Plaid COO Eric Sager explains why moving at maximum speed is dangerous for financial infrastructure companies where data errors can affect consumer mortgages and credit decisions.
Disclosure
Sager: Plaid intentionally avoids running at 100% capacity to preserve agility
“Hey, I really don't ever want to be at like right at a hundred percent capacity. I'm willing to pay for some inefficiency so that as the market evolves, as our product evolves, et cetera, like I have the capacity to kind of adjust to it in real time, much more…”
Opinion
Sager: Not considering Plaid for US bank connectivity is a fireable offense
“I think if you think about in the US, like building a product Where it depends on bank connectivity or open finance connectivity. The odds are just insanely high that you're going to consider plan, right? It just, I mean, it's like a fireable offense. Like if …”
Insight
Sager: Most toxic high performers reform when given direct, constructive feedback
“Once you say that to people, the vast majority of people I've ever worked with, Their reaction to this is, hey, Eric, thank you. I really appreciate you caring about me enough to give me that feedback. And then they do their best to course correct. And it migh…”
Assertion Not checkable as stated
Sager: Fintech competitors that sacrificed precision for speed failed completely
“I think we've had competitors that sacrificed, you know, everything at the altar of speed and it didn't work out and it didn't, and not at all.”
Disclosure
Sager: Plaid will accept account unprofitability to ensure customer success
“There's just, there's almost no amount of money, right, that I wouldn't reasonably spend to make sure that one of our customers gets to a good outcome. And even if that makes that account unprofitable, That experience will kind of resonate across the rest of t…”
Insight
Sager: The ultimate test of leadership is making yourself obsolete
“And in some ways, to me, that's like the ultimate asset test of, did you do a good job or not? And you know, my own lived experience is like, every time I've thought I've made myself useless and obsolete, like there's always been some new opportunity, right? T…”