About this Video

• Video Title: How Revolut trains world-class PMs: The “Local CEO” model, raw intellect & building wow products
• Channel: Lenny's Podcast
• Speakers: Lenny, Dmitry Zlokazov
• Duration: 01:10:02

Introduction

This podcast episode features an interview with Dmitry Zlokazov, Revolut's Global Head of Product. The conversation explores Revolut's unique approach to product management, hiring practices, and the cultivation of exceptional product leaders. The focus is on Revolut's "Local CEO" model, emphasizing ownership, problem-solving skills, and the creation of "wow" products.

Key Takeaways

• Revolut's "Local CEO" Model: Product managers (called "product owners") at Revolut have significant autonomy and end-to-end responsibility for their products, acting as mini-CEOs within their teams. They manage cross-functional teams and contribute to high-level strategy.
• Three Types of Product Owners: Revolut employs three types of product owners: UX, technical, and data science, each requiring a blend of problem-solving, customer empathy, technical understanding, and business acumen.
• Emphasis on "Wow" Products: Revolut prioritizes building high-quality, user-friendly, and aesthetically pleasing products ("wow" products) that customers love, even if it means initially limiting functionality. Founders are deeply involved in this process, reviewing every screen shipped.
• Hiring Practices: Revolut prioritizes raw intellect, drive, and a hunger to build things over extensive experience. They often hire less experienced individuals with high potential, who are then trained and developed internally.
• Customer-Centric Approach: Product owners at Revolut have direct access to customers and actively solicit feedback through various channels, emphasizing direct communication over filtered reports. Revolut's large user base and internal usage of its products facilitate this.
• Deep Dive Management Style: Revolut leadership goes deep into the details of key projects, working closely with engineers and scrutinizing implementation details to ensure high quality and successful execution.

The provided transcript doesn't detail a formal "training program" for product managers at Revolut. However, several aspects of Revolut's approach contribute to the development of their PMs:

1. On-the-job learning and mentorship: Revolut's "Local CEO" model provides significant on-the-job experience. Product owners manage cross-functional teams, make strategic decisions, and are ultimately responsible for their product's success. This hands-on approach, combined with the close involvement of founders and senior leadership, serves as a powerful training ground.

2. Deep involvement in complex projects: The high degree of ownership and the complexity of the challenges faced by Revolut's product owners foster rapid skill development in problem-solving, technical understanding, and business acumen.

3. Direct interaction with customers: The emphasis on direct customer interaction gives product owners invaluable insights into user needs and preferences, enhancing their product sense and empathy.

4. Working with detail-obsessed leaders: The close collaboration with detail-oriented founders and senior leaders instills a high standard of quality and execution, influencing the product owners' work ethic and attention to detail.

5. Internal transfers and career growth: A substantial portion of Revolut's successful product owners come from internal transfers, demonstrating a system where employees from other functions grow into product management roles.

In short, Revolut's training is less about formal programs and more about a culture of ownership, challenging work, close mentorship, and ample opportunities for growth within the company.

The transcript highlights several key aspects of Revolut's approach to UX:

• UX Product Owners: Revolut has a dedicated role of UX Product Owner, focusing on the consumer-facing aspects of the product. These individuals possess a strong sense of design and user experience, understanding what constitutes effective UX and what doesn't. They leverage industry expertise to guide design decisions.

• Emphasis on "Wow" Products: A core principle is creating "wow" products—products that are not only functional but also aesthetically pleasing and provide a delightful user experience. Revolut invests heavily in the look and feel of its app, striving for smoothness, frictionless processes, and an overall positive user experience that conveys care for the customer.

• Attention to Detail: The "wow" factor extends to small details and nuances in the app design. The goal is to create a product that customers love and find enjoyable to use, exceeding mere functionality.

• Direct Customer Feedback: Revolut emphasizes direct communication with customers to gather feedback. This contrasts with relying on filtered or secondary information, allowing for a more nuanced understanding of user experiences and pain points.

In summary, Revolut values UX highly, viewing it not as a separate function but as integral to building a successful and lovable product. This is reflected in their dedicated UX roles, their focus on creating "wow" products, their attention to detail, and their direct engagement with customers to understand and improve the user experience.