Laura McCracken, Accenture: Great things come from unconventional partnerships and frenemies

Please give us an overview of your career journey so far.

I’m Laura McCracken, and I am a Board Director and Advisor for Payments, Fintech and Platforms. My career has been quite the ride. I started accounting and auditing at KPMG, then dabbled in investment banking before moving into payments at American Express. It was here that I learned my leadership skills and really cemented my values. After a decade there, I hopped over to Citigroup, focusing on the Asia Pacific region across 14 markets before moving to the retailer side.

Then came my time at Amazon, where I worked on optimising payments and website accessibility, especially for those who are underbanked. Following this, I went to Facebook, where I focused on how to optimise the payment experience and enable light-up social commerce. It was exciting looking at P2P payments through applications such as WhatsApp. 

I also briefly worked with Wirecard, which was a great experience but a wild ride. I joined six months before it imploded, and it was like the Enron of Europe. Despite the chaos, I found myself knee-deep in navigating insolvency and helping figure out how to salvage the company by being on the board and helping to sell it while working with investigators and the Financial Conduct Authority.

After that rollercoaster, I joined Accenture, collaborating with various partners across industries—from retail brands to social media giants—to integrate commerce and payment solutions seamlessly.

You know, facing challenges head-on has been the best teacher for me. After two years of dealing with the fallout of Wirecard, I’m now thrilled to be working with numerous stakeholders, such as marketplaces and social media companies, as well as payment brands and banks, to find a way to bring things together in the payments world.

What is a day in the life of a Managing Director in Payments? And how do you stay motivated in such a busy industry?

It’s awesome! My role encompasses three key aspects. Firstly, there’s thought leadership, where I delve into research, identify trends, and cultivate unique partnerships to stay ahead of the curve. It’s where I find the most excitement and fulfilment.

Then, there’s the business development and origination component, which involves building and nurturing client relationships. Understanding their needs is crucial, even if it means multiple meetings over meals, though it does pose a challenge for staying fit.

Lastly, there’s execution—running engagements and ensuring our clients’ requirements are met. This involves future-proofing payment solutions, particularly for retail and social commerce industries, keeping me grounded and closely connected to our clients’ realities.

While each aspect is essential, the thought leadership aspect is most exciting for me. Collaborating with a global team, conducting research, and disseminating innovative concepts through various channels is truly invigorating. We are trying to bring thought leadership to life through research, articles and conferences. And, of course, nothing compares to the invaluable face-to-face interactions with partners and clients. That personal connection is where meaningful progress is made.

What inspired you to become interested in payments first, and how did you explore your interest?

Well, that’s quite an intriguing question. Let me offer you a different perspective than you might expect. When I joined American Express, it wasn’t solely because of the industry but rather the company’s values. Having already experienced auditing at KPMG and finding investment banking a bit too macho and ego-driven for my liking, I sought a company where I could truly align with the brand and its leadership values. And American Express was that brand for me. 

Now, regarding payments, I initially found it rather dull. Back in the 90s, it was all about increasing market share, which wasn’t the most thrilling task. However, the landscape has dramatically evolved since then. Nowadays, we’re not just talking about traditional scheme rails but also banking rails and blockchain rails. This evolution has made the payment space incredibly dynamic and creative. We’re constantly forging unconventional partnerships and finding innovative ways to collaborate across omni-channels with retailers and tech giants like Apple, Google, Facebook, and Amazon.

So, I find it really creative and interesting now because payments are at the centre of everything, even when it’s across different rails and channels. We are still the linchpin. 

What gender-based challenges have you witnessed in your career, and how has female experience transformed in your field? 

I’ve navigated a predominantly male-dominated environment throughout my career, starting from my early days in investment banking and my initial years at American Express. In those settings, conformity seemed paramount—smoking cigars and drinking whiskey were part of the norm. It was about blending in, playing the “man’s game” to advance. And I did those things to fit in, but that was the early noughties when a woman needed to just fit in to build her career. 

However, as I climbed the ranks, I encountered the “queen bee syndrome—a phenomenon in which women at the top felt a scarcity of opportunities for other women and hesitated to uplift them. Back then, it was a survival instinct, a way to secure a coveted spot in the corporate hierarchy.

Thankfully, times have changed. Since the 2010s and beyond, I have witnessed a significant shift. Organisations actively foster diversity and inclusivity, acknowledging the importance of empowering women in leadership roles. I’ve witnessed this transformation, where women leaders support each other and actively strive to uplift and mentor emerging talents.

This shift in mindset is crucial, not just for women’s advancement but also for the overall growth and success of organisations. It’s about embracing diverse perspectives and leveraging the strengths of every individual, regardless of gender. As we move forward, there’s still more work to be done. While progress is evident, there’s a need for continuous effort to accelerate gender equality in the workplace. Organisations must remain committed to creating an environment where all individuals, regardless of gender, can flourish and contribute their best.

Overall, my journey has taught me the importance of authenticity and resilience in navigating male-dominated industries. It’s about embracing masculine and feminine traits, leveraging them to drive positive change and foster a more inclusive culture.

What three tips would you give other females about becoming leaders in our space and managing a team?

Authenticity is key—people gravitate towards leaders who are genuine and comfortable in their own skin. It’s about having a solid core of values that guide your actions and decisions, forming the foundation for effective leadership.

Emotional intelligence is another crucial aspect, led by self-awareness and empathy. It begins with self-awareness, understanding your own emotions and motivations, and extends to empathy towards others. By bridging this gap and bringing out the best in others, you unlock the magic of emotional intelligence. 

Strengths-based leadership is my mantra. Instead of focusing on fixing weaknesses, it’s about recognising and leveraging people’s strengths. By understanding each team member’s unique abilities and fostering collaboration, you create a high-functioning team that operates at its best. I’m proud to have introduced this approach at Amazon, where it transformed the company’s operations. By embracing strengths-based leadership, Amazon now thrives as a company that values the individual strengths of its employees.

These principles—authenticity, emotional intelligence, and strengths-based leadership—are essential for effective leadership and creating a supportive and empathetic work environment. Recognising the human aspect of work and understanding that people have their ups and downs is vital for fostering a culture of understanding and growth.

Overall, cultivating self-awareness and emotional intelligence while embracing individuals’ strengths is crucial for successful leadership and creating a workplace where everyone can thrive.

How do you see financial technologies changing payments and bringing greater access? 

There’s so much to unpack on this topic, but one mega trend catching my eye is the rise of embedded finance and embedded commerce. We’re witnessing a convergence where companies across various sectors, from retail to e-commerce to social platforms, integrate financial services seamlessly into their customer journeys. This means offering the right financial products precisely when customers need them.

On the one hand, we have embedded finance, where commerce companies embed financial services into their offerings. Consider retailers offering tailored financial solutions alongside their products or social platforms providing payment options within their apps. On the other hand, we’re seeing embedded commerce. For example, we see fintech companies leverage customer relationships to introduce commerce into their platforms. Companies like Revolut, Klarna, Square, and PayPal are prime examples of this trend.

What’s fascinating is the increasing convergence between finance and commerce. We’re moving towards a future where the lines between the two blur, yet each plays a distinct role. Take the Apple and Goldman Sachs partnership, for instance. It’s an unconventional collaboration aimed at offering financial services without Apple taking on the regulatory burden of a traditional bank. These collaborative opportunities for interoperability are incredible because they assure customers about using payment products. Many people still hold conceptions about banks, challenger banks, and fintech products. So, seeing big brands using financial products is a shift toward changing those conceptions. 

Now, regarding the impact on the unbanked or underbanked, there’s significant potential for bridging the gap through innovative solutions. Take M-Pesa in Africa as an example. Leveraging mobile technology has enabled millions of people to have financial access. Similar initiatives are emerging globally, such as Grab in Southeast Asia. While challenges remain, particularly in card-dominated societies like the UK, I’m optimistic that the right partnerships and innovations will pave the way for greater financial inclusion.

What’s the best work-related advice you’ve ever received that you’d like to pass on to others?

The best advice I’ve ever received is that the questions, not the answers, are important. As a woman, I found that women tend to overperform because we feel that we have to be knowledgeable and show that knowledge to be valuable.

I would walk into meetings at my role with American Express armed with all the answers, ready to offer advice and direction. But then, my boss gave me a valuable perspective shift. My boss told me, “Laura, everyone knows you’re knowledgeable and capable, but it’s not about having all the answers. It’s about asking the right questions because the team need you to be a sounding board. And it’s so much more powerful to let them come up with their own answers while you show up.” 

It was liberating. I realised I didn’t have to carry the weight of providing all the answers; I just needed to show up, be confident in my expertise, and listen. By asking the right questions, I empowered others to find their own solutions.

This approach eased the pressure on me and fostered more collaborative and effective discussions. It’s a practice that saves time and energy, preventing burnout from constantly trying to prove myself. And it’s a mindset shift that benefits everyone involved, creating a more inclusive and empowering environment.