These Three Pillars of Innovation Keep Mastercard on Top of Fintech

Sparking innovation can sound complex, but it’s really quite simple: just ask, “What do you need from me?”

That’s the core lesson we learned from our interviews with senior execs at Mastercard, including guests Jennifer Marriner (EVP of Global Acceptance Solutions) and Sherri Haymond (Co-President of Global Partnerships). Mastercard needs innovation to pulse from its very heart: as tech changes the way people move money, the company must stay ahead of the game…even ahead of its customers, so it already has solutions in play when customers realize they have a need. It’s active curiosity that focuses on your stakeholders.

Asking your customers what they need now helps you predict what they’ll need in the future, too. Looking at that future desire can launch your innovation today.

Innovation sparks fly high and wide, though, so stay aware of other signals. Don’t take fads for granted, for example. Consumer behaviors and business models constantly change. Can you meet those changes when they settle? Freelancing, for example, used to be a small, niche market. Today, the gig economy is a major sector.

Obviously, with change coming faster and faster, continuous adaptation and forward-thinking strategies will keep you relevant and meeting future demands. “We will always skate to where the puck is going,” says Sherri.

Collaboration seeds innovation, too. Outsiders’ perspectives often create those inspirational “a-ha!” moments that pull your team’s thinking outside the box. It can be internal collaboration with other units in your organization, or external collaboration with various partners, trade groups, government committees, and researchers. The more perspectives you encounter, the broader your field of inspiration becomes.

Your leadership is pivotal here. Creating a workplace culture that fosters collaboration, adaptability, and curiosity—the three pillars of Mastercard’s innovation environment—sit solidly as responsibilities of the leader.

The past is no longer prologue. Lingering there endangers your organization. But using these tips to innovate now boosts your odds of a bright, blooming future.

We painted the simple, broad strokes we saw stoking innovation at Mastercard. What specific tips and tricks have you used to spark innovation?

This article was adapted by Dan Mushalko from our podcast episode Leading Fintech: Mastercard Execs Share How They See the Future and Meet It Now.

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