Empowering Product Managers: A Case Study in Upskilling and Leadership at a European Unicorn Bank

The Client: European Unicorn Bank

A fintech pioneer founded in 2013, this banking unicorn rapidly emerged as a prominent player in the global banking and financial services landscape with 8 million customers. The company is at the forefront of the digital banking revolution, offering a range of innovative financial products and services to customers worldwide.

Since its founding, it has rapidly expanded its presence and customer base, with operations spanning across Europe, the United States, and other international markets.

To date, the company has raised close to US$ 1.8 billion from some of the world's most renowned investors.

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The Mission: Interim Head of Product

During a pivotal period marked by maternity leave, the Engagement Domain of a leading European Unicorn Bank found itself in need of interim leadership within its product team. Comprising 10 Product Managers, the team faced several challenges including navigating continual changes within the organization, upskilling PMs, facilitating various processes and promotion cases, and preparing for a significant new product launch spanning across Europe.

Amidst these complexities, the need for an interim Head of Product emerged, requiring a leader to guide the team through transitions, empower them for upcoming initiatives, and integrate seamlessly into the existing dynamic. The company sought someone to mitigate disruptions caused by the regular head's absence and propel momentum toward a critical product launch.

Our goal extended beyond interim leadership; it aimed to unite and fortify the product team, nurturing resilience amidst change, promoting continuous improvement, and ensuring the flawless execution of the impending product launch.

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Leading and Upskilling of Product Managers

Launch: Onboarded Very Fast

The European Unicorn Bank had 10 product development teams, but there was no Head of Product to lead all of those teams. We swiftly intervened, extending a helping hand to these teams by promptly identifying roles and responsibilities aligned with the mission needs.

First 4 Weeks: Deliverables and Results Achieved

• Built rapport with Product Managers through regular one-on-one meetings, fostering open communication.
• Established new synchronization processes, including bi-weekly team meetings, to enhance collaboration.
• Conducted assessments of project statuses, identifying areas for improvement.
• Initiated discussions with stakeholders to gather feedback, fostering collaboration.

Implementing Effective People & Change Management Strategies

In response to the pressing need for interim leadership within the Engagement Domain's product team, a comprehensive approach to people and change management was essential. Our goal wasn't just to maintain operations but to strengthen team resilience and efficacy amidst significant transitions.

People Management: We prioritized open communication, empathy, and empowerment. We scheduled regular one-on-one meetings with each of the 10 Product Managers to address concerns, provide guidance, and offer tailored support.

To foster cohesion and collaboration within the team, we initiated the creation of a bi-weekly sync for all Product Managers. This served as a forum for updates, sharing of challenges and successes, and collaborative problem-solving. To ensure transparency and accountability, we implemented a FigJam board, allowing PMs to visually track progress, share insights, and coordinate efforts seamlessly.

Monthly Domain Sync: Recognizing the need for broader alignment and knowledge sharing, we spearheaded the creation of the Monthly Segment Sync. This initiative brought together all Product Managers from different segments to share best practices, discuss challenges and align strategies. The FigJam board played a crucial role in structuring these sessions, providing a visual framework for discussions and action items.

Moreover, the Monthly Segment Sync served as an opportunity to invite guest speakers, and experts in relevant fields, to share insights and inspire the team. By exposing the team to diverse perspectives and expertise, we enriched their understanding and fostered a culture of continuous learning and improvement.

Change Management: Navigating organizational changes can be disruptive, but with effective strategies, it can also be an opportunity for growth. We took proactive steps to mitigate disruptions by communicating transparently about shifting responsibilities and reporting lines. This ensured that every team member understood their role and its alignment with larger objectives.

To foster adaptability and resilience, we worked closely with the team to define and implement OKRs. These served as guiding principles, aligning individual and team efforts with overarching goals. By involving the team in the OKR-setting process, we promoted ownership and commitment, fostering purpose and direction amidst uncertainty.

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Launching a New Product Feature

We provided crucial support to the lead Product Manager in launching the "Joint Accounts" feature. Together, we devised a strategic plan, opting for a phased rollout strategy starting with a friends and family release to gather feedback before a wider launch. Throughout the process, we actively supported the Product Lead and other stakeholders, tackling obstacles, coordinating testing efforts, and ensuring a seamless launch experience.Throughout the launch process, we played a crucial role in unblocking the Product Lead, removing obstacles, and providing support wherever needed. Whether it was addressing technical challenges, coordinating cross-functional efforts, or providing guidance on strategic decisions, we remained actively involved to ensure the success of the launch. Our collaborative efforts ensured not only a successful rollout but also positioned the feature for long-term success in the global market.

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Enhancing the collaboration with the Data Analyst

To address the challenge of an understaffed data analytics team, with only one data analyst serving 10 product managers, we focused on enhancing collaboration and streamlining processes.

Our first step involved engaging with each product manager to comprehensively understand their data analysis needs and the key challenges they faced amidst limited resources. Simultaneously, we talked with the data analyst to identify their pain points and constraints. Through this dialogue, we recognized the lack of clarity regarding data prioritization and observed a significant backlog of unresolved tickets, some dating back six months.

We initiated a cleanup process, closing aged tickets to establish a clean slate. Subsequently, we devised a data support matrix, capturing essential details such as the product initiative, specific data requirements, associated Jira tickets, and prioritization labels. This matrix, updated bi-weekly by product managers, facilitated clearer communication and streamlined data requests. Additionally, bi-weekly meetings with the data analyst enabled us to address any blockers swiftly and refine the process collaboratively.

We successfully achieved our goal of optimizing data management processes. This resulted in faster and more effective data support for product managers, alleviating the burden on the lone data analyst and reducing their stress levels. The streamlined approach not only improved efficiency but also fostered a more collaborative and harmonious working environment between the product management and data analytics teams.

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Mission Achievements: Delivered Outcomes

💡 Leading and upskilling of 10 Product Managers

💡 Implemented effective change management strategies to drive product innovation and organizational growth

💡 Enhanced processes between data analytics and product managers, ensuring scalability