Revolutionizing Product Management: Insights from Revolut's Global Head of Product

In the world of product management, some companies stand out for their ability to nurture and develop exceptional talent. Revolut, the fintech powerhouse, has emerged as one of the top three companies alongside Palanteer and Intercom in producing product managers who go on to achieve remarkable success in their careers. To uncover the secrets behind Revolut's product management prowess, we sat down with Dimitri Locazo, the Global Head of Product at Revolut.

The Revolut Approach to Product Management

Revolut has revolutionized the banking landscape across 50 countries, starting with a multicurrency card that saved customers money on foreign exchange fees. The company's success stems from its commitment to transparency, simplicity, and continuous innovation. Today, Revolut offers a wide range of financial products, from P2P transfers to crypto trading, credit products, and even mortgages.

Product Owners: The Driving Force

At Revolut, product managers are called "product owners," emphasizing the importance of ownership in their role. These product owners are central to the company's growth and success, taking end-to-end responsibility for their products and the satisfaction of their customers.

Dimitri explains, "Product owners are ultimate responsibles for the product to be shipped and achieve results. They run the teams, define roadmaps to improve business metrics, and contribute to high-level company strategy."

Three Types of Product Owners

Revolut has three distinct types of product owners:

1. UX Product Owners: Focus on the consumer-facing part of the product, with a keen eye for design and user experience.
2. Technical Product Owners: Often former engineers who delve deep into technical details and drive business decisions.
3. Data Science Product Owners: Usually former data scientists who have grown into management positions while maintaining hands-on expertise.

Despite their specializations, these product owners share common traits:

• Problem-solving skills and creative thinking
• Customer empathy and context-building abilities
• Willingness to dive deep into technical details
• Strong business acumen

The Secret Sauce: What Sets Revolut Apart

1. Ownership and Autonomy

Revolut gives its product owners significant ownership and autonomy, allowing them to act as "local CEOs" for their products. This level of responsibility helps develop skills that are crucial for starting companies or becoming leaders in other organizations.

2. Depth and Complexity

Product owners at Revolut are expected to tackle complex problems and understand them deeply. This approach builds valuable skills in dealing with multi-layered challenges, which can be applied to various industries and roles.

Dimitri shares an example: "To launch a branch, you need to fully comply with all necessary regulation. You need to report necessary data on customers to various regulators and authorities. You need to register with local payment systems. And each of these things they have a lot of projects nested within."

3. Focus on Building "Wow" Products

Revolut places a strong emphasis on creating products that users love. This focus on user experience and aesthetics sets them apart in the fintech industry.

"We pay a lot of attention to look and feel of the app and how smooth it is and how frictionless the process," Dimitri explains. "We want people to feel that we really cared about them."

4. Hands-On Founder Involvement

Revolut's founders remain deeply involved in the product development process, reviewing 100% of screens that are shipped. This level of attention to detail ensures that every product meets the company's high standards.

Hiring and Developing Talent

Revolut's approach to hiring and developing product talent is unique and contributes significantly to their success:

1. Valuing Raw Intellect and Drive

Rather than focusing solely on experience, Revolut prioritizes raw intellect and an unquenched hunger to build things. This approach allows them to identify and nurture high-potential individuals early in their careers.

2. Internal Transfers

A substantial portion of successful product owners at Revolut come from internal transfers, often from operations or engineering roles. This approach ensures cultural fit and domain knowledge while allowing employees to grow into product management roles.

3. Sourcing from Admired Products

Revolut actively seeks talent from companies and products they admire, targeting high-performers who have built great products in specific areas.

The New Bets Framework

Revolut has developed a framework for launching new products and features:

1. Anyone can propose a new idea
2. Ideas must demonstrate market potential, a strong business case, and a clear customer problem to solve
3. Lean teams are assembled to build the first version quickly
4. Products are iterated and polished before scaling
5. Successful products can be instantly multiplied across Revolut's 50 million customer base

Lessons for Product Managers

Dimitri offers valuable advice for aspiring product managers:

1. Get hands-on experience by starting your own venture or joining a company with a strong entrepreneurial spirit
2. Focus on execution and getting things done
3. Be prepared to do the most important tasks yourself
4. Remember that 99% done is closer to 0% than 100%

Conclusion

Revolut's success in nurturing exceptional product talent stems from its unique approach to ownership, problem-solving, and creating lovable products. By giving product owners significant autonomy, encouraging them to tackle complex challenges, and maintaining a relentless focus on user experience, Revolut has created an environment where product managers can thrive and develop skills that set them up for long-term success.

As the fintech industry continues to evolve, Revolut's approach to product management serves as an inspiring example for companies looking to build and nurture world-class product teams. By focusing on raw talent, fostering a culture of ownership, and maintaining a commitment to excellence, Revolut has positioned itself as a leader in both financial services and product management innovation.

Article created from: https://www.youtube.com/watch?v=-kPpd21bFrE