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, Sofia Cormack, Group Product Manager at Visa Cross-Border Solutions, speaks on how her love for sports translated into finding the best payment solutions for her clients as well as learning the value of never losing sight of who you are building for.
Where did you go to university and what did you study? What impact did this have on your current journey?
I studied Politics, Philosophy and Economics at The University of Manchester. It’s kind of funny how it’s worked out because, even though I studied economics, and that gave me the basics for how financial systems work, it wasn’t just that which has helped me in my current job as a Group Product Manager in the cross-border space.
Studying such a wide range of subjects definitely threw me into the deep end a bit. I had to get used to having a good breadth of knowledge but also not specialising in one area. The experience taught me how to pick up new things quickly, make the right decisions and work well with others – all skills I use daily in my job.
Were you part of any sports clubs or societies at university and has this influenced your educational and professional development?
Yes, I’ve always loved playing sports since I was younger, especially team sports. I actually still play netball now. I think that’s had a huge influence on my career choice, particularly why I’ve gone into product management.
I love working with others, and team sport really emphasises that. You’re all working together, digging deep, trying to push to that goal – and I’m a pretty competitive person, so I love that.
Now in my job I get to work with a brilliant team to create something awesome. The best part is that we get to put that product directly into the hands of our clients, which not only has the potential to enhance their experience but also positively affect millions of their 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 began my career in financial services as a business consultant grad moving from project to project, thinking that I wanted to start in financial services but then gain experience across a variety of industries. However, once I delved into the industry, I realised the immense opportunities it held.
Financial services form the backbone to everything we do – regardless of whether you are just sending money to a friend or you’re a business trying to make money – yet there is still so much of it that isn’t customer-centric, making its potential for improvement so big and impactful.
What was the first job you had in the industry and are there any lessons from this you still draw on?
One of my earliest roles in this industry included a role in mortgages, where I worked on a project aimed at gathering information from customers about how they planned to repay their interest-only mortgages upon term completion. I had the opportunity to work with a fantastic team, which taught me a great deal about delivery.
However, one thing we fell short on was truly understanding our customers. We ended up designing a tool that was essentially created by a 22-year-old (me) for other 22-year-olds. The problem was our customers were between 65-92 years old.
This experience taught me an invaluable lesson that I still draw on today: never lose sight of who you are building for and what their specific needs are. This insight has remained a guiding principle in my approach to product management.
Who was your biggest role model outside of the payments industry who continues to inspire you in your current career?
Two of my biggest role models outside of the payments industry are prominent female product leaders, Deb Liu and Julie Zhuo. I love how honestly and plainly they speak about things they’ve struggled with, what’s worked and what hasn’t worked and what they’ve learnt.
I really like that they focus on not being perfect but always striving to get better, focusing on continual growth and honing their skills. I’ve read both their books and love their thoughtful and human approaches to management, and I want to be a leader who embodies similar qualities and values.
When was your first big break in the payments industry? Why was this such a significant moment for you?
One of my favourite moments has been when I chaired a discussion at the Payments Association on building brilliant products in the payments space in front of a big audience.
It was a great discussion with two experts in the space who have had a wealth of experience.
This was a big deal for me because it made me realise that I could add to the conversation, that I had valuable insights and ideas I wanted to share. I really enjoyed the exchange of ideas and adding my own thoughts into the mix.
Around that time, I’d just stepped into a Senior Product Manager role, and this experience felt like a real leap from just being an individual contributor to taking on a leadership role.
Was there a moment you faced in the industry that really challenged you? How did you overcome this?
When I first joined Visa Cross-Border Solutions about four years ago, I was immediately thrown into a project to replace five payment routes, aiming to significantly improve our clients’ experience.
The deadline was tight, and I found myself onboarding a new team, learning about the business, and trying to bring everyone along on this journey all at once.
The biggest lesson I learned was the power of collective effort over individual work. I relied heavily on many brilliant colleagues who taught me about the company, our products, delivery, and our clients. It was a stressful period, but I wouldn’t change it. The experience taught me the importance of teamwork and shared knowledge in overcoming challenges.
Lastly, what is some advice you would give to an aspiring person looking to get a start in your respective industry?
Start building your network and don’t be shy about it. Have conversations, make connections, and let people know what you’re aiming for. If you don’t tell people what you want, they won’t know how to help you and vice versa.
So, get out there, share what your experiences are so far and what you’re aiming for. You’d be surprised at how many doors can open up when you do.