explore how product management in fintech mirrors product management in other industries but comes with the added complexity of building customer trust around financial transactions.

Key Takeaways

• Understanding Financial Transactions: Fintech product managers must have a solid grasp of how money moves within systems, along with the layers of security and compliance that accompany it.
• User Experience is Key: Creating a seamless and intuitive user experience is essential, as users expect secure and effortless interactions with their financial transactions.
• Unique Regulatory Challenges: Fintech brings unique regulatory challenges, and product managers must ensure that their products adhere to constantly evolving standards.
• Trust is the Foundation: While product management skills are transferable, building customer trust is more critical in fintech, requiring a deeper understanding of financial systems and regulations.

In this episode, Leah and Marilyn delve into the often-overlooked negative aspects of product management, highlighting how certain practices can harm users. They cover the ethical concerns surrounding manipulative marketing tactics, the pervasive use of cookies for tracking user behavior, and the role of algorithms in fostering echo chambers and amplifying divisive content. Throughout the discussion, they emphasize the need for product managers to consider the long-term consequences of their decisions, advocating for a more responsible approach to product development that prioritizes the well-being of users and society at large.

Key Takeaways

• Long-Term Impact: Product managers must consider the long-term effects of their products on users and focus on creating solutions that enhance, rather than diminish, quality of life.
• Ethical Marketing: Avoid using manipulative marketing tactics, such as fear, guilt, or urgency, which can negatively affect users and erode trust.
• User Privacy: The practice of using cookies to track and collect data without user consent is unethical and needs to be addressed through more transparent and respectful data practices.
• Algorithmic Responsibility: Algorithms that create echo chambers and amplify controversial content contribute to societal polarization and should be reassessed to promote healthier discourse.

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In this episode, Leah and Marilyn sit down with Haresh Bajaj, the VP of Product Growth at PLEO, to delve into the evolving landscape of product management. Haresh sheds light on the critical role of product growth, which goes beyond traditional product management by focusing on driving user growth, increasing revenue, and managing cross-functional teams. As the head of the SMB business at PLEO, Haresh shares valuable insights on how product managers can elevate their impact by balancing revenue, costs, and customer experience. This conversation offers a fresh perspective on how product management roles are broadening to encompass the overall success of the business.

Key Takeaways:

• Product growth is more than just product management. It's about driving user growth, revenue, and effectively managing cross-functional teams to ensure business success.
• Product managers need to focus on the big picture. Balancing revenue, cost, and customer experience is essential in today’s product management roles.
• The role of product management is expanding. Product managers are now expected to take on a broader charter, being directly involved in driving the business forward.

Questions for Product Managers:

1. How can you align your product management efforts with broader business goals like revenue growth and cost management?
2. In what ways can you collaborate more effectively with cross-functional teams to drive product and business success?
3. Are you ready to embrace the expanding role of product management and take on a more strategic position within your organization?

In this episode, Leah and Marilyn dive into the evolving relationship between AI and product management. They discuss the common fear of AI replacing jobs and provide a fresh perspective on how AI should be seen as an augmentation tool rather than a replacement for human roles. The conversation centers around the opportunities AI presents to product managers, from enhancing ideation processes to automating repetitive tasks. Leah and Marilyn emphasize the importance of continuous learning and adapting to AI advancements, while also highlighting the irreplaceable value of human creativity and storytelling.

Key Takeaways

• AI enhances a product manager's capabilities, allowing them to focus on higher-level tasks that require human insight and creativity.
• Leveraging AI can lead to more innovative ideas and perspectives.
• Product managers should educate themselves on AI’s history, functions, and potential to maximize its benefits in their work.
• Staying updated on AI developments helps product managers remain competitive and effective in their roles.
• Human creativity and storytelling remain irreplaceable.

In this episode, Leah interviews Greg Cohen, CEO of Fortis about the current state of the financial technology industry. They discuss the concept of "The Great Restoration" and how the industry is experiencing a shift due to changing interest rates and market dynamics. They also explore the challenges faced by startups in the industry, such as the need for profitability and regulatory compliance. The conversation highlights the importance of building a strong foundation and focusing on long-term sustainability in order to navigate the changing landscape.

Takeaways:

• The financial technology industry is going through a 'great restoration' due to changing interest rates and market dynamics.
• Startups in the industry are facing challenges such as the need for profitability and regulatory compliance.
• Building a strong foundation and focusing on long-term sustainability is crucial for navigating the changing landscape.
• Acquisitions and partnerships can be opportunities for growth and scalability.
• Regulation can help legitimize and create a level playing field for emerging payment methods like buy now pay later.

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In this podcast episode, Leah and Marilyn discuss OKRs (Objectives and Key Results) and their role in product management. They explore the misconceptions and challenges surrounding OKRs, emphasizing the importance of understanding the purpose and context behind them. Overall, they stress the need for a thoughtful and practical approach to implementing OKRs.

Takeaways

• OKRs are often misunderstood and seen as a magical solution, but they require a thoughtful and practical approach to be effective.
• OKRs should be aligned with the overall business strategy and goals, and all teams and individuals should understand how their work contributes to those objectives.
• OKRs provide a framework for measuring progress and driving business agility, but they should not replace other management practices or be used as a standalone solution.
• Understanding the economics of the business and the different seasons or stages of the company is crucial for setting meaningful OKRs.
• OKRs enable teams to focus on key results and learn from their progress, rather than just chasing arbitrary metrics or targets.

In this episode, Leah and Marilyn discuss the importance of psychological safety in product management. They define psychological safety as creating an environment where team members feel safe to take risks, be vulnerable, and share their opinions without fear of humiliation or criticism. They reference a study done at Google, which found that psychological safety and trust were the top factors that contributed to team productivity and effectiveness. The hosts emphasize the need for open and honest communication, a common vision, and the ability to bring one's whole self to work.

Takeaways

• Psychological safety is crucial in product management as it allows team members to take risks, be vulnerable, and share their opinions without fear of humiliation or criticism.
• A common vision and open communication are essential in creating psychological safety within a team.
• Leaders should foster an environment of honesty, respect, and kindness to build trust and psychological safety.
• Bringing one's whole self to work and allowing team members to do the same contributes to psychological safety.

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In this episode, Leah and Marilyn dive into their personal experiences with the highs and lows of product management. They share captivating stories of successful product launches that significantly impacted their organizations and frustrating failures that came with costly lessons. Through these anecdotes, they highlight the importance of iterative development, the power of small, empowered teams, and the challenges of working within highly matrixed organizations. The discussion also covers the crucial role of clear roles and responsibilities and the importance of aligning the company’s vision and mission to create a supportive and collaborative environment for product development.

Key Takeaways:

• Iterative Development: Iterative development is more impactful and valuable than big bang product launches, benefiting both the user and the business.
• Empowering Teams: Small teams with a common goal can achieve significant wins, creating momentum and a sense of urgency.
• Clear Roles: Highly matrixed organizations with unclear roles and responsibilities can hinder product development and lead to failures.
• Bridging Gaps: Product managers should bridge the gap between business and technology, driving the overall vision and mission of the company.
• Right Fit: Finding the right company that values and supports product managers' skills is crucial for their success.

Tell us about your biggest successes (or failures) as a PM by going to our website: PracticalPMPodcast.com