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, Philipp Lenz, Head of Product at PXP Financial, shares the challenges that caused him sleepless nights and how his origins in Austria spurred him on to leverage a range of altering perspectives and his eyes to how truly global the payments industry truly is.
Where did you go to university and what did you study? What impact did this have on your current journey?
I studied Business Informatics at the University of Vienna. I guess that, in a way, this set the scene for me pursuing a career in payments. I initially focussed on software development and later business analysis, before finally moving into product management.
That’s where my passion still lies, creating exciting payments technology that makes a real difference to PXP Financial’s customers.
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?
I initially worked for a local Austrian company that specialised in customising software (such as SharePoint) for various businesses, but it wasn’t long until I moved into the world of payments.
I think I always felt that working for local companies was not the best way to make the biggest impact. The field of payments is truly global, and I knew it would give me the opportunity to work with a wide range of customers and partners around the world.
What was the first job you had in the industry and are there any lessons from this you still draw on?
I started as a software developer for a payments company, something I still feel benefits me to this day. As a software developer, I could learn the ins-and-outs of how things work on a technical level, giving me valuable baseline knowledge which has served as a great foundation to build the broad understanding I have today.
Who was your biggest role model outside of the payments industry who continues to inspire you in your current career?
I wouldn’t say I have a single role model, but I truly believe that the shortest path to success lies in leveraging diverse perspectives, staying open to new ideas, and working in sync toward a common vision.
At PXP Financial, our team’s collective expertise and collaborative approach have been a great source of inspiration for me, proving that when we come together and pool our expertise, we can solve every challenge and deliver greater value to our customers.
When was your first big break in the payments industry? Why was this such a significant moment for you?
The turning point in my career came when I had the chance to become a business analyst, where I was responsible for gathering requirements and design features as opposed to developing them. This quickly led to full product ownership and managing my own team of product owners and managers.
I have always felt lucky and privileged to have had the responsibility of leading a group of my peers, and the opportunity to pass on my own knowledge.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
There have been many challenging moments in my career, too many to name! Some notable ones that caused many sleepless nights include becoming a principal member of Visa and Mastercard as an acquirer and issuer, the introduction of PSD2 in Europe, including EMV 3DS2, and of course Brexit and the resulting changes in licensing and passporting regulations.
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
Start slow but stick with it. In the beginning, be open for a wide variety of positions, as it will help gather invaluable experience and a wealth of transferable skills. Payments is a huge field with tremendous career opportunities, but you need to gather knowledge to progress.
I would also advise gaining experience in multiple areas; acquiring, issuing, Open Banking, ecommerce, customer present, etc. to get a broad base from which you can build up your specialisation. It’s also good to gather experience in different types of work, such as customer support and onboarding support before you move into product.
This will help you understand the types of problems your customers face, and such insights are very useful when designing features and products.
