Michelle Moffatt

Head of Internal Audit at Tyro Payments

@fintechcoach | LinkedIn Profile

Sydney, Australia

You grew up in South Africa but have lived and worked all over the world. How has this impacted your world view, particularly with respect to FinTech?

My experience of growing up in a developing country meant that there is always a way to make it work, you just need to be persistent and innovative. I did hold a view that things were bigger and better outside South Africa and in particularly in UK and Europe. I was surprised to learn that this is not always the case, and especially in banking. At the time I moved to London I had to swap my one bank card that acted as both a debit and credit card for two separate bank cards, sms/text notifications that had been implemented in South Africa for ages were only starting to make a debut, and it was like going back in time when accessing my big bank internet banking. So I had to take a huge step back in customer experience which shattered my first world fintech fantasy. Developing countries are ‘lucky’ in the sense that they don’t carry much legacy tech baggage and are able to adapt and upscale their systems quickly.

What is the oddest job you’ve ever had?

Coming from a suited and booted office job in London, it was quite uncanny when on my adult gap year I found myself teaching tourists how to muster/heard and lasso goats on a cattle station in the outback of Queensland Australia. I had never done this before myself so I am thankful for beginners luck!

How important is your gap year, and what did you take away from it?

I took an adult gap year at the start of the GFC in London, and my folks and friends thought I was crazy! At the time, people were stressed out and desperately clinging to their jobs for fear of loosing them, but I just knew this was something that I had to do for myself and my life. So I took a leap of faith and decided to live one of my dreams. I had an incredible year meeting some fascinating people, having awesome experiences and making some good friends from all over the world. When I came back not much had changed, but I had. My mind had expanded, and I now take myself less seriously. It was like I obtained an MBA in life.

The three 3 things that I took away from that year, and try to live by daily are:

• Trusting your instincts, especially in work/career;
• Being comfortable, embracing and coping with constant change; and
• Giving it a go so you have no regrets.

This was one of the best years of my life, and I would do it again in a heart beat.

What lead you to focusing on auditing?

At the end of my internship at PWC I was very clear that I did not want to be an accountant, and the natural option was to continue in my current role as an IT auditor. I enjoy learning about new systems and processes, and building relationships with people. The reason I continue on this path is that I like the variety and challenge that the role provides. My experiences have been extremely varied and the majority of audits and assignments that I have had to undertake have been those that had to be started from scratch with very little direction from above. I have always had a collaborative outlook with a view to continuous improvement, and combined with risk management and pragmatic judgement skills it makes for an entertaining journey.

Auditing, along with Regulatory and Compliance, is more or less considered a four letter word often with respect to innovation and the FinTech community. What role and value does auditing provide in your opinion?

The four letter word you are talking about is ‘safe’ right? Internal Audit keeps the entrepreneurs safe and gives the regulator comfort that the organisation is meeting its strategic objectives whilst managing its risks appropriately. Internal Audit brings a deep understanding of the business, good process, risk and controls to the table. These expertise are extremely useful especially when setting up new policies and processes, or when venturing into unchartered territory. Whilst retaining our independence, we educate and advise management, and are partners in continuous improvement activities ensuring the business meets its objectives within its risk appetite.

Here at Tyro, Internal Audit is faced with the challenge of the delicate balance between the hungry entrepreneur and the cautious regulator. What I have found with a start-up going onto a fast growth company is that it is important to understand where the company is in its journey and the risks it currently faces. The control environment expected will directly link to the nature, size and extent of the company at that specific stage of the journey. Tyro Internal Audit applies a pragmatic risk based approach to internal audit as opposed to best practice over kill which may add little value its customer.

You are an active mentor. What do you believe are the common mistakes in mentoring others:

1. Telling them what to do: Its much easier telling someone what to do, but is this beneficial to them? I love solving problems so I have to hold myself back from giving mentees the answer straight away as this does not serve them in the long term. What I have found is that the coaching model is more effective and empowers the individual to think and act for themselves. They develop confidence in their abilities and learn to trust their gut, and the solutions that they/we come up with together are more suitable to the individuals style and their business, and are more likely to be acted on. The idea is that they become their own best coach.

Mentor: Ask good questions.

Mentee: Learn the thought process, how does your mentor think through problems?

2. Hijacking the conversation: Some mentors love hogging the conversation by blowing their own trumpet. They talk extensively about their experiences and what they did to succeed, leaving little time for the mentee to get clarity and guidance on the things that they are really grappling with. I only share my experiences and stories if they are specifically relevant to the particular presenting problem or a related concept.

Mentor: Be humble and authentic (you already have their buy in). Take the time to listen and understand what the mentees real issues are.

Mentee: Be clear as to what exactly you want to get out of the conversation prior to meeting up.

3. Knowing it all: Mentors have a wealth of knowledge and experience, however it does not mean we have all the answers and that our lives are perfect. We sometimes need reminding that we are not expected to know it all, and that it is OK to send your mentee to another person for guidance in an area that you are not the expert in. Sometimes my sessions are all about who can I get to help the mentee solve their precise problem, and making the relevant introductions. This does not mean we have failed them, it means we are ensuring that the mentee gets the best possible support to accelerate their success.

Mentor: Be generous with your networks and introductions

Mentee: Ask your mentor if they have any contacts for various speciality areas

What makes the Aussie Market Unique with respect to FinTech and innovation?

I would say three things:

• Physical proximity and ties to Asia;
• The new Australian Prime Minister, Malcolm Turnbull, has deep experience in the technology world, where he made his fortune from start-ups. He is currently encouraging the innovation agenda with a 1.1 Billion AUD investment. And;
• People are fed up with the banking oligopoly and the lack of competition, so this also drives fin tech innovation here.

Who do you consider to be strong women leaders in the FinTech space?

I take inspiration from Sharon Lu. She is the manager at the Tyro Fintech Hub in Sydney. She works tirelessly to ensure that the residents of the Tyro Fintech hub are well taken care of, supported, and show cased on their journey to success. She is interested in people, their visions, and how they are helping solving the planets fin tech problems. She is a true collaborator, connector, and networking ninja. She is smart, has a whole lot of heart, and works to create a wonderful supportive fintech family both within the Tyro Fintech hub, and in the wider fintech community. She just gets the meaning of what is to be an entrepreneur and make a difference in the world.

I also love the fact that Jessica Ellerm is smashing it with her killer fintech blog and her correspondence role on the Breaking Banks pod cast.

What do you see as the 3 leading future trends for FinTech?

• Mobile payments going mainstream and digital currencies becoming more common place.
• Phasing out of redundant hardware (e.g. chip and pin devices) and greater integration with wearables.
• Crowd funding everything.