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The 6 stages of the collaboration process between IT and Product in a FinTech

In this article, we explore our cooperation process highlighting the phases, agreements, and key actions carried out in each project.

Table of Contents

For our scale up – and many other FinTech companies – collaboration between the IT and Product departments is essential. To drive innovation and develop financial products that appeal to millions of end users, my department works alongside the one led by Óscar Barba to conceptualize, develop, and constantly improve the technological solutions we offer.

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Juan Carlos López

Co-founder & CPO of Coinscrap Finance

Stage 1 – Detecting the needs of the financial market

Identifying demands in the banking and insurance sector is the starting point for any FinTech project. In this phase, our departments, together with Business, analyze potential opportunities and market needs.

Based on this analysis, proposals are generated, and ideas are put forward for evaluation and detailed by the Product team. It is crucial for there to be close collaboration between IT and Product to establish possible collaborations or cross-functional work to design innovative solutions.

Stage 2 – Conceptualization and validation of the project in its initial phase

Once IT & Data validates the proposals at a technological level, departments begin to conceptualize and generate initial ideas, which will become the germ of the new tool or functionality. During this phase, meetings are held, and concrete work is carried out to explore different approaches and solutions.

It is also essential to validate the incipient project with the Business area. Their market knowledge ensures that the proposals are feasible and aligned with the company’s strategic objectives.

Stage 3 – Planning and estimation of necessary resources

It is time for the IT & Data departments to plan and estimate the resources needed to carry out the project development. After all, we are a financial technology company!

During this stage, the process phases, the efforts to be made by each department, and the possible blockages or complexities that we may face in the coming weeks will be defined.

The result of the collaboration between the IT and Product departments is a realistic project plan aligned with the team’s expectations. However, specific dates are not necessary at this point.

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Stage 4 – Prioritization of process phases jointly

This critical step involves indicating the priority of the project with the intervention of the three aforementioned departments. The business area may or may not be present, depending on the strategy previously outlined.

In fact, it is important to consider pre-prioritization through a specific committee. This stage allows defining project deliveries and dates, as well as communicating them to all involved teams.

Product tracking is essential to ensure delivery compliance and proper communication between the various departments.

Stage 5 – Kick off and project tracking, an iterative process

Once the project priorities are established, the kick-off is carried out, and tracking begins. During this implementation phase, constant project inspection is carried out, ensuring delivery compliance, identifying possible blockers or requirement changes, and holding meetings.

The main objective is to ensure that the project progresses as planned and that any problems or deviations that may arise during it can be resolved. 

Continuous collaboration and communication between the IT and Product departments are essential for the success of this phase.

Stage 6 – Evolutionary: the best way to introduce improvements and new functionalities

Once development is complete, a continuous cycle of product improvement and evolution begins. This stage is also defined by collaboration between both departments, working on the conceptualization and validation of new functionalities, possible refinements, and seeking creative solutions.

To identify opportunities, research new technologies, and ensure that the product remains up-to-date and competitive, there is nothing better than staying in frequent contact through frequent calls.

Regular meetings foster smooth communication between departments

Our meetings, as a FinTech company with talent located in different geographical points, are mostly virtual. This is often an advantage, as it saves time on commuting, and there are fewer scheduling conflicts. Video calls help maintain communication and alignment between work teams.

Strategy Committee

Quarterly meeting attended by representatives from Business, Product, IT, Sales, and Marketing. The objective of this meeting is to align the different areas and establish common goals.

Tracking Meetings

Weekly meeting where Product and IT gather to update the status of developments, identify possible issues, and align efforts.

Product Committee

Meeting where the work of all areas involved in product creation is showcased. It is an ideal time to present deliverables, demos, etc.

Ad-hoc Meetings

As needed, they can be created to address specific issues, resolve doubts, or perform conceptual work.

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Other actions that may be necessary during the development of a joint project between IT and Product

In addition, there are other steps created to encourage collaboration and learning between the IT and Product departments in Coinscrap Finance.

One of these actions is training sessions, very brief educational sessions conducted to contribute to transparency and alignment between the different company departments.

These sessions cover different topics, such as terminology, products, or the work carried out by each area.

Another important action is the use of various tracking instruments, where tools (such as Notion or Monday) are established to control requests, projects, and conclusions obtained.

These additional actions help maintain collaboration and ensure that all departments are focused on objectives and progress in the desired direction.

In conclusion, I will say that this collaboration process gives Coinscrap Finance a strong innovative boost and allows us to develop financial products as powerful as this one. Thank you for reading!

About the Autor

Juan Carlos López Díaz is Chief Product Officer and co-founder of Coinscrap Finance. In 2016, together with David Conde and Óscar Barba, he created Txstockdata and later, Coinscrap App. After the enormous success obtained, the business pivoted towards B2B with the help of EVO Banco and its “Smart Piggy Bank”. As a developer, he has more than 8 years of experience leading large projects.

Together with his team, he is able to create the best tools for the world of finance. Throughout these years, he has carried out important technological integrations for large companies in the sector: Evo Banco, Santander, Caser, Mapfre, Aon or Bankia. Juan Carlos is an Electrical Engineer from the Central University of Venezuela and iOS App Development from the U.N.E.D and the U.C.A.M.

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