Fintech

The global fintech industry is transitioning to a more sustainable growth phase, with technology adoption continuing to advance rapidly. A recent report indicates that 80% of fintech companies are already implementing AI. This adoption spans AI-driven financial assistants, biometric payments, and superapps, increasing the complexity of technical demands. Addressing these challenges requires resilient infrastructure and leaders with deep engineering expertise capable of growing high-performing teams.

Leadership in Engineering

Mikhail Vaganov, Director of Engineering at Yandex, has extensive experience in building, scaling, and supporting IT infrastructure for fintech products. Over thirteen years, he has expanded his team to over 130 specialists. His responsibilities include managing the technology stack for transaction processing, IT infrastructure for fiscal data connectivity, internal payment systems, and enhancing developer experience and AI integration.

Technical Advancements and Infrastructure

Vaganov’s career began as a frontend engineer, where he engaged in projects like migrating Yandex’s real estate classified frontend to Node.js. This migration streamlined feature releases and architecture. He also led the development of a system that allowed seamless frontend updates, enhancing user experience and reliability.

His interest in infrastructure led him to manage a team responsible for Yandex’s Search runtime, where he developed a microservice later adopted across various products. This included a configuration management layer for automated deployment at scale.

Leadership and Team Growth

Transitioning into management, Vaganov oversees managers and emphasizes the importance of building versatile teams. His leadership style focuses on growth, transparency, and preparing successors. He encourages processes that allow teams to operate independently and maintains a talent pool for recruitment.

Vaganov also promotes transparency and open communication through initiatives like “30 Minutes with a Director,” allowing employees to discuss concerns or ideas directly with him. This approach fosters a culture of trust and open dialogue.

Innovation in Product Integration

In product integration, Vaganov has encouraged unconventional approaches, such as embedding engineers within a partner’s company to streamline complex integrations. This method provided Yandex with valuable insights into merchant pain points, leading to more efficient future integrations.

Trends in Financial Technology

Vaganov identifies key trends in financial technology, including the rapid advancements in markets like China with biometric payments and customer-presented QR codes. He also highlights the rise of payment-based superapps, which transform frequent app use into opportunities for cross-selling services.

AI-driven financial assistants are another emerging trend, providing real-time decision-making assistance and enhancing user interaction with financial services. This shift towards dynamic interfaces is expected to redefine user expectations in financial technology.