Payment Expert’s ID Check: Payments Professionals offers insight from industry leaders and experts on how they got their start in the financial industry, from their early years in education, to how they have been able to climb the corporate ladder.
This week, Claire Gates, Head of Payments at Crown Agents Bank, harkens back to her time working in multiple fields in an array of countries, how this led her to the payments industry and why challenges should be looked upon as catalysts for meaningful development.
Where did you go to university and what did you study? What impact did this have on your current journey?
I earned my degree in Chemical and Process Engineering from Newcastle University, a far cry from the world of payments. I continued my education and attained an MBA from Warwick Business School and later completed a diploma in Corporate Finance from London Business School.
I believe these educational experiences were instrumental in shaping my career. They not only equipped me with a diverse skill set but opened doors to new opportunities across different industries and geographies. Additionally, I built a network of lifelong friendships that continue to support and inspire my professional journey.
Were you part of any sports clubs or societies at university and has this influenced your educational and professional development?
Yes, I was part of the water polo team at Newcastle University. I quickly learned the importance of teamwork and success is often achieved through a collective effort.
I was also a member of the surf team in Newcastle (not known for its large waves or warm climate) and my time on the team taught me to be determined, committed and ready to act, irrespective of the environment. My time on both teams had a lasting impact on my professional development and reinforced the importance of resilience and collaboration.
Did you have any jobs outside of the industry before making your start in it and was this experience a motivation to get into the industry you aspired to be in?
Prior to entering the payments industry, I initially worked in research for Nippon Paint in Japan but quickly realised research wasn’t the right fit for me.
Seeking a broader experience, I joined an industrial manufacturing company to embark on what would now be considered a ‘graduate programme’. This role exposed me to working across all functions from sales to production line.
After completing my MBA, I spent four years in management consulting, which further honed my strategic thinking and problem-solving skills. It was after this that I joined American Express, marking the beginning of my journey in payments.
What was the first job you had in the industry and are there any lessons from this you still draw on?
My first job in the industry was as Head of Airlines and Car Rental EMEA for American Express. I was responsible for ensuring that AMEX was an accepted method of payment across the sector.
A key takeaway and valuable lesson to me was to sell based on value rather than focusing on price alone, and ultimately the power of quantifying value for the key decision makers.
While this approach may seem obvious, I’m still often surprised by how many salespeople and organisations miss this critical aspect. However, this is a lesson that continues to guide me in my career to date.
Who was your biggest role model outside of the payments industry who continues to inspire you in your current career?
Outside of the payments industry, my biggest role model is my sister, who pursued a completely different career path in medicine. She is a senior oncologist consultant, who has dedicated her whole career to her patients and the NHS, many of whom are facing life-changing decisions every day.
Despite her intense work she unfailingly remains positive, encouraging, and is great fun to be around. Despite our different career paths, her dedication to making a difference in people’s lives motivates me to strive for impact in my own field.
When was your first big break in the payments industry? Why was this such a significant moment for you?
My first big break in the payments industry was when I joined Citi as Head of Sales and Marketing for their card acquiring business during the early days of e-commerce.
This role was particularly significant because it involved turning around a struggling division, and I was part of the management team that eventually led the business to a successful sale.
This was my first experience of exiting and selling a business, which taught me invaluable lessons about leadership and strategy. Eventually, this pivotal moment led me to my next role at GE Capital, where I was responsible for managing a number of joint ventures across the Middle East and Africa, further broadening my expertise in the industry.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
Nothing immediately comes to mind from an industry perspective but naturally I faced challenges in various roles.
My whole career has been a great learning opportunity with multiple career and industry changes. Even if I was to cast my mind back to learning the ropes with value-based selling, this would have felt like a challenge at the time.
Ultimately, it’s all about putting yourself in positions where you can grow and I believe that challenges, although tough, can be the catalysts for the most meaningful development.
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
Payments is a sector that never stops giving in terms of innovation, regulatory challenges and technology. It’s incredibly dynamic and is a sector filled with endless opportunities, especially considering the exciting developments on the horizon, such as with next-generation AI capabilities.
So, if you are starting your career in payments today, do try to build a depth of expertise in a particular area or function of payments which bridges both today’s technology and looks towards the future.
Stay curious, be adaptable and you’ll find that the possibilities are endless.