Finanzcheck: what we built and what we would build differently today
A look back from our own practice. Stefan Link was CTO at Finanzcheck from January 2016 to August 2021. This is what worked in the organisation, where it got stuck, and the three things we would build differently today.
Starting point
Finanzcheck is a Hamburg-based platform for comparing loans and financial products. The company was majority-owned by its founder, with venture capital investors alongside. Day to day, little of this was felt: the investors were kept away from the teams.
Next to product and engineering there was a credit unit, where specialists guided customers through their financing.
The challenge
Finanzcheck had to scale fast: bring a product to market that pays its way, in a short time and against tough competition. That called for an organisation able to decide quickly, without every question going through hierarchy and sign-offs.
What we built
Steering by the market, not by plan
There was an overall budget as a frame, but money was spent as needed. We worked with a rolling forecast only, not with fixed targets. Numbers and priorities were discussed every week.
Open numbers and consent
Everyone could see all business figures, and salary bands were open. Decisions were taken by consent, and anyone affected could shape them.
Leadership that supports
No company cars, no private offices. Leaders supported rather than directed, and on expert questions the person who knew best decided. Performance was assessed with feedback from peers.
Learning in rhythm
Many small experiments and A/B tests, regular retrospectives, mistakes as a reason to learn. Work was pulled rather than assigned, anyone could stop on a defect, and we dropped whatever did not help customers.
Close to the customer
Teams had direct contact with borrowers and partner banks and coordinated with each other without assignment from above. We changed structures, not culture programmes.
By our assessment grid, Finanzcheck met 45 of 75 principles of the Beta schools.
Where it got stuck
- Teams were organised by function, not by customer journey. No team owned a loan from application to payout.
- The credit unit was run conventionally, with individual bonuses. Beta did not apply there.
- The founder tolerated the way of working but did not carry it. Only leaders and some employees shared in the success, and job descriptions remained.
What we would build differently today
This is our picture of today, not a report.
Teams along the customer journey
One team owns a whole journey, for example “loan from application to payout”: product, engineering and credit specialists together, with their own result. No longer backend, frontend, marketing and credit side by side.
Bring the credit unit along
No more individual bonuses, not even for credit specialists. Instead everyone shares in the common result, so Beta does not stop at the border of a unit.
Get the owner on board
Founder and investors explicitly back the way of working, for instance through agreed principles that also apply among the shareholders. Tolerating is not enough to survive the next change.
What would this look like for you?
Together we look at where decisions get stuck in your organisation.
Write to us!