Navigating Uncertainty in Financial Services: Insights from a Seasoned Product Leader
In the highly regulated world of financial services, product management is a delicate balancing act. Jake Gutting, SVP of Product Management at Ncontracts, knows this all too well. With years of experience under his belt, Jake has developed a keen sense of how to navigate the complexities of regulatory change and uncertainty.
The Regulatory Impact on Product Management
For Jake, the regulatory aspect of financial services has a profound impact on the product management function. “It’s constant and consistent,” he notes. “It’s really the reason we exist; our business and roadmap are driven by regulatory change.” This means making tough decisions about when to invest in different features and how to prioritize them. With regulations like section 1071 of the Dodd-Frank Act, the deadline for implementation can be uncertain, making it challenging to know when to invest in new features.
Finding Immediate Value and Long-Term Roadmap Ideas
To stay ahead of the curve, Jake’s team focuses on finding where they can provide immediate value to customers while also engaging with them to gather insights for long-term roadmap ideas. This involves working closely with subject matter experts (SMEs) who provide guidance and leadership to customers. Having in-house expertise is essential, as it allows Jake’s team to stay informed about market changes and incorporate that knowledge into their roadmap.
Balancing Seasoned Product Managers with SMEs
When it comes to hiring, Jake looks for a balance between seasoned product managers and SMEs. By pairing these two types of professionals, he creates an environment where they can learn from each other and bring different perspectives to the table.
Creating a Culture of Trust and Discipline
Jake’s approach to product management is centered around creating a culture of trust and discipline. He emphasizes the importance of having a playbook that outlines the process for frontline product managers, product line leads, and designers. This playbook helps create discipline around processes and ensures that the team is focused on finding the smallest pieces of work that can be solved and understood before solutioning.
Ideation and Research: Listening to Customers
When it comes to ideation and research, Jake’s team takes a customer-centric approach. They believe that customers have the right answers, and it’s their job to listen and understand their needs. By staying close to customers and empathizing with their experiences, Jake’s team is able to generate ideas that meet real needs.
Triad Concept: Understanding the “Why” Behind Features
To turn ideas into features, Jake’s team uses a triad concept, where product line, design, and development leads spend time discussing concepts and understanding the “why” behind them. This approach ensures that everyone is aligned and working towards the same goals.
Lessons from Failure: Pivoting and Adapting
Jake has learned that sometimes, even with the best intentions, things don’t go as planned. He recalls an acquisition that didn’t quite fit with Ncontracts’ core competency, and how they had to pivot and adapt to make it work. By measuring customer success and understanding the loyal customer base, Jake’s team was able to salvage the acquisition and create a viable business.
Building Trust as a Leader
As a leader, Jake believes in building trust with his team by knowing them as individuals and having regular 1:1s and skip-level meetings. He encourages his team to take ownership of their projects and to speak up if they see opportunities for growth. By doing so, he creates an environment where people feel empowered to make decisions and take risks.
Advice for Early-Career Product Managers
For those just starting out in product management, Jake advises that it’s essential to find a mentor who can provide guidance and support. He also emphasizes the importance of being open to different experiences, whether that’s working for a large company or a startup. Ultimately, it’s about finding where you can have the most impact and grow as a professional.
Cross-Functional Communication and Collaboration
As a product leader, Jake knows that cross-functional communication and collaboration are critical to success. He focuses on building relationships and having conversations before launch day, release day, or other critical milestones. By doing so, he ensures that everyone is aligned and working towards the same goals.