Welcome to the PayPay Professionals series, where we dive into the lives of the incredible professionals working within the PayPay Manageroup.
This time, we chatted with Kazumasa Shoji and Akiho Usui, who are excelling as Product Managers (PdMs) at PayPay Securities. We got their take on everything from their passion for products to the product strategy at PayPay Securities.
Kazumasa Shoji
Senior Manager, Product Management Department, Product Division, PayPay Securities
Started his career in the education industry where he gained experience in the development field, then joined Yahoo Japan Corporation (now LY Corporation) as an engineer. Later, he transitioned to a planning position, overseeing various consumer-facing apps as service manager. He joined the development of PayPay from day one and led the PMO Department under the Product Division before taking his current role in October 2023.
Akiho Usui
Leader, FE Team, Product Management Department, Product Division, PayPay Securities
After graduating from university, She joined SoftBank Corp., where she worked in portfolio management and fintech industry research, before being seconded to PayPay Securities. After being in charge of business planning and promotion of point and asset management mini-apps, she took on her current role in January 2024.
Creating the Best Environment for Developers to Shine
Why did you decide to join PayPay Securities?
Shoji:
After serving as the head of the PMO Department at PayPay for years, I was itching for a new challenge. When the opportunity at PayPay Securities came up, I jumped at it, especially since I learned that Sakui-san (currently CTO, Corporate Officer & Division Head of Product Division at PayPay Securities), who I’d worked closely with since my previous job, was also joining PayPay Securities. Knowing he’d be there made the decision a no-brainer, thinking that together we could overcome most of our challenges.
Usui:
In my previous positions, I was involved in managing portfolio startups and researching the fintech industry, including PayPay Securities. Wanting more hands-on experience, I decided to join PayPay Securities.
What’s the Mission and Role of the PdM Team?
Shoji:
Our mission is to refine products that help users build their assets. This means creating an environment where development members such as engineers, designers, and QA members, who are at the heart of making things come to life, can perform at their best. Naturally, we also serve as a bridge between the business and product departments, coordinating matters among stakeholders.
For example, when the business team proposes a new feature, the development team might view it as a potential threat to scalability, which could be detrimental in the long term. This is where we, as PdMs, step in. We act as intermediaries between the business and development teams, addressing these challenges directly while maintaining the trust and cooperation between both parties.
Additionally, the product team constantly brings up a variety of needs and opinions. We make it a point to regularly organize this information from the perspective of our hands-on development members.
As PdMs, our goal is to act as intermediaries, facilitating the creation of compelling products by the development team. Through daily incremental efforts, we aim to contribute to helping users grow their assets.
Delivering User-First Products
What sets PayPay Securities’ products apart?
Shoji:
From a technical perspective, we develop almost everything in-house.
Unlike most securities companies that rely on vendor-locked securities infrastructure systems, which can be costly and time-consuming to modify, our in-house approach allows us to develop products quickly with a user-first mindset.
Usui:
From a user perspective, the standout feature is that you can invest in specified amounts starting as little as 100 yen through PayPay Invest or 1,000 yen through the PayPay Securities app for all types of financial products, including individual stocks.
Users can also purchase with the PayPay Points they’ve accumulated through the PayPay app. Most competitors only allow amount-specific investments in mutual funds and only a limited number of services allow individual stocks to be purchased in specified amounts.
Our target audience is new investors, so we focus on simple UI/UX and easy transactions within the PayPay app, which boasts 65 million users as of August 2024.
User numbers are also on the rise in PayPay securities, but what’s missing?
Shoji:
Since becoming a PdM, I’ve noticed a few areas that needed fundamental changes.
First, our product did not meet the standards we aspire to. This may sound negative, but it means that the products of PayPay Securities have plenty of room for improvement, as well as growth opportunities and potential.
At PayPay Securities, we offer various products, including the PayPay Securities app and PayPay Invest, and while they are built in-house, I believe that there is still room for usability improvements. In system development, we aim to modernize our systems that have been built with monolithic philosophy into microservices to offer user-friendly products for novice asset managers at a faster pace.
Another challenge is profitability. Many of our users at PayPay Securities are new to asset management, and over 95% of those who opened NISA accounts with us were first-time NISA account holders (as of June 30, 2024; based on research by PayPay Securities). We’d love to enhance our product value to improve efficiency and contribute to our bottom line.
Usui:
Referring to Shoji-san’s comment on product improvements, we are currently making plans for the next several years. As PdMs, we coordinate the opinions between the product and other teams, such as business, marketing, and legal, pushing for product integration and streamlining.
Expanding the Investment Population
What’s the strategy to enhance PayPay Securities’ product value and achieve profitability?
Usui:
Beyond the mission us PdMs are responsible of, our aim is to shift the focus from saving to asset building among users, broadening the investment base.
We aim to brush up each step of our product offering by first improving the UI/UX of our point management service, along with a seamless experience of opening a securities account from there, enhancing the UI/UX of trading after a securities account is opened, and providing a seamless experience for trading other products. Through these efforts, we hope to enhance the overall product value, linking it to profitability.
Shoji:
We want to lower the barriers to opening a securities account and create a world where investment gains can be used for payments immediately.
To this end, the fact that products and services such as securities and insurances are organically connected on the PayPay platform is our unique advantage as well as our strategy. Highlighting the strengths of the PayPay group is a key focus for us as PdMs.
How do you prioritize development to achieve your vision?
Shoji:
One thing that all organizations have in common is that we have endless goals but limited resources. At PayPay Securities, we use a “product roadmap” to prioritize tasks among management, risk, compliance, and product, deciding quarterly what to develop or not.
Usui:
The roadmap helps us define our development ideals and adjust development priorities accordingly, allowing us to adapt flexibly to replacements in projects. It ensures we have a solid framework for better product development.
The Ultimate Environment for Hands-On Creation
What’s the culture like at PayPay Securities, specifically in the product department?
Shoji:
As we are hands-on in developing our products at PayPay Securities, our product department thrives on a “tech-driven, product-driven” culture. Since we develop everything in-house, if we don’t write the code, nothing moves forward. It’s an ideal environment for those who love hands-on creation.
Usui:
We have many developers who are passionate about and deeply committed to our products. When issues arise, I frequently see engineers making the first report and taking the initiative to determine what needs to be done, saying, “I’ll handle this,” or “I’ll take care of that,” showing their strong attachment to the products they’ve built.
What mindset do you value as a PdM?
Shoji:
While PdMs are key project drivers, I always remind myself not to think, “I’m running this project.” In fact, the real progress comes from engineers and designers who are hands-on and QA members who ensure the quality of the product. I keep this in mind as I work.
Usui:
I focus on quickly resolving issues escalated by the development team. Understanding who knows what can be challenging, so I try to use my imagination about what the development members want, what they are trying to say, and how we can create the best situation. I try to communicate my assumptions in every meeting as much as possible, to ensure everyone is on the same page, preventing misunderstandings.
What goals do you have, or what challenges would you like to take on as a PdM at PayPay Securities?
Shoji:
PayPay securities is entering its second founding phase. In the same way that our group company PayPay has focused on diversity and hired talented professionals from all over the world to build its products, PayPay Securities also aims to create user-preferred products by welcoming diverse members worldwide. I’m sure PayPay Securities can achieve this.
Usui:
As a relatively new PdM, I’m focused on honing my skills and playing a role in making PayPay Securities a top choice and achieving profitability. As a PdM team leader, I aim to keep that passion alive and share my knowledge and skills with the team.
Finally, please share your message with the readers!
Usui:
Many might feel scared and hesitant to start asset management, but PayPay Securities makes it easy to start with small amounts via your smartphone. Even a small amount is welcomed. I encourage everyone reading this to experience asset management firsthand.
It can enhance your financial literacy, helping you understand NISA and savings, as well as the impact of major Japanese and global indices on your assets. When I joined PayPay Securities, I was new to asset management, but it broadened my perspective, making me think about the stories behind global news.
Shoji:
The number of PayPay Securities accounts opened has surpassed 1.177 million (*as of July 2024), whereas PayPay has 65 million registered users. There is still plenty of room for growth. Working here offers the excitement of a growing company and dynamic changes. Whether you have a background in securities or finance or not, there are opportunities to thrive at PayPay Securities.
The securities industry may seem daunting, and it may be easier for you to catch up if you have investment experience, but what’s more important than experience is the strong will to refine products with talented members from around the world. I think the best part of being a person involved in product creation is the thrill of providing a top-notch service that satisfies users and that never stops, 24/7. The depth of the securities and finance industries, coupled with regulatory limitations, may limit us in how we can implement things. This means those who can persistently learn, think deeply, and communicate flexibly will excel. Let’s create robust products together!
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*Job openings and employee affiliations are current as of the time of the interview.