In the Vault: Placing Multiple Bets on a ‘Mosaic of Solutions’ With Former Global Payments CEO Jeff Sloan
Apr 30, 2024
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Former Global Payments CEO Jeff Sloan discusses spotting industry trends, making strategic bets, and the impact of AI on financial services with a16z General Partner Angela Strange.
Strategic vision focused on modernizing technology and expanding distribution for growth.
Embracing change, investing in technology advancements, and diversifying methods for success.
Deep dives
Transformation of Global Payments Business
Global Payments underwent a significant transformation under Jeff Sloane's leadership. Revenue grew from $2 billion to $9 billion during his tenure as CEO. Sloane's strategic vision focused on modernizing technology and expanding distribution. He capitalized on industry trends such as the rise of cloud technology and the digitization of payments, guiding Global Payments to a $35 billion market cap company.
Embracing Change and Discomfort
Jeff Sloane's career shift from finance to technology reflected his affinity for change and discomfort. He emphasized the importance of remaining adaptable and embracing challenges to drive growth. Sloane's proactive approach to change led him to strategically invest in technology advancements that positioned Global Payments for success.
Integrating Bets and Customer Feedback
Sloane stressed the significance of placing multiple strategic bets in technology and distribution channels. He underscored the value of customer feedback in shaping business decisions. By diversifying distribution methods and investing in software solutions, Global Payments expanded its market reach and enhanced customer satisfaction.
AI Revolutionizing Financial Services
The adoption of generative AI marked a pivotal transformation in the financial services industry. Sloane anticipated the revolutionary impact of AI on operations, customer service, and fraud prevention. He emphasized the need for businesses to adapt to the evolving landscape and leverage AI to enhance efficiency and innovation.
In a new episode of In the Vault, a16z General Partner Angela Strange talks with Jeff Sloan, former CEO of Global Payments, about how he was early to spot significant industry trends, how to make bets that move an organization, and the sea change that AI represents for the financial services industry.
0-1:40 Intro
1:40-8:15 Joining Global Payments
8:15-19:30 Placing many bets
19:30-26:10 Deal integration and scale advantage
26:10-31:35 GenAI sea change
31:35-32:19 Outro
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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