How Revolut trains world-class product managers: The “local CEO” model, raw intellect over experience, and a cultural obsession with building wow products | Dmitry Zlokazov (Head of Product)

Overview

This episode dives into Revolut's unique approach to product management, exploring how the company develops world-class product leaders through its local CEO model, a culture of ownership, and an obsession with building wow products. Dmitry Zlokazov, Revolut's Global Head of Product, shares insights into hiring practices, organizational design, and the frameworks that enable Revolut to scale rapidly while maintaining exceptional quality.

Notable Quotes

- If something is 99% done, it's closer to 0% rather than 100%. — Dmitry Zlokazov, on the importance of relentless execution.

- Revolut values way more raw intellect and this unquenched hunger to build things rather than experience. — Dmitry Zlokazov, on hiring principles.

- By forcing everyone to build a product that people will love, we cut out this part of uncertainty. — Dmitry Zlokazov, on Revolut's approach to product quality.

🚀 Revolut’s Product Management Philosophy

- Revolut calls its product managers product owners to emphasize end-to-end ownership and accountability.

- Product owners act as local CEOs, managing cross-functional teams, defining roadmaps, and contributing to company strategy.

- Teams are lean and autonomous, with product owners directly managing engineers, designers, and analysts.

- Founders remain deeply involved, reviewing every UI screen to ensure quality and consistency.

🧠 Hiring for Raw Intellect and Hunger

- Revolut prioritizes hiring driven, intellectually curious individuals over those with extensive experience.

- Internal transfers, such as engineers or operations managers, often become successful product owners due to their domain knowledge and cultural alignment.

- Ideal candidates include tech co-founders or individuals with startup experience who thrive in fast-paced, high-accountability environments.

- Weekly recruitment sprints focus on sourcing talent from companies with standout products or top schools.

✨ Building “Wow” Products

- Revolut maintains an uncompromising focus on UX, aesthetics, and customer delight, even for MVPs.

- Products are polished before scaling, ensuring they resonate deeply with users.

- Founders and product leaders scrutinize every detail, from edge cases to user flows, to deliver exceptional experiences.

- Examples include seamless crypto-to-cash conversions and customizable savings accounts with multi-currency options.

📈 Frameworks for Scaling and Innovation

- Revolut uses a new BETS framework for launching products, requiring clear market validation, business cases, and customer problem-solving.

- Lean teams build initial versions quickly, gather feedback, and iterate before scaling to Revolut’s 50 million users.

- Products like joint accounts and loyalty programs have scaled rapidly due to this approach.

- The company avoids custom solutions, investing heavily in scalable platforms to support growth across 50 jurisdictions.

🔍 Depth and Complexity in Problem Solving

- Product owners are expected to dive deep into technical details, often collaborating with engineers and reading code.

- They must also build empathy for customers, understanding diverse contexts and second-order effects.

- Regulatory compliance is treated as a critical aspect of product development, requiring patience and stakeholder alignment.

- Revolut’s ability to tackle complex, multi-layered problems across 50 countries is a key driver of its success.