Across various tech verticals, the fintech sector stands out due to its diverse user base as well as the complex and strict regulations it has to deal with.

According to Pratyush Prasanna, senior vice president of merchant payments at GoTo Financial, there are three key areas that product managers – especially those new to the fintech sector – need to take note of:

1. They’re developing for both ends of the spectrum – consumers and merchants – when it comes to users.
2. They need to account for both offline and online channels.
3. They have to get the right security processes in place due to regulations.

For both consumers and merchants, it’s important for fintech products to require the least amount of data input to deliver a seamless experience. Both parties will also have their own friction points so product managers can’t just examine this process from a general standpoint.

“This ensures that it’s as painless as possible for your customers,” Prasanna said during a session at Product Development Conference 2022.

Other factors such as UX need to be designed and optimized with both consumers and merchants in mind. Doing it well for sellers means higher retention rates, which in turn leads to greater merchant adoption that encourages more end-users to take up the product.

When it comes to online considerations, prominently displaying payment methods is important to reduce drop-offs. “Similarly, on the offline side, you want to make sure that discoverability is there as it’s important to both consumers and merchants,” Prasanna added.

As for regulations, product managers need to implement the right risk management strategies so that they don’t end up flouting the rules.

That means putting the right processes in place, with prevention of security risks being prioritized over mitigation, said Hana Abriyansyah in the same session. He was GoTo Financial’s head of information security at the time.

The fintech firm embedded security considerations within its product development process even at its earliest stages. “The goal was to minimize vulnerabilities getting into the production environment in the first place,” Abriyansyah explained.

In doing so, the company was able to ensure a high quality of output in its security efforts, minimize friction, and improve agility.

While GoTo Financial might have figured it out, getting to this stage was no easy task – even considering that it’s a huge company. On top of that, the lessons it learned are just part of the bigger picture, given that Prasanna and Abriyansyah were speaking from the perspective of fintech product developers. There are tons of other verticals out there with different considerations.

To help product developers – regardless of which sector they’re in – get a similar depth of insights so that they can build great products, Tech in Asia is bringing back its Product Development Conference this year.

To enjoy the full scope of sessions similar to the one shared by these experts from GoTo Financial, get your tickets here.