Fintech product design consultancy Pixels & Sense has recently released the results of their 2022 Fintech Product Benchmark Survey in collaboration with the specialist fintech news media, Everly.eu.
The survey was conducted in October 2022 and involved surveying 100 product executives from the global fintech sector. The goal of the study was to uncover the latest trends around product management and development in fintech, looking at key indicators like:
- Internal product operations and structure
- Product executives’ level of experience and remuneration
- Product challenges and opportunities within the fintech sector
- Product investments
According to the survey results, product is taking centre stage in the fintech sector as more than 90% of the companies have dedicated product teams, and 60% have a specifically allocated product budget. Despite this, nearly 40% of fintechs are not considered to be truly product-led. One reason for this might be the sector’s major focus on driving “growth at any cost” instead of delivering sustainable value over the past couple of years.
Product management generally offers one of the most lucrative career paths, and the fintech sector is not an exception. 45% of fintech product executives earn more than $100,000 annually.
In terms of product priorities this year, fintechs have been focusing mostly on product strategising and planning and improving their existing offerings, which corresponds with the growing maturity of the sector.
Whilst we seem to be on the verge of another financial crisis and economic recession, fintechs remain confident in the sector’s future success, with more than 80% looking to increase their product investments in 2023.
Despite the maturity of the sector and technological advancements, product management is proving to be a major issue for fintechs. Limited capacity, lack of adequate product management systems and leadership are among the top challenges experienced by fintech product teams.
“Following the massive growth of fintech over the past few years, more and more product professionals are opting to pursue a career in the sector. To help them easily navigate their way in, we decided to implement the first-ever major fintech product market research along with our partner Everly.eu. After nearly two months of data gathering and analysing, we’re excited to finally reveal the results of our study which involved surveying over 100 fintech product specialists.” said Tim Strebkov, Founder & Design Lead at Pixels & Sense
About P&S: Pixels & Sense is a Europe-based fintech product design consultancy. Since its foundation in 2010, the company has built an extensive portfolio of high-class digital financial products across fintech, crypto, payments, brokerage and more, and has become a synonym of UX/UI design excellence, reliability and transparency. Today, P&S is a group of skilled and passionate product design practitioners who strive to meet and exceed their financial clients’ unique product expectations and help them uncover their true business potential and growth.
About Everly: Everly.eu is a dedicated digital fintech media which focuses on challenger banks, payments, product (UX/UI, features, design), industry news, innovation, open banking and women in fintech.
For the latest fintech product trends, download the Fintech Product Benchmark Survey 2022 Report now!
