Product Thinking Episode 190: Mastering Product Focus: Balancing Legacy and Innovation with Shruti Patel
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Sep 25, 2024 
In this discussion, Shruti Patel, an Executive Vice President and CPO at U.S. Bank, shares her extensive experience in product management within financial services. She contrasts traditional banking with fintech, emphasizing the challenges banks face due to legacy systems. Shruti discusses the importance of customer-driven product development and innovative strategies for user experience. She also highlights the role of AI in the evolving FinTech landscape, balancing efficiency with the need for integrated solutions for small businesses.
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Banks' Complex Product Landscape
- Banks manage much broader, complex infrastructure than SaaS companies, including legacy systems and omnichannel networks.
- This diversity leads to slower agility but requires balancing digital and physical customer service touchpoints.
Survey Drives Product Strategy
- US Bank annually surveys 1,000+ small businesses to understand challenges and digital tool usage.
- These insights directly guide product priorities, such as cash flow management tools.
SMB Needs Vary Widely
- US Bank serves over 1 million small businesses ranging from micro to large enterprises.
- Smaller SMBs want integrated, bundled solutions, while large enterprises require custom treasury services.