Tell me the differences between a project manager and a product manager.

"The way I understand it, a project manager makes sure the product stays on budget and is delivered on time. They also handle the meetings, diving into the details and keeping track of who is doing what. Meanwhile, the product manager, while still overseeing the delivery of the product, really focuses on making sure the product is successful in the market. The product manager sets the vision for the product, gathering and prioritizing requirements, while the project manager acts upon this vision to ensure it is implemented on time and within budget. The two roles naturally work together and complement each other but are distinct."

The interviewer is testing your knowledge of the fintech product manager role. Since it is frequently confused with the role of the project manager, they want to ensure you know the differences between the two.

How do you communicate your product vision?

"I use various methods to explain and communicate the strategy and idea I've developed around a new product. In part, the method I use depends on my audience. But, most importantly, I strive to make sure everyone buys in on the idea and understands why it's a good one. In particular, I use data and analytics to support my recommendations. I also make sure to provide a roadmap with a timeline so everyone can see how long the project will take. Depending on who the stakeholders are and how many of them there are, sometimes I meet one-on-one with them while other times I hold a larger meeting with multiple people present. In the end, I make sure that I clearly explain my reasons, support them with data, and make sure everyone understands why we're looking to move in this direction."

It's important that a fintech product manager be able to build a consensus around their product's vision and strategy by key stakeholders. Discuss with the interviewer the techniques and tools you use to do this. Be sure to emphasize that you bring everyone on board and don't just announce and push through your idea without support.

What methods do you use to determine what customers want and need?

"It's imperative that fintech product managers be skilled in conducting customer research so that they can determine product positioning and requirements and understand competitive landscapes. Over the years, I've gained a lot of experience in performing market research that has helped to ensure the success of multiple products I've helped launch. I've administered surveys and questionnaires, in addition to looking at data and analytics, which provide quantitative results. I've also used qualitative methods like focus groups, interviews, and customer observation. Occasionally, I use secondary research tools as well, including commercial and public sources."

It's crucial that a fintech product manager know how to conduct customer research so they can clarify what market opportunities exist. The interviewer wants to know what kinds of methods you might use to connect with customers to find out what they need and want. Try to provide some examples of times in the past when you've performed this type of research and what the outcomes were.

What would you improve about our product?

"I hold the SEC filings service you provide your customers in high regard because it appears to be very useful, saving companies money when it comes to analyst salaries and assisting them in making smart investment decisions faster. I would love to lead the team that develops and launches other similar services for your clients. Having said that, if I had to improve upon your service, I would look to automate it even more as right now you rely on a lot of data analysts to parse data manually for you."

This can be a somewhat challenging question to answer but really what the interviewer wants to see is that you have researched their company and its products. You will want to talk knowledgeably about what their company does and make a thoughtful suggestion or two about how they might improve one of their products. Make sure to lead off with some of the things that you like about their product so your response is more positive than negative.

In your opinion, what makes a good fintech product?

"I think that it's imperative that we spend our time building great products, not mediocre ones. In my opinion, a great fintech product, first and foremost, meets the needs of the company's target audience. It provides a simple and intuitive solution to a problem for them. Also, I think that the nature of fintech means that the product should be more efficient or better than traditional financial methods, an improvement that provides additional services and/or is able to quickly adapt to the user's needs. Moreover, a great fintech product will be fully compliant with all governmental regulations and technologically secure."

A fintech product manager should be able to identify and develop good products. This means they should have some criteria in mind when judging whether a fintech product is well designed or not. Talk to the interviewer about what you take into consideration when determining this.

What processes and methods would you use to launch a new fintech product?

"Over the years, I've successfully launched several new fintech products. As the product manager, it's my job to determine if there's a market opportunity, establish the vision for the product, and then gather and prioritize requirements. After all this has happened, I put together a detailed launch plan that is based on discussions I've had with various teams like sales, marketing, and engineering/development. I consult with key stakeholders to determine a realistic timeline and work with the project manager to develop a schedule with deadlines. I also collaborate with the project manager to establish a budget for the launch. As the launch date nears, I hold frequent meetings to ensure everyone is on the same page. Most importantly, I make sure that we all continue to keep the target audience in mind as the product is designed, developed, and tested, and I keep track of our progress and success by monitoring key KPIs."

A huge part of a fintech product manager's role is launching new products. The interviewer will want to know that you are knowledgeable and experienced in this area. Discuss the processes you follow to develop a launch strategy and plan, as well as how you monitor and measure your progress. You'll want to show that you're a team player and collaborative, in addition to being a leader who is competent and in charge.

How will you gain credibility from the engineering and development teams when you are first hired?

"When I first step into a new role, I start by going around the office and introducing myself to everyone. I want them to put a face to the name and see that I am accessible, friendly, and enthusiastic. Within my first week, I set up a meeting with my new team so everyone can get to know me and I can get to know them. During this meeting, I ask for their feedback and ideas, and I listen to what they say. Basically, I am in learning mode. I also schedule remote and/or in-person meetings with other teams as well, the ones that I will work a lot with, like engineering, development, sales, and marketing. Again, I ask for their thoughts, and I listen. As we all progress, my goal is to show that I am collaborative, fair, honest, and hardworking. Whenever the moments arise when a timely decision needs to be made, I make it without hesitating. I also set reasonable deadlines and expectations, in addition to working with people rather than just barking orders at them. Finally, I think respect and credibility are earned over time as others learn that I know what I'm talking about but am open to their thoughts and ideas as well. It's a process and one I look forward to starting!"

As a fintech product manager, you will be expected to lead. It's not always easy to jump right into an established team and immediately be respected, liked, and considered credible. The interviewer wants to find out how you will initially engage with the team, as well as how you plan to listen and communicate with them.

How experienced are you in the end-of-life process for a product?

"In my experience, there's a lot to consider when shutting down a product line for a company. First, there's the high-level decision-making that goes into choosing to do this. What is driving this decision? After the decision has been finalized, there's the need to inform and prepare the sales team so they can communicate this appropriately to customers. When I was last involved in the end-of-life process for a product, there was a ton of discussion around how to migrate customers to various alternative products. And then we had to effectively communicate this to the customers and help them make the change. We also had to consider the financial aspect of this decision. For example, would the company offer any refunds or rebates? Also, was the opportunity there to upsell customers? My team and I also had to make decisions about when to stop selling the product, when to discontinue its availability, and when to stop providing customer support in relation to it. Finally, we had to think about our larger customers and make sure we were still fulfilling our contractual obligations to them. It's not an easy process and there's a lot that goes into it, but I have experience in this area and am capable of successfully carrying it out from start to finish."

It's important that a fintech product manager know how to shut down a product or service. Talk to the interviewer about the various elements you would take under consideration during this process. If possible, cite personal examples. Consider emphasizing how important it is to not lose large clients or damage the company's image when going through this process.

What has been your most successful product to date as a fintech product manager?

"Within my last role, I drove the effort to bring a new investment product to market that helped simplify SEC filing analysis for customers. I managed the product throughout the entirety of its life cycle, from gathering and prioritizing customer and product requirements to defining the product vision and working with various departments to bring the product to life. I also worked to ensure that the product and the marketing for it supported the company's overall strategy and goals. In the end, the new product was brought to market under budget and on time, increasing our customer base by 25% in only six months."

The interviewer wants to know that you are capable of identifying and bringing a new fintech product to market. No matter the example you choose to discuss, make sure to mention quantifiable metrics and measures that prove the product you oversaw added value to the business. Be detailed in your reply, and show that you drove the project.

How does this job fit into your overall career trajectory?

"I've climbed the product manager ranks for several years now, starting as an entry-level associate fintech product manager and gradually moving up into a mid-level position. My goal in the next several years is to continue to strengthen my skills and build my knowledge so that I can move into a senior-level product management role and perhaps even become a product leader at some point. But I'm most excited about your company and its products, and I really want to be a part of it for the long-term. I see the potential to make an impact within your company and hope I get the opportunity to do so."

Most people have an idea of how they see their career going and where they want to be in three to five years. The interviewer wants to make sure you don't view this job as a short-term stepping stone. While most people don't stay at a single company for life anymore, the interviewer wants to be sure that you aren't going to up and leave six months after they hire you. Assure them that you are looking to stay with their company for a long period of time.

What do you think are the most exciting fintech trends right now?

"There are lots of exciting technology trends out there right now, especially in the field of fintech. I like to read industry blogs to stay aware of what's happening; this helps me to brainstorm new product ideas and market opportunities. Lately, I've been hearing and reading a lot about blockchain technology, artificial technology (AI) and machine learning, digital-only banks that use cryptocurrencies, and robotic process automation (RPA), which uses software robots to automate tasks. I could go on and on about these and more! It's a very exciting area to work in these days."

Fintech product managers need to be on top of the latest trends so they can spot new market opportunities. Talk to the interviewer about some of the current trends in fintech. Discuss how you stay abreast of new industry happenings and how you might integrate them into the solutions you are bringing to market.

How would you describe our product to someone who wants something similar but cheaper?

"If I were talking to someone who liked our new product but wanted it cheaper, I'd say that our stock trading app is innovative and based on a smart algorithm technology that makes it far superior to other stock trading apps. Unlike other cheaper apps, it offers up-to-the-minute live updates from multiple stock exchanges that make it easier to carry out informed and profitable trades. It also provides personalized investing ideas and is highly secure. Spending an extra $25 on our app versus another one will give you at least $100 more in benefits. Our users say that they make more profitable trades on our app compared to any other ones they've tried."

Product managers are in charge of a new product's overall vision. They need to be able to translate that vision into everyday language that colleagues and prospective customers will understand. With this question, the interviewer is testing your communication skills and whether or not you researched their company and its products prior to the interview. Consider mentioning product features, cost/benefits, and user testimonials during your answer.

Let's say we're rolling out the successor to our most popular product. How do you position the legacy product so it continues to sell?

"I think in many cases companies choose to lower the price of their legacy product so it still appeals to the more money-conscious segment of their target audience. This makes sense to me because there's always going to be a segment of the target audience who's into the updated and newer features of the product and willing to shell out the extra money for that. But if it's a good product, which, in this case, it is because it's your company's most popular product, thriftier consumers will be happy to forgo the new version/features of the successor and pay less for the legacy since they already like it. In the past, the one time I was involved in a situation like this one, this is the route we decided to go, and it worked well. Positioning the legacy product as a lower-cost but solid option allowed it to continue on for a number of years, still bringing in a significant amount of revenue for the company."

An experienced fintech product manager will be expected to have some ideas about how to handle legacy products. If you've been through this before, use the STAR (situation, task, action, result) method to talk through what happened, your role in it, and what the final outcome was. If you haven't, theoretically discuss how you would handle this; display a strong understanding of the company's products and target audience, in addition to providing some ideas about how you would position the older product so it still has appeal.

What would you do if it looked like you were going to miss your deadline? Would you cut any corners?

"There are definitely times when things don't happen as quickly as I'd like during a project, whether it takes longer than expected for testing to be completed or the web design goes on longer than anticipated. In conjunction with the project manager, I continually monitor to make sure the product timeline is staying on point. If there are signs that we are getting behind, I consider various options in order to make sure we still meet our deadline. I suppose you can call these options ways to 'cut corners,' but be assured I would never do anything to impact the core of the product. Generally, I consider reducing the functionality of the product to a minimum for the first release, soft-launching to a select group of customers while pushing back the full launch to a later date, skipping the rollout of the mimimum viable product (MVP), or re-prioritizing the product roadmap. If any of these changes are made, I make sure to communicate it clearly to all team members so we're all on the same page and can still achieve what we set out to do."

There are going to be times as a fintech product manager when you just aren't able to meet the deadline. An experienced product manager will recognize this in advance and explore different options in a quest to salvage the project's timeline. Discuss how you would handle this type of situation and what actions you might consider taking.

What is the hardest decision you've ever made as a fintech product manager?

"I've always been the kind of person who is decisive and not afraid of making tough calls. I'm also thorough; I do my due diligence, make sure I'm 100% positive in what I've concluded, and then I stick by it. Within my last role, there was someone on our team who wasn't pulling their full weight. After observing this a few times, I met with them one-on-one and aired my concerns. We agreed to put together a short-term action plan that would keep them on track. They continued to flout their responsibilities and disrupt the team's cohesiveness. In one instance, they nearly derailed the timeline for a big project we were working on. After several written warnings and some consultations with my manager, I made the difficult decision to let this person go. I made sure to talk to my team about this so they understood why this had happened. It wasn't easy to do, but ultimately, our team is much stronger and more effective now because this decision was made and carried out."

Many times product managers have to make challenging and complex decisions that impact many people and even the overall direction of their company. The interviewer is looking for someone who won't be intimidated by making a tough choice and who will lead others. Give an example of a time when you made a hard decision; explain the research and analysis that went into the decision-making process, how you communicated it to your colleagues, and how it impacted the company.

Can you tell me about a time when you failed and what you learned?

"Within my last role, we rolled out an investment analytics product that was complex in nature. All of the research and analysis we conducted before we launched indicated that there was a need in our target market for this type of service; however, one thing we didn't account for properly was the type of onboarding and education that would be necessary so customers would know how to use this new service. We had spent lots of time on preparing the marketing and sales language and materials, but we hadn't spent much time thinking through the best onboarding experience for clients. Needless to say, a few months down the road after a few customers started inquiring about ending the service, we investigated what the issue was and discovered that we need to overhaul the entire onboarding/education process. After we did this, retention rates recovered, but it was a valuable lesson to me that it's not only about closing the sale but also ensuring that we properly teach the customer how to use the product so they understand how to get value from it."

Any experienced fintech product manager will have failed at one point or another. The important thing is that you learned from the experience. Talk to the interviewer about a time when things didn't go as planned. Emphasize the lesson(s) that you carry forward with you.

Describe a time when you had trouble reaching a consensus and how you handled it.

"Every project entails different types of stakeholders with different priorities and expectations. As the fintech product manager, you have to be able to manage these various personalities and bring them all into alignment. You also have to be able to clearly communicate your vision so you can get them all on board with it. At my last job, I had spent considerable time conducting customer and market research, identifying a market opportunity, and creating a vision for a new product. When I met with the various stakeholders, I discovered that although I had complete buy-in from upper-level management, sales, and marketing, the engineering team was hesitant because they saw some challenges in the development stage of the product. I realized that I had gone right into granular details with them without explaining the broad strategic objectives of the product first. After I took a step back and did this, they began to support the overall idea and were willing to work with me to tackle the technical challenges that they saw."

Fintech product managers frequently have to persuade others to support a vision that they've set for a product, which can be a challenge. Talk to the interviewer about the actions you would take to overcome objections and bring key stakeholders to a consensus. If possible, use the STAR method (situation, task, action, result) to describe how you've handled this before.

Can you talk about a time when you had to deal with a conflict?

"Within my current role, I recently oversaw a product launch that went well; however, there were some issues when it came to one of the members on my team. We were on a strict timeline, and he wasn't meeting deadlines as needed. After observing this having happened a few times, I met with him privately, and together we developed a mutually agreeable performance improvement plan (PIP). After that, we met once a week to make sure that he was abiding by the terms and deadlines we had laid out. This got him back on track and the project launch went off without a hitch."

As a fintech product manager, it will be your responsibility to make sure your team stays on track. Whether a conflict arises between you and a team member or between two team members, you will need to resolve it quickly so that everything stays on schedule. Show the interviewer that you are a good listener and empathetic.

What KPIs do you typically use to track performance and success?

"I rely on KPIs to track and measure product growth, position, progress, and success, and I use a ton of them. A few of my favorites include retention, churn, attrition, and customer lifetime value, which help me monitor customer movement. I also regularly look at metrics like margins, gross margins, cost of goods sold (COGS), and operational cost of goods sold (OCOGS) so I can calculate cost basis and profitability. In addition, I monitor metrics like resource availability, on-time delivery, and team velocity, as well as support tickets and testing. Finally, I always watch revenues/bookings, the sales funnel, and customer counts to see how the product is selling. There are so many KPIs, and they are invaluable when it comes to monitoring the success of a product. I rely on them heavily and make many of my decisions based on them."

Fintech product managers use a variety of key performance indicators (KPIs) to monitor and measure performance. You'll want to mention several KPIs and explain how you use them. Make sure to provide examples from various categories, including business, product development, product quality, and product usage metrics.

Tell me what GDPR is and what you know about it.

"To start, GDPR stands for General Data Protection Regulation, and it is a set of rules that dictate how we need to handle the personally identifiable information (PII) of all EU customers. As technology and globalized internet commerce continue to evolve, protecting users' PII is of vital importance and something that every product manager needs to take into consideration. In fact, I'm aware that if a company isn't in compliance with the GDPR, they can be fined millions of dollars so this isn't a light matter. PII is any data that can be used to identify a specific person, such as social security numbers, telephone numbers, email addresses, and mailing addresses. As a fintech product manager, I am careful about how we go about collecting this type of data and understand the necessity of purging it from archives. I don't work on any project without taking into account the implications of GDPR and ensuring we are in full compliance with it."

The European Union's General Data Protection Regulation (GDPR) impacts fintech product managers everywhere given the globalization of the internet and since apps can be downloaded from anywhere in the world. The interviewer wants to know that you're familiar with what the GDPR is and how to be in compliance with it. Make sure to research this before the interview so you can easily discuss it.

Talk to me about what scalability, securability, billability, and reliability mean in the context of a SaaS fintech product.

"I am familiar with all of the terms you mention. To start, I would define the scalability of a product as the ability to grow it without any impact on its production environment. In other words, maintaining peak performance of the product even while encountering high growth and ensuring that the customers aren't affected at all. When it comes to securability, this refers to meeting regulatory requirements and handling compliance reporting, as well as managing things like encryption, archiving, and authentication. It also means being prepared for certain scenarios like high-availability (HA) and disaster recovery (DR). Billability, on the other hand, is a term that refers to a system being able to handle various billing options whether they be based on subscribers, usage, or transactions. This system needs to be easily adjustable and offer simplified reporting of usage and other metrics. Finally, reliability means that performance and uptime need to be working at peak levels and there should be backup strategies in place if needed."

The interviewer wants to know that you're familiar with the various elements that are necessary to launch and maintain successful SaaS fintech products. Explain how you define these terms and, if possible, give examples of them in action.

Tell me about the elements that comprise a competitive analysis.

"Typically when I conduct a competitive analysis, I start by performing a SWOT (Strengths, Weaknesses, Opportunities, and Threat) analysis on my company. Doing this helps me to determine our positioning in the market, and then my team and I can create appropriate sales and marketing language. After this happens, I put together a report that compares our product's features against similar competitor products. This allows us to see where our competitors are falling short so we can make sure to fill those gaps. It's important that my team and I examine both the technical and business aspects of the product during this stage in the process so we can ensure a successful launch."

It's likely the interviewer is looking for you to break this question down into two parts. First, you'll want to discuss what a SWOT analysis is and how you perform one. Second, talk about how to conduct a technical feature-by-feature competitor comparison. Show the interviewer that you have a thorough understanding of all aspects of a competitive analysis.

How do you define low-hanging fruit?

"I'd say that low-hanging fruit is simply a quick win. In other words, what can we get a lot of value from with very little effort? In many cases, it's a product feature that is easy to add yet will drive lots of revenue. Other times, a target market might have a straightforward need that is easy to fill. Sometimes these opportunities suddenly appear after there's been a change in the market. As a product manager, it's important to pay attention to market opportunities that arise and to the feedback you're hearing from customers so you can move quickly and grab that easy low-hanging fruit."

The interviewer is testing you to make sure you're knowledgeable about relevant terminology. Prior to the interview, brush up on various product manager terms and concepts so you can easily answer these kinds of questions. Be direct, and give examples whenever possible.

What is the top technical skill that you possess?

"In my spare time, I like to learn how to code in various coding languages like CSS, Javascript, and HTML. I also spend time thinking and learning about how various apps, servers, databases, and codes are used to create the products that I envision. Having an understanding of these technological elements allows me to more easily communicate with the engineering team when we're working together during the development stage to bring a product to life. I look forward to continuing to increase my knowledge in this area as my career progresses."

There are a variety of technical skills that the interviewer would love for you to have, including being an expert at collecting, extracting, and analyzing data, using Excel, running A/B tests, churning out prototypes, and knowing how to code, among others. Talk to them about one skill in particular that you excel at and enjoy. If possible, give an example of a time when using that skill resulted in a positive outcome.

How do you define market opportunity in a business plan?

"I define a market opportunity as the projected potential size of the market and sales. To find it, I'd estimate how many users are in my target market and how much in sales I could potentially make from that market. This is a big deal to a fintech product manager because it's crucial that we know for sure that there's a customer base that will buy our product before we go ahead and roll it out. When I consider a market opportunity, I think about its size, profitability potential, and the speed at which the market is growing (the compound annual growth rate or CAGR). It's also important to understand if there's a subsegment of the market that we might want to target, what our competitors' market share is, and if we already know anyone or any businesses in our target market who we can reach out to for insights and potential sales."

One of the essential roles of a fintech product manager is to be able to analyze and identify market opportunities for the business. The interviewer wants you to define what a market opportunity is and explain how you would go about locating one.

Fintech Product Manager Interview Questions

Go Back

1. Tell me the differences between a project manager and a product manager.
2. How do you communicate your product vision?
3. What methods do you use to determine what customers want and need?
4. What would you improve about our product?
5. In your opinion, what makes a good fintech product?
6. What processes and methods would you use to launch a new fintech product?
7. How will you gain credibility from the engineering and development teams when you are first hired?
8. How experienced are you in the end-of-life process for a product?
9. What has been your most successful product to date as a fintech product manager?
10. How does this job fit into your overall career trajectory?
11. What do you think are the most exciting fintech trends right now?
12. How would you describe our product to someone who wants something similar but cheaper?
13. Let's say we're rolling out the successor to our most popular product. How do you position the legacy product so it continues to sell?
14. What would you do if it looked like you were going to miss your deadline? Would you cut any corners?
15. What is the hardest decision you've ever made as a fintech product manager?
16. Can you tell me about a time when you failed and what you learned?
17. Describe a time when you had trouble reaching a consensus and how you handled it.
18. Can you talk about a time when you had to deal with a conflict?
19. What KPIs do you typically use to track performance and success?
20. Tell me what GDPR is and what you know about it.
21. Talk to me about what scalability, securability, billability, and reliability mean in the context of a SaaS fintech product.
22. Tell me about the elements that comprise a competitive analysis.
23. How do you define low-hanging fruit?
24. What is the top technical skill that you possess?
25. How do you define market opportunity in a business plan?

Fintech Product Manager Interview Questions

1. Tell me the differences between a project manager and a product manager.

2. How do you communicate your product vision?

3. What methods do you use to determine what customers want and need?

4. What would you improve about our product?

5. In your opinion, what makes a good fintech product?

6. What processes and methods would you use to launch a new fintech product?

7. How will you gain credibility from the engineering and development teams when you are first hired?

8. How experienced are you in the end-of-life process for a product?

9. What has been your most successful product to date as a fintech product manager?

10. How does this job fit into your overall career trajectory?

11. What do you think are the most exciting fintech trends right now?

12. How would you describe our product to someone who wants something similar but cheaper?

13. Let's say we're rolling out the successor to our most popular product. How do you position the legacy product so it continues to sell?

14. What would you do if it looked like you were going to miss your deadline? Would you cut any corners?

15. What is the hardest decision you've ever made as a fintech product manager?

16. Can you tell me about a time when you failed and what you learned?

17. Describe a time when you had trouble reaching a consensus and how you handled it.

18. Can you talk about a time when you had to deal with a conflict?

19. What KPIs do you typically use to track performance and success?

20. Tell me what GDPR is and what you know about it.

21. Talk to me about what scalability, securability, billability, and reliability mean in the context of a SaaS fintech product.

22. Tell me about the elements that comprise a competitive analysis.

23. How do you define low-hanging fruit?

24. What is the top technical skill that you possess?

25. How do you define market opportunity in a business plan?