We track Product so you don't have to. Top Podcasts summarised, the latest AI tools, plus research and news in a 5 min digest.

Hey Product fans!

Welcome to this week’s 🌮 Product Tapas.

If you’ve been forwarded this or just fancy the best reading (and listening!) experience, check out the mobile app or web version. You can sign up and check previous editions here.

What’s sizzling this week? 🧑‍🍳

As ever, there’s plenty going on in the not boring and time-saving tools sections this week. My picks would be how Apple’s iOS 18 could unintentionally reshape the future of social apps, and a tool that lets you go from your API docs to something your customers can use and interact with from their browser.

🍔 Blog Bites – This week's must reads for product teams include Tal Raviv’s brilliant strategies for how experienced product managers use ChatGPT to streamline their workflows, Kent Beck’s insights on how direct customer-engineer interactions boost product outcomes, and Dan Hockenmaier’s fresh take on what it really means to be strategic.

🎙️ Pod Shots – Our spotlight this week is on Shruti Patel from U.S. Bank, who shares her lessons on balancing legacy systems with innovation in the world of banking. From handling customer pain points to the challenges of moving faster, it’s packed with actionable insights for founders and product managers alike.

Plenty to get stuck into - off we go! 🚀

📰 Not boring

• OpenAI introduced Canvas (similar to Anthropic’s Artefacts); now you can get rewrite a specific sentence or a specific line of code within CGPT’s response

• Also, ICYMI OpenAI was also approved for a $4 billion revolving credit line, giving it more than $10 billion in liquidity 🤑 

• Amazon recently rolled out a new AI chatbot that is 'safer than ChatGPT' for employees to use

• Samsung says it’s in “crisis,” and apologises for missing profit target

• Apple Intelligence release date leaked (if you’re eligible - i.e. not here in the UK or EU…)

• First wave of M4 Macs, including smaller Mac mini, coming November 1

• But did Apple also just kill social apps? iOS 18 will allow users to select which contacts to share with an app. This could mean a shift away from friend-based apps (you see content based on your connections) to recommendation-based apps

• Uber gives users option to only hail full-electric cars, and launches AI chatbot for EV-curious drivers

• Google rolls out document tabs in Google Docs

• Instacart’s smart cart helps you navigate to the sauce that’s on sale. The company’s Caper Cart (trolley to you and me) can now show your live location on a map in the store

• Jira puts an end to issues. ‘Issues’ will no longer be the default name for work, instead, you choose whether that’s a “launch”, a “task” or a good old “issue”.

• Driver launches an AI-powered platform for creating technical documentation. Cutting 3 months work down to 2 hours

• Snapchat is looking to monetise the main feed with ads

 Want even more news?? View more here →

⌚️ Time-Saving Tools & GPTs

• Hello API: Turn your boring API docs into an interactive playground. Hello API lets you create a public, interactive playground for your API in minutes. Easily add endpoints, publish the collection, and share the link so users can explore and test your API directly from their browser

• Graphite: Get immediate, actionable feedback on every pull request with Graphite’s codebase-aware AI

• CostGPT: Sitemaps, milestones and build estimates based on more than 2000 projects’ data

• Aragon.AI; Get professional headshots in minutes with this AI headshot generator

• Content Radar: Create new content or turn long-form pieces into engaging LinkedIn and X posts that fit your brand and tone with AI

🍔 Blog Bites - Essential Reads for Product Teams

Upskill: How Experienced Product Managers Use ChatGPT

Lenny (of Lenny’s Podcast/newsletter fame) recently selected Tal Raviv’s “Build your personal PM productivity system” as his top course in product on Maven. To see what the fuss was about I enrolled in his recent free lightening lesson “How Experienced Product Managers use ChatGPT” and it was superb.

Tal flew through practical applications of ChatGPT for product managers. He covered various strategies and tools to integrate AI into daily workflows, highlighting how these tools can accelerate tasks such as writing product documents, creating Jira tickets, and managing communications. Below is the presentation from the session, but I’d definitely recommend checking out another live lightning session as his engaging style and Q&A were where the real value was. Plus,. he shares his WhatsApp and email and is super responsive to questions.

Productivity: Product/Engineering growth hack

Be less chess master, be more party host. That’s the TL;DR from this piece by Kent Beck about getting engineers in front of customers.

Beck emphasises that introducing programmers to customers is crucial, as it boosts empathy, energy, and product outcomes. He urges product leaders to abandon the “chess master” mindset and embrace a “party host” role, fostering collaboration and understanding.

Strategy: How to Be Strategic

In Dan Hockenmaier’s latest essay, he argues most people have the wrong goal when doing strategic work. He looks to reframe strategic work as more than making rare, high-stakes decisions. Instead, true strategy involves the continuous process of smaller decisions, iterating based on real-time insights. Success in strategy requires developing strong intuition, validating through data and customer feedback, prioritising feasible solutions, and synthesising everything into a cohesive narrative. It’s a decent take.

🎙️ Pod Shots - Bitesized Podcast Summaries

Today, we’re covering a recent Product Thinking Podcast, with Shruti Patel, Executive Vice President and CPO Business Banking at U.S. Bank. Shruti shares her expertise in navigating the complexities of product development within large financial institutions. She covers her approach to product leadership and the differences between product management in traditional banking sectors and more dynamic startups. Overall, Shruti emphasises the importance of continuous improvement in existing products and customer experiences, while also keeping an eye on emerging trends and technologies.

Having worked in both Fintech and traditional banks I tend to find more alignment with the disruptor’s side of the conversation so don’t necessarily agree with all her view points. But overall a great conversation with plenty to learn from.

⚒️ Balancing Legacy and Innovation with Shruti Patel

🎥Watch the full episode here

📆 Published: October 2nd, 2024

🕒 Estimated Reading Time: 3 mins. Time saved: 40 mins🔥

Mastering Product Focus: Balancing Legacy and Innovation

🚀 The Challenge of Balancing Legacy Systems and Innovation

One of the most critical issues product managers and founders face today is balancing the pressure to innovate while managing legacy systems. Patel touches on how fintech companies like Shopify focus heavily on solving specific pain points, whereas large banks like U.S. Bank must deal with broader complexities. This broader canvas often requires a slower transformation, as the dependencies between legacy infrastructure and newer technologies present a unique challenge.

Takeaway for Founders and Product Managers:

• Understand the limits of your infrastructure. If you’re managing a legacy product, don’t underestimate the complexities involved in transforming it. Instead, map out what dependencies exist, how new tech can layer into the old, and plan for incremental upgrades.

• Focus on targeted pain points. Even in a legacy system, look for the most critical customer pain points you can solve immediately. Prioritise those quick wins to show progress, even as you plan for larger transformations.

💡 From Fintech to Traditional Banks: What’s the Difference?

The difference between working in a fintech or a company like Shopify and a traditional bank is stark. In fintech, products are built with modern infrastructure, making it easier to create and iterate quickly. However, banks are dealing with decades-old technology that doesn't always adapt as fast to modern API-based or microservices-based designs. Shruti explains that large banks not only manage digital interfaces but also have physical channels like ATMs, branches, and in-person advisory services.

Takeaway for Founders and Product Managers:

• Integrate omnichannel thinking early. While fintechs can focus exclusively on digital, if your product spans digital and physical touchpoints, think about how those different channels can work together.

• Legacy doesn’t mean old-fashioned. Leverage the inherent strengths of legacy systems (trust, scale, reliability) while planning your product updates. Remember that some parts of your system may still work well, and there’s no need to throw everything out.

⏳ Speed and Agility: It’s Not Always a Race

For product managers, speed to market is always a hot topic. Fintech companies often seem faster, but Shruti makes a critical point about the trade-offs U.S. Bank must navigate due to the sheer scale of their customer base. When launching a new product, even a minor mistake can affect millions of people. Therefore, banks must rely on rigorous testing and gradual rollouts.

U.S. Bank uses A/B testing and focus groups before launching new features to its large audience. This controlled approach might seem slow to SaaS companies, but when managing people's money, it’s the only safe way to ensure a quality product.

Takeaway for Founders and Product Managers:

• Speed isn’t everything. While moving fast is important, it’s more crucial to ensure the quality of your product, especially if you’re in a regulated industry like banking.

• Adopt a ‘test before release’ mindset. Whether you’re releasing a new feature to 100 customers or a million, testing and feedback loops ensure you’re not pushing something harmful to market.

🔄 Horizon Planning: The Three-Part Framework

Shruti highlights her Horizon 1, 2, and 3 model of product management, which helps large organisations balance existing products while exploring new opportunities. She spends 70% of her time on Horizon 1, focusing on enhancing existing capabilities and driving immediate impact. Horizon 2 takes 20% of her time, expanding current products into new segments, while Horizon 3, the more experimental and forward-looking stage, gets the final 10%.

Takeaway for Founders and Product Managers:

• Use the Horizon Model for clarity. Focus the majority of your efforts on existing products and customer needs, while leaving room for innovation and future-focused experiments. This ensures you continue growing your current business while preparing for the future.

• Set realistic expectations. Only 10% of your time should be spent on the "next big thing." The rest should be invested in improving what already works.

📊 Leveraging Data for Customer-Centric Products

Shruti places immense value on customer feedback and user research, explaining that U.S. Bank’s annual survey of small businesses directly shapes their product development decisions. Cash flow and access to capital were identified as two key pain points for small businesses, leading to the development of U.S. Bank's new cash flow management tool.

For U.S. Bank, insights from surveys and direct customer engagement don’t just guide product features—they shape the entire product roadmap. This continuous feedback loop is what ensures their products are meeting real customer needs.

Takeaway for Founders and Product Managers:

• Listen to your customers. Structured feedback—through surveys, focus groups, or regular user interviews—should be a vital part of your product development process.

• Prioritise data-driven decisions. When deciding on new product features, use customer data to back up your choices, ensuring you’re solving real problems rather than chasing trends.

⚙️ Engineering Collaboration: Bridge the Gap Between Product and Tech

A common challenge Shruti discussed was getting engineering teams to think more like product managers. In large enterprises, engineering teams can feel disconnected from the customer, focusing solely on delivering what’s been specified by the product team. To address this, Shruti encourages bringing engineering teams into the product discussions earlier, helping them understand the "why" behind each feature.

This not only leads to a better alignment between product and engineering but also encourages faster problem-solving since the technical limitations are discussed upfront.

Takeaway for Founders and Product Managers:

• Involve engineering early. Bringing engineers into the product development process as early as possible fosters collaboration and reduces the risk of misaligned priorities.

• Encourage context sharing. Help engineers understand why specific customer pain points matter and how their work is directly contributing to the solution. This builds a shared sense of ownership.

🏗️ Product Transformation: Shifting From Projects to Products

Shruti shared her experience in leading U.S. Bank’s shift from a project-based to a product-based organisation. Traditionally, financial institutions operated with a project mindset—delivering one-off solutions to fix specific problems. However, moving toward a product-based approach means thinking holistically about the customer’s journey, mapping it out, and organising the company around delivering value through long-term product thinking.

Takeaway for Founders and Product Managers:

• Move from projects to products. Shifting to a product mindset means your organisation should stop focusing on short-term fixes and instead think about how to build long-term value for the customer.

• Map the customer journey. Start by understanding how customers interact with your product at every touchpoint, and ensure your teams are organised to support these journeys holistically.

📉 Velocity and Quality: Finding the Right Balance

Velocity in Agile product management often gets a bad reputation for being solely about pushing more features faster. Shruti suggests a better approach: using velocity as a measure of how efficiently the team is moving through the backlog, but always keeping an eye on the quality and impact of those stories. A high-velocity team that’s delivering low-quality work isn’t providing real value.

Takeaway for Founders and Product Managers:

• Focus on both speed and quality. Measure velocity, but don’t sacrifice quality for speed. High-velocity teams should also be delivering high-quality, impactful work.

• Ensure every story contributes to the larger goal. It’s easy to get lost in the details, so always check that individual stories tie back to broader initiatives.

🌱 The Future of Fintech: AI and Integrated Experiences

Finally, Shruti is keeping a close eye on artificial intelligence and the growing demand for integrated experiences in fintech. Small businesses are increasingly looking for bundled software that can manage everything from cash flow to payroll. The desire for simplicity, combined with the power of AI, presents exciting opportunities for the future.

Takeaway for Founders and Product Managers:

• Embrace AI wisely. AI can drive efficiency, but make sure it’s solving the right problems for your customers.

• Offer integrated experiences. If your customers are juggling too many tools, consider bundling your offerings to provide a simpler, all-in-one solution.

Want to know more quickly? Just ask the episode below [web only]👇️🤯
or if you prefer, 🎥Watch the full episode here

📅Timestamps:

• 00:00 - Intro

• 03:29 - Product Management in Financial Services

• 08:16 - Importance of User-Centric Design

• 12:06 - Balancing Innovation with Legacy Systems

• 16:43 -Staying Focused on High-Impact Products

• 19:52 - The Horizon 1-2-3 Model for Product Development

• 23:51 - Justifying Investments in Infrastructure Modernisation

• 27:46 - Metrics for Measuring Product Success

• 31:11 -Transitioning to a Product-Centric Organisation

• 37:00 - Engaging Engineering Teams in Product Strategy

• 41:11 - The Role of Velocity in Agile Product Development

• 43:01 - Future Trends in Fintech and Small Business Solutions

• 45:14 - Outro

That’s a wrap.

As always, the journey doesn't end here!

Please share and let us know what you would like to see more or less of so we can continue to improve your Product Tapas. 🚀👋

Alastair 🍽️.