In this episode of the Product Thinking Podcast, host Melissa Perri welcomes Shruti Patel, Executive Vice President and CPO Business Banking at U.S. Bank, to share her expertise on navigating the complexities of product development within large financial institutions. 

Discover how Shruti's approach to product leadership is driving transformation in business banking and learn actionable insights for maintaining agility and relevance in a rapidly evolving market.

The conversation also covers the differences between product management in traditional banking sectors and companies like Shopify. 

Overall, Shruti emphasizes the importance of continuous improvement in existing products and customer experiences, while also keeping an eye on emerging trends and technologies. 

At the top of this episode, Shruti highlights the distinct differences between traditional banking institutions and modern fintech companies, particularly from the perspective of product management. As she explains, while fintechs like Shopify operate with a narrow focus and modern tech stacks, banks like US Bank handle a broader range of services and face the complexities of managing legacy systems. These systems, having been built over decades, often necessitate a more deliberate and slower approach to innovation. Shruti is keen to underscore that the responsibility of managing people’s money in a highly regulated environment further complicates the speed and agility typically associated with product development in fintech.

In discussing her work at U.S. Bank, Shruti elaborates by insights gained from U.S. Bank’s annual survey of small businesses, which identified cash flow management and access to capital as two of the most significant challenges faced by these enterprises. Shruti emphasizes that understanding these pain points is crucial in shaping the bank’s strategy to provide digital tools that not only facilitate financial transactions but also offer businesses valuable insights into their cash flow.

Shruti shares with Melissa her insights on how large enterprises can successfully transition from a project-based approach to a product-centric one. She advises that organizations start by clearly defining their core product sets and mapping the customer journeys associated with these products. This involves understanding how customers interact with products and identifying pain points across these touchpoints. She also goes on to emphasize the importance of organizing the business around these customer journeys to ensure that all efforts are aligned with enhancing the customer experience.

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