What strategies do fintech CEOs employ to maintain their influence and stay relevant in their positions?

Writer’s Note: This story is the fifth and final part of the series, ‘The Journey to Leadership’, spotlighting six fintech CEOs and their individual journeys. In the inaugural installment of the series, I explored the key lessons these leaders have learned and how their diverse experiences — from triumphs to setbacks — have sharpened their perception of their roles and capabilities. The second installment of the series highlights the ‘what ifs’ in the decisions these fintech CEOs would have reconsidered if they could start over. The third part explored how these fintech CEOs hone their professional skills while overcoming personal obstacles and how personal growth can influence and improve their leadership approach. The fourth chapter delves into professional practices these CEOs have encountered in their careers that they are determined to leave out of their own organizations.

This concluding installment of the series centers on the approaches these CEOs take to sustain their effectiveness and relevance in their roles.

‘The Journey to Leadership’ series has taken a deep dive into the leadership trajectories of some of the best CEOs in fintech, highlighting how they’ve developed their entrepreneurial and leadership skills while overcoming various personal and professional barriers. While the ebbs and flows of leadership are a given, a significant and ongoing challenge lies in staying aligned with contemporary trends and maintaining relevance as a CEO — something that directly influences a company’s internal drive and external connections with customers through product development. 

As we wrap up this series, we take a look at how these fintech CEOs manage this important aspect in an industry that’s in constant flux.

Turning to outside counsel

Stephany Kirkpatrick, CEO and founder of Orum, sees value in seeking perspectives from professionals with similar backgrounds outside her usual circle to maintain her relevance and effectiveness.

“Something that I think has been a tremendous asset to be more effective, both as a CEO and a leader of people, is having an executive coach,” she said.

Having a mentor who understands the intricacies of entrepreneurship – distinct from board members, friends, or spouses – has enabled Kirkpatrick to gain a fresh and objective perspective that has contributed to her leadership growth and pushed her initiatives forward.

The primary insight she has gained from this mentorship is the realization that success should be seen as a perpetual journey rather than a conclusive goal, emphasizing living in the now.

“What I have learned from coaching is that I am successful, right now, today. Of course, we have other benchmarks for success in place. But we also have to evolve continually as the problem we’re solving evolves,” asserted Kirkpatrick. “I focus on the now and what’s the most relevant to the next couple of quarters to drive growth and overall success.”

Fueling curiosity

Taking a novel spin on curiosity killed the cat but satisfaction brought it back, CEO and co-founder of Affirm, Max Levchin reflects his readiness to acquire knowledge from both humans and emerging tech like ChatGPT.

“Every time I have a conversation, whether it’s with another CEO, an industry insider, a customer, or one of our employees, I try to be maximally aware of opportunities to learn: an especially persuasive turn of the phrase, a crisp way to communicate a complicated concept, an outlandish idea that may be not quite as outlandish, a thoughtful observation about the market,” noted Levchin.

He shared that he routinely jots down new ideas when they come to mind and then sets up small projects to explore those concepts. This might involve extensive Googling, querying ChatGPT, or, more often, discussing these ideas with his friends and Affirm’s senior leadership team to determine if their insights complement his own findings. 

Besides keeping him informed, this practice enables Levchin to sift through and weave in fresh ideas at work that align with his vision.

The level of relevance is a reflection of effective team management

For some CEOs, their relevance is closely linked to their success in managing teams. This entails being both approachable and inspiring, while also being firm to stretch the team’s capabilities.

Immad Akhund, CEO and co-founder of Mercury champions the idea that growth is found beyond one’s comfort zone. He believes that staying relevant in his role involves applying pressure and driving key improvements to accelerate progress. 

“At Mercury, I’ve found I’m most effective when I play the role of an accelerator rather than a facilitator,” said Akhund.

For him, this involves avoiding complacency and pushing boundaries by challenging both himself and his team to advance.

“Our team comprises individuals with an incredible capacity to drive impact, and I aim to fuel that momentum,” added Akhund.

The foundation for continued leadership impact and relevance rests on an unwavering commitment to authenticity, as noted by Everett Cook, CEO and co-founder of Rho. 

“I truly love being a founder and CEO, and I believe people see and feel that,” noted Cook. 

While he underscores the need to begin with empathy and compassion, he also emphasizes that maintaining a strong focus on the mission is equally crucial and non-negotiable. “If I’m this excited about what we’re doing, our team, our investors, and our customers can be too,” he said.

By regularly connecting each team member’s efforts to the bigger picture, a leader can inspire, drive effectiveness, and rally the team around shared goals, according to Cook.

Underlining the value of self-evaluation, Novo CEO and founder Michael Rangel asserts that his twin pillars of effective leadership are the ability to self-reflect and evolve. He notes that as a company scales, the demands of the CEO role — and the methods for staying relevant — evolve in tandem.

“For me, I’m constantly mindful of how to most effectively set and communicate the vision for Novo as a whole, while also supporting my team in different situations — from delivering good news to responding to challenges,” said Rangel.

Over the years, Rangel has realized that his leadership shines brightest when he integrates more of his personality into his role and maintains a close relationship with his customers.

The contribution of early decisions and capital investments

Since founding Varo Bank in 201, Colin Walsh, CEO and founder of Varo Bank, credits his continued relevance in the company and the market to strategic decisions like investing in a neobank ahead of the trend and maintaining a strong focus on customer needs.

“We’ve written the tech bank playbook by investing early and often into our tech stack,” said Walsh.

This early action, according to Walsh, has kept him and his team nimble, providing them with the room to experiment and create solutions that can fit into the evolving dynamics of today’s market.

Analyzing these diverse strategies of fintech CEOs reveals that maintaining relevance is deeply intertwined with their leadership qualities and personal characteristics. While discussions often focus on aspects like product design, development, costs, and technology for a company’s growth, maintaining and preserving pertinence has become an increasingly important piece of the growth puzzle for engaging both the internal team and the external market.

• The first installment in the series explored: What lessons have fintech CEOs learned while mastering the art of leadership?

• The second installment in the series explored: What different choices would fintech CEOs make in their leadership strategies if they could turn back time?

• The third installment in the series explored: How personal growth and skill development can influence fintech CEOs’ leadership styles?

• The fourth installment in the series explored: How today’s fintech CEOs steer clear of pitfalls while growing their companies