Meet Peggy Mangot. Payments expert, fintech founder, banker, and now, corporate innovator. I am, and have always been, drawn to Peggy’s passion for using technology to improve people’s lives and most specifically, their relationship with money. I first met Peggy when she was founder and CEO of SparkGift, a Y-Combinator backed micro-investing platform that made it easy to give and receive investment gifts at scale. Before SparkGift, she led Google’s payments & commerce partnership team, launching new products and helping scale mobile payments. Peggy has truly seen all sides of financial services and has also held senior roles at Visa, Allianz, Accenture, PwC and the Federal Reserve Bank of Chicago during her impressive career.

After a successful exit of SparkGift, Peggy decided to go back to the corporate world and join Wells Fargo as an SVP in their Innovation Group. The group was created in 2015 as an enterprise-wide organization devoted to accelerating Wells Fargo’s delivery of next-generation, customer-inspired technologies, products and services. As the GM for innovation-led initiatives, including Greenhouse and enterprise digital Identity Management, Peggy leads a team of 300+ cross functional players shaping the future of banking.

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How/why did you get into your space?

I am driven by the ways that technology can greatly improve the lives of individuals and businesses and their relationship with money. I wake up every day energized by how we can use technology in new ways to provide greater access to financial services, to make money management more intuitive and to help create better outcomes for individuals and businesses.   

What role do you play in the tech ecosystem and why is that role important?

My previous functional roles have led me to where I am today. I’ve had previous roles focused on partnerships, product, marketing, finance and operations. Today I focus on ownership of the end-to-end journey of the customer and I have the privilege of bringing a brand new consumer banking experience to life, from conception to launch through Greenhouse. Greenhouse is a new mobile bank, with money management tools that start with helping customers manage spend and pay bills on time. 

I am very thankful that I work in a space that for me, is mission driven and I am passionate about using technology to create better financial outcomes for individuals, families and businesses. This work is important and this mission motivates me and my team.

How has technology impacted your industry and why is this important? 

Technology, has, and continues to, completely transform the financial services industry.

In financial services, technology was first used to automate manual processes to make products & services cheaper – For example, lower fees on banking, investing and money movement.

Then, technology was used to create new products and services that did not exist previously – For example, new ways to identify customers, reward customers, evaluate risk and extend credit. 

Technology is also used to design new experiences and interaction layers for customers – Making the interaction with the customer intuitive so they know exactly where they stand and what they need to do next. 

The modern financial institution is looking at their business and portfolio and putting their customer in the center.  They are asking themselves not how do I sell more widgets, but how do I use technology to present the most engaging and intuitive experience to my customers? How do I use technology to be the financial coach to this customer, offering proactive help when they need it and offering new areas of value at precisely the right time and life stage of that individual, family or business? 

Financial health for the consumer and business is everything. Every aspect of offering new products and services should be done with the lens of helping that customer be successful.

What do you believe is the most exciting tech trend for 2019 (as it relates to your industry)?

ML/AI technology is the most exciting and impactful trend for financial services. 

With AI/ML, financial institutions will transform and become a digital financial coach to the customer, proactively providing tools, advice and guidance to an individual, family or business… every step of the way.  Money and life are so closely intertwined.  Giving a customer better control of their money gives them better control of their life and their livelihood.  

I am also very interested in Identity Management. I believe that best-in-class Identity Management is the foundation for success in digital. As such, I lead an enterprise initiative, where my team has deployed an identity management platform that optimizes digital account opening for individual and business customers.

Who is a person that inspires you?

Mark Benioff is the embodiment and model for the modern, woke CEO.  I am completely inspired by his leadership. He is an outspoken advocate for having a social purpose for his company and for leading on social issues impacting our country and the Salesforce workforce. 

The workforce of today and the future expect their leaders to lead. They expect their leaders not to stay silent on such important issues as climate change, discrimination and gun control.

Mark Benioff, Twitter: 

“CEO activism is not a leadership choice, but a modern — and an evolving — expectation. CEOs have to realize that Millennials are coming into the organization and expecting the CEO to publicly represent the values of that organization. They have no choice.”

What advice would you give for someone who wants to get into tech?

Never underestimate the importance of being able to sell – The ability to sell yourself, sell the value of your company and the skills required in sales. 

Be proactive & opportunistic.  Identify the industry that inspires you. Proactively reach out to others in the space to learn more.  Opportunistically, find out what your target companies need, and how you can grow your skills to be valuable to them.

Never underestimate the importance of being able to sell – The ability to sell yourself, sell the value of your company and the skills required in sales.  These skills are incredibly valuable in business and in life.