An assessment of Product in FinTech
Over the past two weeks, we have assessed the hiring of Senior Digital Product Leadership in FinTech in the UK. We have mapped 81 businesses in FinTech and consumer Financial Services across Challenger Banking, Alternative Lending, Investment, Payments, and Remittance, to assess the role of digital Product in this evolving industry. Businesses identified include Atom Bank, Aldermore, Funding Circle, GoCardless, Hargreaves Lansdown, Mondo, Nutmeg, RateSetter, PayPal, and World Remit.
Here are some of the key insights we have gleaned:
- A digital Product function has been established in 82% of the target FinTech and FS businesses, even though it is not labelled as “product” 50% of the time.
- In 84% of businesses researched, Product is not a part of the C-Suite.
- Prior FS experience was not deemed a requirement for 54% of senior Product leaders.
- 54% of Product leaders started their career in technology development.
- 45% of senior Product leaders hold less than 15 years’ career experience and are typically on a base salary of between £90,000 and £150,000 plus bonus, plus LTIP.
- Attempting to identify a candidate with a balance of Financial Services/Digital growth experience is extremely difficult. As a result, reflect within your business to which skills could be sourced from elsewhere and thus how this informs the prioritisation in competencies in the search for your Product leader.
- Invest significant time with all the key stakeholders to the Product function to ensure that there is a consistent understanding of what Product should mean to the business and how it effects each stakeholder. This will set your Product leader up for success.
If you would like to see the full 5-page report, or discuss any of the content above or in the report, please contact Amy by email on firstname.lastname@example.org. Alternatively, now is a great time to consider hiring with summer just around the corner, so please do get in touch.