This Is What Kills Fintech Startups — And Nobody Admits It
In this episode of The Curiosity Code podcast, host Alex Khomyakov interviews Maribeth Martorana, a veteran product leader with decades of experience in both startups and fintech scale-ups. Maribeth provides a wealth of knowledge on fintech product development, including strategies for maintaining team alignment and making smart decisions as a company scales. She discusses the crucial intersection of product, data, and UX, and emphasizes the need for companies to eliminate siloed thinking. The conversation dives into the common pitfalls in fintech, such as founders struggling to translate their vision into actionable roadmaps, and the importance of understanding the 'why' behind business goals. They touch on the cultural shift necessary within teams to foster alignment and how critical it is to avoid overambitious MVPs stuffed with features. Maribeth warns against treating data as a mere byproduct instead of a core asset and shares her formula for product success: Data + AI + UX = Value. She also gives insights into building agile, adaptable teams and highlights the significance of learning and iterating as key to genuine agility. This episode is rich with practical advice for fintech founders on achieving strategic clarity and maintaining focus in a rapidly evolving landscape.

Alex Khomyakov: Hello and welcome everybody to the Curiosity Code podcast. In this episode, we dive into fintech product development and strategy, examining how teams stay aligned, make smart decisions as they grow, and deliver effective solutions. Joining us today is Maribeth Martorana, a product leader who has worked across early-stage startups and scaling fintechs to help shape strategy, streamline execution, and connect great ideas to real-world outcomes. Maribeth, welcome to the show.

Maribeth Martorana: Thank you for having me, Alex. It's great to be here, a pleasure indeed.

Alex Khomyakov: Well, Maribeth, you've spent over 25 years turning early-stage product chaos into high-functioning, scalable fintech platforms. From founder-led MVPs to cross-functional product organizations, let's start with the vision strategy and focus. Where do most fintechs lose the connection between vision and execution, and how do you help them reconnect it before it's too late?

Maribeth Martorana: Great question. One of the prevalent issues I see, especially now, is with numerous AI tools available, many founders aren't technical. They have a magnificent vision and are subject matter experts but don't know the steps to take for execution. This usually leads to them trying to handle the product themselves, or working closely with their implementation team without translating that vision into a strategy and roadmap. Often, the team lacks the 'why' or the business context — the essential business goals or the outcomes they're aiming to achieve. Consequently, they end up with something that doesn't align with the initial vision or business outcomes. That's where the frustration arises, both for the founder and the team. We step in to help translate that vision into a concrete strategy. It takes a specific skill set to bridge the gap between business and development teams, and we strive to instill that.

Alex Khomyakov: That's interesting because one might wonder if there's a silver bullet to fix this, especially in the age of AI. Can solutions like ChatGPT provide any assistance in this area?

Maribeth Martorana: No, it doesn't really work that way. Everyone wishes ChatGPT would handle everything for them, but there are elements that AI can't address. Essential conversations about vision, strategy, and connecting these with business outcomes are necessary and can't be automated. We coach founders on developing these skills; we can also join the team and facilitate the process ourselves. Once the team is aligned and understands the strategy, they can focus on executing it effectively, pushing forward with innovative ideas, and not just prioritizing features but focusing on outcomes to build solutions.

Alex Khomyakov: So, it's more of a cultural shift within the team versus relying on a solution like ChatGPT. It's about everyone being aligned on the strategy, changing their mindset, and bridging the gap between strategy and what they see in the roadmap.

Maribeth Martorana: Exactly. In my years of experience, especially in financial software and technology, it always comes down to the people. People issues, communication problems—these are the hurdles you have to overcome. AI can't solve these. It's about translating business requirements to the development team and ensuring there's a clear understanding, which requires effort and skill.

Alex Khomyakov: Speaking of growth, how do you coach teams through chaotic growth stages to maintain strategic clarity? What signals do you look for that indicate the product might be losing its way?

Maribeth Martorana: Good question. Often, you might notice a team going through the motions—standing meetings, Agile development, etc., but not understanding the ‘why.’ If the team can't articulate why specific tasks are critical or the business outcomes they aim to achieve, that's a red flag. They might become reactive rather than proactive, focusing on random features rather than strategic outcomes. It's crucial to align everyone on the vision, strategy, and business outcomes and ensure the roadmap reflects this alignment. When the team understands these elements, they focus on meaningful tasks, enhancing efficiency and productivity.

Alex Khomyakov: Are you referring to management levels or team-wide understanding?

Maribeth Martorana: This applies across the organization. Regardless of a product manager’s scale or the size of the organization—startups or larger corporations—the outcome shouldn't become diluted; every level needs understanding and alignment. An audit or review of the roadmap helps confirm alignment with business outcomes and strategic direction, ensuring all efforts move towards the company’s defined goals.

Alex Khomyakov: What's the biggest mistake you see in early-stage roadmaps?

Maribeth Martorana: A common error is trying to build everything for everyone without focusing on a single ideal customer profile (ICP) or persona. Additionally, early-stage MVPs can be overwhelmed with features. Founders should aim for less, embracing the embarrassment of introducing an unrefined MVP initially. Concentrate on one target segment, validate your solutions with users, and align this strict focus towards a defined MVP. It's all about sequencing correctly what you plan to build; eventually, you'll reach your North Star. Remember, 80% of features often remain unused, so don’t waste effort on what isn't necessary.

Alex Khomyakov: Moving quickly is certainly a consideration in this. I'm developing an internal product, and I often feel embarrassed by its incompleteness, but that’s part of testing and validating the core purpose, right?

Maribeth Martorana: Absolutely. Feedback and iterative learning are essential. If it's a compelling feature, include it in the backlog and wait for validation. Patterns and user feedback often push certain ideas forward. Your roadmap remains flexible, considering these evolving factors, guiding informed, data-driven decisions.

Alex Khomyakov: Let’s dive into team dynamics and execution culture. Founders often micro-manage product decisions, risking alignment issues. How do you help them step back without losing control over strategy?

Maribeth Martorana: Founders often feel a unique attachment to their creations; it essentially becomes their 'baby.' However, it's crucial to shift from feature fixation to outcomes, building trust with teams. Provide autonomy through lightweight frameworks, maintaining strategic involvement without stifling creativity. Founders have other responsibilities like fundraising or sales, and by granting the team latitude, they gain better results and market feedback. Communication is the backbone—it’s about establishing trust and a shared understanding.

Alex Khomyakov: Organizational change impacts founder personalities. Founders might detach from product decisions, which can also be detrimental, right?

Maribeth Martorana: Yes, detachment can cause drifting as well. Founders should have a dynamic involvement, adjusting as needed. In early stages, they're deeply engaged, but as priorities shift in scaling phases, bringing in trusted product leaders can help maintain vision continuity without risking operational slack. Adaptability is key in ensuring smooth transitions while maintaining strategic alignment.