Mayur Kamat: preference

Transcript context

…Good grief. This idea of a flat structure, yeah, it's interesting, because I imagine that's not necessarily great for other reasons and then this idea of being in the details. Let me ask about that, actually. What does that actually look like? I think a lot of people, a lot of leaders are like, "Oh, yeah. I'm in the details, we should be in the details." What does that actually look like in real life at Binance? Let me give an example. One of the areas, when I joined, one of the biggest product problem we had was, crypto before was fairly unregulated, so you could just sign up with an email address or even just a wallet and start trading. There was almost zero friction. Then it suddenly became regulated, where you would almost have a full KYC flow like a bank. That just meant that the conversion rate dropped from, let's say, 100% to 2%. Now we had to solve this problem. This was the daily meeting level problem. It's okay if you're operating in one country. You can do it easily. If you're operating in 200 countries where there's not even a standard for what a document acceptance criteria might look like, now you have a significantly larger problem. You cannot say, "Let's work with the KYC vendor and do the onboarding." We had to, literally have this, the top 50 countries, the top 10 document types, this spreadsheet of basically 500 cells, the conversion rate at each level. Then we are looking at, okay, a passport in Kazakhstan has very low level of conversion. What can we do about that? Do we need a new vendor? Do we need better imaging technology? Do we need a new SDK from a vendor? Then we go cell by cell based on, let's say if I was running a typical product team, I would say, okay, let's just look at maybe the top 90 percentile of our users, but this was Binance and then CZ is like, "No user left behind. Even that one user in Congo is important because this is financial inclusion for them." Then all of those 500 sales matter, no matter how low their impact to the conversion rate is. That's a little bit of Binance flavor there. It's extreme customer focus and it doesn't really matter. Customers are not a number. It's a person at the end of the screen and we care about them, so you would need to know, you would get questions like, why is the driver's license acceptance rate in Kenya falling suddenly? When you have, and that's just one piece of the problem in a large product with 80 different products. You, of course, cannot do it for every single product, but the concept of, what is the most leveraged decision you could be working on right now? If it is for your growth, it's the onboarding, then you'd better know exact every single screen of the flow, why is there a drop-off and what are your teams doing for it? That level of detail, and you just do it on different products at different parts of your journey. I imagine there's people listening where they're like, there's the team responsible for the onboarding flow and the KYC flow of their product and it's so hard. They're like, oh, there's all these problems with our flow. Imagine that for 100 different versions of the flow across 100 different countries. Good God.…

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