What’s the difference between Fintech product management and original product management? What do you need to become a Fintech Product Manager? As we always say, there are many different paths to product management, but there are also different ways of being a product manager. Here is an example of one.
Former Amazon Payments Head of Product
Sheela Ursal is the former Amazon Payments Head of Product with over 15 years of experience in Fintech Product Management. Prior to Amazon, she worked at Western Union Digital Ventures as the Director of Product Management and Partnerships and at Cisco Systems as the Senior Product Manager of Engineering.
She holds an MBA in Finance and Marketing and enjoys mentoring aspiring product managers and being an Industry Investment Advisor. Sheela is a business focused non-tech product manager.
The Great Fintech
What is Fintech and why do we need to know about it?
Sheela shared the basics of Fintech Product Management and provided insight into how it is similar and different from traditional product management. She discussed the ecosystem and subcategories inside Fintech, how you can go about into looking for a job in this specific field, how you can become a Fintech Product Manager, and gave some helpful guidelines for decision making and venturing down the path.
- Fintech is a combination of finance and technology.
- Heavily dependent on the rules and regulations that have been put into place.
- A Fintech Product Manager has to understand what a transaction, goods, and value means.
- Fintech is the “lifeblood of the economy.” It’s connected to banks.
- Fintech is “ripe for innovation:” it has old rules that are on new rails.
- Fintech has old customers with new delivery methods. For example, to open a bank account, a person doesn’t have to go to the bank. They can do it online.
- To become a Fintech Product Manager you have to, have basic finance knowledge, know the basic jargon and how a transaction happens.
- Fintech contains more stakeholders than traditional product management, such as legal, compliance, data privacy, and accounting.
- Expanding to other countries is normal and exciting in Fintech.
- When expanding to other countries, you have to keep in mind that the rules and regulations for one country don’t apply to another.
- In Fintech, license and regulation are sometimes like playing with fire: you have to go around them.
- Fintech Product Manager has to get used to working with people that don’t have a tech background.
If you don’t have any finance background or you’re not interested in finance, Fintech is not for you. This doesn’t mean that you need to have a degree in finance or business, but you need to have some general knowledge. There are many small and big differences between Fintech product management and original product management, but there are also many similarities.