Product Development, Alex, Citi Ventures discussed on This is Product Management
Alex Lead Citi ventures deep division. Which is focused on incubating early stage products and businesses that will drive growth? Alex has a storied career in Fintech and banking. Let's hear him talk about his entrepreneurial background and experience at startups and large organizations alike before I received at city with his car job which is under CITI ventures. I WAS GENERAL MANAGER FOR MOBILE. Ed J. P. Morgan Chase so I ran a cheese mobile banking as well as kind of overall APP mobile APP strategy for chase and prior to that. I was the founder one of the first fintech startups. A NEO bank called moving. So we were one of the first. Neil banks out there. I've had a long history in the Financial Services Consulting Strategy Space and basically a child of the digital era so I kinda started on my career in the nineties when the Internet was just new and focusing on helping banks and can I finish services institutions. Figure out what to do with this new technology and have written that from wave to wave which has led me to where I am. Today I grew up in the beginning of the DOT COM era. So I worked. I in investment banking at Prudential Securities. And that was literally when the first kind of Internet companies were coming up so we add an analyst kind of working on the analyst team guy by the name Henry budget that was of some fame these days but he started out covering some of these early companies like Yahoo Netscape and would come back to the office and have some these weird companies out west. What are they doing with this Internet thing so there was a group of us there that actually kind of got influenced by lot of the stuff that hair was finding and some of us car broke off and said look this. Internet things going to be a big deal for the financial services industry so me and a couple others broke off and we started a my first startup which was a small little consulting company and our charter was quite simply help. Big Banks figure out this Internet thing. We really help build the first kind of websites and Internet's out. There I worked at a company called Sapient Following that little star up and save it was one of the first companies to switch from sort of client server oriented technology kind of web based technology and I was part of the Group there that was their digital strategy team again. Kind of a pioneer. Sabin was a pioneer within the space and one of the first companies that are kind of really pivot almost the whole business away from kind of old technology. Do this new web stuff. So I was part of this team that worked on kind of the first armoured banks for Song my brokerages when it was really just about information like how do you build products that kind of unleash data that had previously just been only available to banks and now make them accessible for clients to be able to kind of deal with new information? Wills do self service that entire era of kind of nineties into the mid to late. Two thousand eight nine really was it for banking was kind of this era of digitization and I followed that through multiple phases on the consulting side as well as kind of creating a startup at city that was oriented around launching a business within the wealth management space then kind of social mobile and payments revolution. Hit some around two thousand seven two thousand eight and at this time. I was kind of leading financial services at sapient on my second. Go Round. They have said. Hey Alex social mobile facebook all this new stuff comes out and what's the future financial services? Now we're at this other technology inflection point and so at that time there was a guy in that. I got connected with in the early Twitter Environment Guy. With an MBA brick king who had written a book called Bank two Point Zero and we got sort of connected through this early twitter network and I was kind of at sapient and come up with a point of view on what banking was about. I said you know called this guy up and said hey what do you think about? The world is GONNA look like with mobile social and some stuff going on and payments. And you know kind of we had each other at. Alloa it was one of those moments and then we kind of got together and started to talk to big banks around the world selling Sapient Services. About what the view of banking wasn't future that collaboration ended up becoming the kind of idea of moving. Which is really about kind of reinventing a bank with this kind of these new tools mobile social and kind of what was going on in payments. And you know our premise was simply just that which is if you had to redesign a bank from kind of mobile backwards. What would it look like recognizing that I N G creed the first stage of evolution with web and this kind of high yield is direct play? What was the new play with mobile and social as the premise? So we started moving based upon working. That is this opportunity backwards. Raised a couple of rounds of capital in the early days of fantastic about twenty two million under eye tenure there and launched a consumer product in the market as well as Abebe enterprise product and SORTA partnered with some big banks on move ins core technology. Td Bank up in Canada and WESTPAC in New Zealand. Good examples we kind of build that business piloted it to enterprise business and then I was always passionate about consumers so around our Ciaran of capital we brought on new executive scale. The business and I went over to J. P. Morgan Chase with the opportunity to kind of lead mobile and visionary was basically. Hey you know we're J. P. Morgan Chase. We're the largest mobile user base in the United States. That seems like a great chassis that Kinda drive impact the world banking through that product and platform. So I spent a couple of years doing that. Then recognize that in some ways the things that I liked about new company creation and Kinda venture and the early stage of product development. I wasn't really getting at chase which was much more mature. Large-scale firm as you can imagine so then the opportunity comes at Citi ventures and what I do now which is working within the context of a very large global company but really focused on that early stage development and sort of that new concept of. How do you develop an entirely new and emerging spaces new products and services? That can really drive the needle of growth. That's the kind of stuff I'd like to do. Alex has been working on digital transformation of banks and financial institutions long before the concept of digital transformation entered the current sites. What lessons learned moving that? He's applying to early stage. Product Development Habitat Acts. The vision of what moveon started with right? Which is this idea of taking. You know social mobile and revolution that was happening within payments and saying. Hey these three things will kind of dramatically impact how customers behave and in many ways kind of transformed the nature of how money works and how it could interact with society recognizing that there was these enabling technologies that were had this attention to change behavior and in some ways where the product development angle comes in. Is that behavior change? Unless it's a whole bunch of new ways to approach jobs all sorts of consumer jobs to be done that gets transformed by these enabling technologies. So that idea that very notion that spurred all the practice element of moving from like the first kind of widgets that we had to the ultimate platform that it is today centered around kind of mobile social and payments as enablers to these new use cases. That's commonality right. That's the same within Movin as it is at city as it is at J. P. Morgan Chase. And if kind of the heart approximate element is essentially about identifying these jobs to be done for consumers and sort of arranging solutions around them. I'd say that that's been common. Strain ended inspiration. Abide is really kind of paint that vision getting people to recognize that those three technologies when combined really do have a huge on kind of the way money and banking works. It's a guiding light principle that we use within city and I think I found it useful the product development overall guiding light of kind of thinking about every single product as a job to be done for a consumer keeps you honed in laser focused on on that task. Then he used a really needs to accomplish and it's kind of a starting right there to me is the essence of good product. Bellman moving was in you. Bank that Al Expounded. We should only mobile and digital operations no physical presence. He subscribes to the same philosophy at city that he did it move. Every product is a job to be done. Ver- Consumer Alex's worked at startups large companies and agencies. But does he see as the strengths and weaknesses. Beach business type as it pertains to innovation to me. Pratt development is kinda perfected by experimentation and that idea of identify the job to be done in the consumer need but then very quickly get something out there. Get a solution out there that you think might be that deed do a little testing and then erased very rapidly too. G PRODUCT MARKET FIT PRETTY STANDARD FORMULA. To me is one of those things. Were applying that kind of scientific method to product. Development is the recipe for success. So with that as kind of if you do that you're going to be able to get successes at Prague Development. Who is best able to accomplish that cycle in the purest way? And that's where I think you see. The bifurcation between startups versus agencies versus is very large companies startups. Of course have that. Ability to in many ways do really approach new emerge especially in early stage product development and early markets. They really have the ability to kind of approach product. In from that pure scientific method fueled by venture capital fueled by with the permission to be able to explore and less constraints is really a great way to really develop products and very rapid ways. We can get to the essence of the job to be done by consumers and that's to me there because of that the structure of a startup is probably the best chassis to explore early stage markets. And that kind of product development that being said with large companies. You're always dealing with products on that kind of mature end of the Cycle. So it isn't about early stage growth exploration. It's often about creating an infection plane. Further adoption of an existing business model then becomes about pricing ways to kind of drive loyalty and wards and create more habitual. Hit Behaviors in new segments. I think that's very very different than kind of product development and looking at early stage concepts and solutions so I think both of them have their pros and cons. But in the very early stage cycle.