There are few industries as fast-paced as FinTech today, which means those privileged enough to have a career within it experience continual opportunities to grow, learn and challenge themselves. But it is also a highly competitive world — one in which new start-ups appear by the day, while long established corporations such as Apple, Facebook and Google are fast transitioning into FinTech giants. Three leaders at FIS discuss the steps they take to ensure they keep the edge…
1. CREATE PSYCHOLOGICAL SAFETY TO FOSTER INNOVATION
The most successful companies out there understand that they must provide a workplace culture that offers ‘psychological safety’ in order to innovate.
According to Nana Yaa Mensah, Product Director at Worldpay from FIS: ‘All the most successful organisations I’ve worked in and with work hard to [foster] an environment that encourages people to speak up, get creative and not fear fallout from inevitable failures that come with that’. Leaders are naturally focused on outcomes she says, ‘but it’s also about recognising the effort, intent and learning that’s come along the way… product development is definitely a team sport and you need to build a team culture that is respectful but not afraid to challenge and contribute to each other’s idea’.
The best practices out there also complement innovation with information, says Mensah. ‘You need feedback to confirm you’re on the right track, [gauge] whether it’s an idea worth pursuing, and understand who you need to reach out to’. Leading a team that encourages data-checking, in-depth research and the ability to reach out to friendly customers all helps organisations strengthen ideas and take them from good to great.
Finally, great innovation takes time. ‘Stress limits creativity,’ she says, and the companies that really win are those that carve out time to allow people to strengthen their habit of pursuing ideas.
2. FOCUS ON THE ‘WHY’ TO BOOST YOUR TEAM’S PERFORMANCE
People’s relationship to their employer has changed over the years, particularly after the pandemic, says Rajsri Rengan, Senior Vice President at FIS. ‘Today, employees place a lot more value on culture, learning and development opportunities, diversity, and the meaning they get from working for an employer,’ she says. Today’s FinTech leaders must ensure their teams are not just ‘given requirements and told what to develop’, but are empowered to be at their creative best by showing them why that product is needed, why it is necessary to disrupt the status quo. ‘If you insist on that,’ she says, ‘it will create wonders’.
Think of software and product development as an art, not a science, she adds. ‘When we look at this work as a science we are bound by processes, metrics and timelines, which leaves very little room for creativity,’ says Rengan. ‘When we encourage our teams to view it as an art, they become the artists. They focus on creating the next masterpiece that we remember for years to come’.
3. KEEP YOUR CUSTOMERS CLOSE TO STAY AHEAD OF COMPETITION
An ever-developing industry lends itself to an exciting career, but also means no one is an expert in the field for long. Any business that becomes complacent about keeping up with change will not last long, says Maria Prados, VP and Head of Vertical Growth Teams at FIS.
‘The only way to be relevant is to be very close to your customers and the industry,’ she says. Her team identifies the verticals that are going to have fastest growth and creates expertise accordingly. ‘We bring in people [who] have worked in those industries, who know the ins and outs of what is happening and can translate that knowledge into why there is a need’. From there, the task is to ‘create a value proposition that is going to be differentiated and really add value’. It’s a very competitive world out there, so key for any company is to identify its value proposition. ‘For a company like FIS that would be our understanding of technology, and we make sure we do it better than anyone else,’ says Prados.
Rengan adds that creating a feedback loop between clients and the development and engineering teams has worked wonders, as it has fostered better understanding of the user experience, which means more scope for targeted development and improvement. ‘Happy customers mean happy employees — [this] means organisational success.’
4. UNDERSTAND YOUR COMPANY’S VALUES AND MODEL THEM IN LEADERSHIP
A leader is only as good as the people you work with, says Rengan, so when you work for a company like FIS that strives to be one of the world’s most innovative, you must have a deep understanding of your company values, and demonstrate them. Leaders at FIS have integrity, are accountable and take ownership, she says.
‘We empower one another, ensure transparency and build trust. We win as one team, we work together, we embrace diversity and we stay connected to achieve outcomes.’ Be the change, says Rengan, challenge each other and you will succeed in creating tech that gives back to the world.
5. MAKE ROOM FOR YOUR TEAM TO GROW
One reason for FIS success, says Mensah, is that it has focused on improving diversity in the talent pipeline, looking at gender diversity in particular. As well as developing longstanding partnerships with organisations such as everywoman, across the industry and through different partnerships and events there is a concerted effort to introduce people to the world of FinTech.
‘Talent acquisition teams work hard to get diverse people through the door,’ she says, adding that ‘a lot of the women here appreciate how many resources are available to them, not just for their professional development, but personal too’. A number of inclusion networks help people find a way to bring their entire selves into the organisation, she says, and ‘all of that makes it easier [for those people] to double down on goals’.
If leaders can create opportunities for diversity to flourish, their business will thrive, adds Mensah. ‘Different approaches and patterns of thinking contribute to a richer pool of ideas to pull from,’ she says. And when the going gets tough, different people’s strengths come into play’. Ultimately, a strong FinTech team has diversity at its core.
