Not Perfect, But Your Best: Fintech Innovation Leader on Career Vaults

Stephanie Schultz, VP and head of strategic partnerships at Amex Digital Lab.

Now vice president and head of strategic partnerships at Amex Digital Lab, Stephanie Schultz recalls it was not all that long ago starting her career at American Express, when she thought maybe it was time to get an American Express card herself.

Today she spearheads the innovation hub at this Fortune 100 company, creating new ways for customers to interact with Amex digitally across all platforms and apps.

“Vice president and head of strategic partnerships @AmericanExpress Digital Lab, @Schultzs831 spearheads the innovation hub at this Fortune 100 company, creating new ways for customers to interact with Amex digitally across all platforms and apps. #techleaders #women”

Growing up in Holmdel, New Jersey, Schultz was a competitive gymnast. “I practiced about four hours a day, five days a week,” she says. Competing on vault and floor exercise through high school, Schultz did not pursue gymnastics after competing in club gymnastics at Lafayette College.

“I decided I knew I wasn’t going to the Olympics,” she says, so she concentrated on her economics and business degree, without really thinking she would spend her career in fintech.

Read more in Take The Lead on women in fintech

Her first job as an intern before graduation was with a small marketing firm run by two former American Express employees at Consultants 2 Go, Sandi Webster and Peggy McHale.   

Schultz was referred to them by a family she was babysitting for.

After graduating in 2009, Schultz went to work for American Express after her former mentors recommended her.

Read more in take The Lead on fintech entrepreneurs

“The first job I interviewed for, I did not get. The second job I did,” Schultz says. “I called my mom after the first interview and said this company is so incredible; I was blown away by the people.” And she has not left.

Coming in as an entry level analyst, Schultz says, “that dynamic changes as you move up. You have to think about your network, your mentors, your sponsors, you have to have people rooting for you who can lift you up.”

In her career at Amex, Schultz and the innovation team introduced the Send & Split app in partnership with Venmo/PayPal. She recently has worked on peer-to-peer, wearable, messaging and voice partnerships with Fitbit, Google, Amazon, Facebook and Apple as well as partnerships with TripAdvisor and Twitter.  

The UNCDF’s Inclusive Digital Economies and Gender Equality Playbook regards digital and financial inclusion as one of the key drivers for women’s economic empowerment and agency—it enhances access to income and assets, grants control over economic gains and the power to make financial decisions, Observer Research Foundation reports.

“The @UNCDF ‘s Inclusive Digital Economies and #GenderEquality Playbook regards digital and #financial #inclusion as one of the key drivers for women’s economic empowerment and agency.”

“The need for closing the gender digital divide has never been more pressing, and Fintechs seem to be already taking a lead in areas of financial inclusion through microfinance. Equitably assimilating women’s requirements into the Fintech industry by tackling the unique socio-economic and systemic challenges faced by them is an economic imperative.”

Yet women are not in parity in fin tech global. AltFi reports, “Women currently make up less than 20 per cent of global fintech executives, even though data reaffirms that diversity and inclusion in senior leadership is good for business and is a force for good.”

In the United Kingdom, “These statistics are all the starker when looking at investment. Research published by Innovate Finance shows that female-founded fintechs accounted for 17 per cent of the UK’s total fintech venture capital (VC) investments over 2020, an improvement of 6 per cent from the previous year,” AltFi reports.

To accommodate more women in fintech, networking and mentorships are encouraged at American Express, Schultz says, with a Ready To Lead program for women “who want to make the jump to lead a team.”

“To accommodate more #women in #fintech, networking and mentorships are encouraged at @AmericanExpress, @Schultzs831 says, with a Ready To Lead program for women “who want to make the jump to lead a team.” ”

Early on in her career, she says, she was too timid to reach out. “Everyone was so busy, I thought they didn’t have time to answer my questions. But I learned nothing bad can come of asking.”

“Early on in her @AmericanExpress career, @Schultzs831says, she was too timid to reach out. “Everyone was so busy, I thought they didn’t have time to answer my questions. But I learned nothing bad can come of asking.” #networking #women #fintech ”

And Schultz is giving back. She recalls that three years ago she spoke to a group of college students visiting AmEx Digital labs and she has stayed in touch with one of the students from that day who asked her a question. “Every few months or so we maintain that connection,” she says.

As a digital innovator, COVID has disrupted and reshaped the way her team works together. So has the birth of her son, Cooper, now two years old.

With the team working remotely, she says, compared to in-person, “when you came in for brainstorming, there is a lack of in-person spontaneity, so you miss hallway chats and elevator run-ins and the white board.” She calls this “serendipitous creativity.”

But remote work has inspired her to create more casual connections and spaces, such as a “walk and talk,” no screen time and inspiration exercises with time dedicated to discussing a book, product or podcast, she says.   

“Despite its limitations, #remotework has inspired @Schultzs831 to create more casual connections and spaces, such as a “walk and talk,” no screen time and inspiration exercises with time dedicated to discussing a book, a product or podcast. #wfh #womenleaders”

Other women leaders in fintech agree.

Writing in Finovate recently, author Julie Muhn explains, “I don’t want to minimize the headaches that moms (and truly everyone) have endured over the past 20 months. However, it’s worth pointing out a few ways that the pandemic economy has actually benefitted working mothers, specifically mothers working in fintech (myself included).”

She adds, “The need for employees to balance work with home schooling and childcare motivated many workplaces to embrace more flexible working hours. As long as employees produce quality work, put in the necessary hours, and attend mandatory meetings, many are able to set their own schedule that works with their family.”

Read more in Take The Lead on fintech founder

Based in New York, Schultz says she is headed back to the office in person in January 2022.

With a dozen years at AmEx on her resume, Schultz says she has learned many lessons as a woman leading in a fintech space.

“My philosophy has always been I know I’m not supposed to be perfect, but I am supposed to try my best.” This was a lesson learned in gymnastics competition, Schultz says.  “I think through gymnastics I learned it is about the effort you put in. And when you have coaches on the side, it helps. I remember standing on the vault runway, afraid and my coach telling me he I knows I can do this.”

“With a dozen years @AmericanExpress on her resume, @Schultzs831 says she has learned many lessons as a woman leading in a #fintech space. “My philosophy has always been I know I’m not supposed to be perfect, but I am supposed to try my best.” #womenintech”