The payments industry is frequently characterized by ambitious projections about future developments; however, product teams must navigate more tangible challenges such as regulations, infrastructure, and customer demands.
Much of fintech’s efforts are concentrated in this area, particularly among firms specializing in the technology that supports issuing and acquiring payment solutions.
This week’s In Profile features Robin Anderson, head of product management at Tribe Payments, who shares insights about his journey in fintech, the realities of product development in payments, and his perspective on the industry’s current fascination with technologies like artificial intelligence and digital currencies.
Company Overview
Tribe Payments specializes in payment technology, offering services for issuer and acquirer processing alongside a platform designed to assist banks, fintechs, and merchants in developing and scaling payment products.
In practical terms, our goal is to reduce the friction still present in payments. Legacy infrastructure continues to impede the industry’s ability to swiftly introduce new products or respond to changes.
Our platform is designed to empower clients with greater control, enabling them to move quickly, conduct thorough testing, and adapt their offerings without being hindered by outdated technology.
Essentially, we aim to facilitate the development of payment experiences that align with contemporary consumer behavior.
Recent Achievements
In the last 18 months, we have prioritized international expansion, with the opening of our offices in Singapore and Dubai marking significant milestones. These steps enhance our presence in regions where payment innovation is rapidly advancing.
Concurrently, we have made substantial investments in our platform to support clients in transitioning from basic card programs to more comprehensive offerings, which include issuer processing, digital banking solutions, and adaptable product configurations.
For instance, we have been enhancing our risk and compliance capabilities. Currently, one of the major challenges in payments involves balancing speed with increasingly complex regulatory requirements, especially as more transactions move to real-time systems.
Our Risk Monitor features are developed to conduct fraud and compliance checks in real time, ensuring transactions remain swift. Historically, there has been a trade-off between speed and control, a compromise that is becoming less acceptable as customer expectations evolve.
Moreover, we have experienced substantial growth in the diversity of our client base, which ranges from established financial institutions to rapidly scaling fintechs. This variety compels us to remain flexible in our offerings, as client needs differ significantly.
Career Path in Fintech
I began my career in the payments sector while managing a cooperative grocery store in Northampton, but my desire to return to technology, along with my background in software development, led me to a Technical Support position at Barclaycard’s e-commerce product, ePDQ. A discussion during onboarding about my management experience transitioned me to a team leader role.
This unexpected shift provided me with early exposure to both technical and operational aspects of payments, shaping the trajectory of my career.
After more than 20 years, I still find myself rearranging shelves at Morrisons out of habit!
Positive Aspects of Fintech
Though it may sound clichéd, the rapid pace of change is what makes fintech exciting. Payments are integral to daily life, causing expectations to evolve quickly as new methods emerge, and various regions influence one another.
This continuous evolution keeps the industry dynamic and encourages ongoing learning, adaptation, and consideration of how broader market shifts can inform product development and user experiences.
Challenges in Fintech
A significant frustration arises when hype overshadow critical product considerations. The industry often rallies around emerging technologies, sometimes neglecting to address fundamental questions: what issue does this resolve, who benefits, and does it genuinely lead to improvements?
This phenomenon was evident during the ‘metaverse’ discussions of 2021/22—there was considerable enthusiasm but little clarity on how it would benefit individuals seeking streamlined and secure payment methods.
In my view, genuine innovation must be closely tied to actual customer needs and desired outcomes.
Influence of Past Roles
Each position I have held has contributed to my understanding of product development. My time at Barclaycard instilled foundational principles in product management, delivery discipline, and agile methodologies within complex organizations.
At Network International, my focus shifted towards commercial aspects, where I emphasized value propositions, strategic market approaches, and ensuring product decisions align with customer needs and business results. Collaborating with respected industry figures during this time greatly enriched my experience.
Joining Tribe broadened my perspective further. While I entered with a strong background in acquiring and e-commerce, I was encouraged to delve deeper into acquirer processing, point-of-sale transactions, and issuer processing, ultimately evolving into a more comprehensive product leader across various segments of the payments and fintech ecosystem.
Reflecting on my career progression: Barclaycard taught me to build and deliver; Network International emphasized positioning and commercialization; and Tribe expanded my thinking as a holistic product leader.
Lessons from Mistakes
Early on, I mistakenly believed that if a product was genuinely useful, its value would be obvious to all. My initial focus was primarily on the product rather than its communication to the audience. This is a common experience for product leaders, particularly those with a technical orientation.
A former mentor taught me the importance of aligning good product development with effective storytelling. This shift helped me better articulate the significance of products, their target audience, and contextual relevance, ultimately leading to enhanced value propositions and commercial outcomes.
Future Outlook for Tribe Payments
Looking ahead, our primary focus is on scaling both geographically and in capability development. This involves broadening our reach into key markets such as APAC while also enhancing the platform’s flexibility to adapt to clients’ evolving needs.
Furthermore, we are observing a rising demand for more integrated solutions that combine issuing, acquiring, and banking functionalities. Our efforts are concentrated in this direction, aligning with our clients’ aspirations.
Industry Challenges Ahead
One of the foremost challenges is finding a balance between speed and responsibility. While there is immense pressure to innovate swiftly, payments are heavily reliant on trust, security, and compliance. Striking this equilibrium can be particularly difficult, especially for newer market players.
Additionally, the presence of legacy infrastructure within the industry poses a significant hurdle. Modernizing these systems is essential, yet it remains a complex and time-consuming process.
Moreover, as capabilities become more standardized, differentiation is increasingly challenging. The focus will likely shift from simply enabling payments to identifying what features genuinely enhance a product’s value and utility.