I’ve been a PM for a Wall Street Fintech for couple of years now, as the title of this post indicates, but I don’t think PMs at Fintech cover the whole Product Management journey. I think market research is seriously lacking. I recognise that regulations greatly influence the banking industry; therefore, AI cannot be used everywhere at random.
But I genuinely believe that we primarily focus on the execution, for which some MDs, i.e., those who merely bring in the greatest deposit, directly determine the prioritizing.
I haven’t dealt with the designers too much; therefore, there isn’t much of a UI/UX flavour to it.
It’s getting boring, and before I switch, I want to know what other courses and skills I can take to make sure I’m prepared to switch to other industries or domains.
I spent some time working in banking. Tech is basically a cost centre; they don’t innovate in it. The best action is to leave. However, it’s important to consider that not all industries may have the same approach to technology. Exploring other sectors such as healthcare, e-commerce, or even startups could provide more opportunities for innovation and growth in the tech field. Additionally, acquiring skills in emerging technologies like artificial intelligence or blockchain can also make you more marketable and adaptable to different industries.
Thanks for your feedback @AnushkaGarg, that’s how I feel as well, and I’m looking for suggestions on how to leave B2B banking and work in the consumer market.
Tailor aspects of your CV to the roles. Elements of B2B are relevant for B2C; play those up on your applications. Just do loads of applications; that’s basically the answer. It’s definitely a very achievable switch. Transitioning from B2B banking to the consumer market can be an exciting career move. To make a successful switch, consider building your knowledge and skills in consumer finance through relevant courses or certifications. Additionally, networking with professionals already working in the consumer market can provide valuable insights and potential job opportunities.
Remember that there are many B2B product companies that are cutting-edge, product-led, and would permit you to work independently and deliver stuff you can be proud of. I’m not saying you shouldn’t aim to move into B2C if that’s what you want, but in my experience, many B2C businesses want a B2C background, so you might find it simpler to go for another B2B business—just seek something more cutting-edge than a bank. Which is a low bar, to be honest!
Having worked as a PM at banks, I can attest to the fact that they are innovative, but they must do it in a more restrictive regulatory environment than my other sector.
There are dull PM positions at banks, but there are also a ton of enjoyable ones that make dealing with your accounts simpler and more natural.
An excellent example is Robin Hood; whether you like them or not, they made trading easier and more accessible for people, and regardless of “how,” it’s still a great task.
Legacy systems that keep economies moving and demand 100% uptime also place restrictions on banks. I experienced many go lives that disrupted Australian commerce and were covered by the national news.
My opinion is that you need strong leadership who are prepared to take risks and balance this with an innovation agenda. People need banks to be’secure’ or they will withdraw their money. Playing it is always enjoyable, and I’ve always found it to be mentally challenging.
Are there any service areas at your employer that are innovation-driven? Top bulge bracket companies all have digital/consumer (B2C) practices, if not explicitly an innovation lab that would cover both B2B and B2C. While seeking opportunities for innovation, you can develop your product talents.
If you can succeed in your current setting while comprehending the challenges and opportunities of working for a SIFI (I’m assuming that’s where you are), you’ll be prepared for any founder role down the road. Examples of areas that have received insufficient attention include everything having to do with financial compliance, AML, KYC, regulatory reviews, comprehending how SIFIs go through vendor security reviews, etc.
Just have a peek at the most recent YC batch to see it in action. Many of these people don’t even possess the kind of in-depth subject knowledge that you do. If you decide to concentrate in this area, you are in a special position.
That’s how B2B gigs work, isn’t it? B2B gigs typically involve businesses collaborating and providing services or products to other businesses. It’s a mutually beneficial arrangement where both parties can leverage their expertise and resources to achieve their goals. I hope you agree.
Yes agred @KaranTrivedi, I should have been more specific with my inquiry. Would taking online courses help me get the trust of recruiters if I want to transition to B2C before I spend too much time in banking and have my profile hardwired to banks/payments only?
Taking online courses can certainly be beneficial for expanding your skillset and knowledge in the B2C industry. However, it’s important to note that simply completing these courses may not automatically gain the trust of recruiters. Instead, focus on showcasing your abilities and transferable skills gained from your banking experience, and target positions where hiring managers prioritize abilities over specific industry backgrounds. This approach will allow you to demonstrate your potential value to B2C companies, regardless of your previous banking experience. I switched between B2B, B2B2C, and B2C. A gradual movement took place. Apply for positions where the hiring manager is willing to recruit based on abilities rather than background relevance.
I agree! I currently work as a product executive for a major B2B company where automation is hardly ever used. I play more of a pre-sales consultant than a product manager. I intend to move into a proper PM role and am preparing for this by learning SQL. Could you please provide me some advice on how to transition to B2B2C or B2C and what skills I should have?
Although I have never worked for a bank, I have some ideas because I did work for an accelerator or incubator that had banks as clients.
Many people excel in business settings (particularly banks) by taking the safe route, following protocol, and even going beyond rigour and process. Banks advise “move at a glacial pace and never break anything,” while startups advise “move fast and break stuff.” The fact that banks innovate, however slowly and cautiously, does not imply that they never do so.
When you first hear this, it may not sound like much fun, but think about it from the perspective of the consumer. As a banking customer, I am much more concerned with knowing that my money (and data) is safe than I am with the latest technological advancements. Thus, they have an excellent excuse.
After having said all of this, I encourage you to go through the questions on this subreddit. Many of these come from drained PMs who are battling an incredibly fast pace, an overwhelming amount of work, unrealistic innovation expectations, etc.
I would like to know if the pace is one you can handle and if there are any opportunities that you might not be aware of. Maybe you have the interviewing skills that so many PMs wish they possessed. Maybe, with the information at your disposal, you can develop persuasive arguments for actions and changes.
IB and banks in general will never use technology as a source of income; rather, it will be employed as a tool to achieve a certain goal.
Any construction project will face a significant number of risks and legal impediments, which will lengthen the build process. Your greatest option (at least, in my opinion) would be to depart if your purpose is to innovate.
Not just banks experience this. This is true everywhere—in manufacturing, retail, and services. In every industry, the need for adaptation and evolution is inevitable. Whether it’s manufacturing, retail, or services, businesses constantly face the challenge of keeping up with changing customer demands and market trends. This requirement for flexibility and innovation is not exclusive to banks but applies universally across various sectors.
People are the focus. The more individuals there are, the slower growth will be, and some people who work in risk-averse industries are also highly risk-averse in their personal life. It is about the individuals and what they stand for.
Large financial organizations frequently have thousands of apps and services, and the chance for interaction between them is usually enormous.
At a Fortune 500 asset management firm, I spent nearly 5 years developing an investment decision support system (that is still getting new features 3 years later), which reduced a significant amount of risk from their legacy systems and improved visibility into their trading pipelines.
You have to seek it out in places like that; it won’t just show up on your desk. And yes, it may be monotonous, but what? The opportunity to develop relationships and earn bonus checks while advancing slowly to moderately fast is not likely to arise very frequently elsewhere.