What do you do if your payment systems team is underperforming?

Knowing the problem is half the solution. A honest and open conversation across the payments systems team will help one understand the challenge of under performance across diverse team members. A team can become a A team only when there is awareness of the KPIs , alignment of objectives with each team member for delivery , and mutual trust and transparency within the team. Resources necessary for performance need be provided to the team as well.

In the every changing and evolving landscape of payments/fintech, performance of a payments systems team is impacted by many factors such as: -3rd Party Suppliers -Product Roadmap -Regulatory/Compliance Change -Scheme/Mandate Change A payments systems team performance cannot be looked at in isolation as it is impacted by change/transformation constantly. Knowledge is key, many organisations struggle to manage change and transformation, this is even more prevalent when it comes to payments systems given the complexity and multiple drivers of constant change.

If internal efforts to address underperformance are not yielding results, consider seeking external support from HR professionals, consultants, or coaches with expertise in team performance and development.

Assessing the situation also involves understanding the broader organisational context and strategic objectives. Consider how well your payment systems align with company goals and support overall business growth. Evaluate if there are opportunities to integrate payment innovations that could enhance customer experience or streamline operational efficiency. This holistic assessment ensures that improvements in payment systems not only meet current standards but also contribute positively to the organisation's long-term success.

Create a positive work environment that fosters motivation, engagement, and job satisfaction among your payment systems team members.

Identifying gaps goes beyond pinpointing deficiencies; it's about fostering a culture of continuous improvement. Engage your team in collaborative problem-solving. Use agile retrospectives to unearth root causes effectively. Empower team members to propose solutions and implement changes. Prioritize skill development and update processes iteratively. This proactive approach not only bridges gaps but cultivates a resilient, adaptive team ready to navigate future challenges with confidence.

Determine if your team lacks specific technical or domain expertise required for optimal performance. This could be due to inadequate training, outdated knowledge, or skill mismatches. As an example, if your team is unable to implement advanced tokenization techniques, you may need to provide targeted training or hire experts in this area.

Setting clear goals for your payment systems team is crucial for driving focused improvement. Beyond SMART goals, consider incorporating OKRs (Objectives and Key Results) to align team efforts with broader business objectives. Ensure goals are measurable and directly tied to enhancing customer satisfaction, optimizing operational efficiency, or achieving regulatory compliance. Regularly review progress using KPIs tailored to your team's specific objectives, fostering accountability and agility in responding to evolving market demands and technological advancements.

If the result after all those steps, the problem appears with member(s) of team capabilities & within their mindset. I think there should be a courage to take decision to let them go & inject new blood.

Encourage open communication, collaboration, and a growth mindset within the team. Celebrate successes and provide opportunities for professional development. As an example, implementing team-building activities, recognizing achievements, and encouraging knowledge sharing can boost morale and promote a positive team culture.

To address underperformance in the payment systems team, identify issues, set clear expectations, provide training and resources, improve communication, offer feedback and coaching, establish performance metrics, recognize success, and address persistent underperformance through performance management. Consider seeking external assistance if needed for improvement.

Evaluate if your team's resources (human, technical, financial) are allocated effectively based on priorities and workload. As an example, if your fraud management team is overwhelmed during peak shopping seasons, you may need to temporarily reallocate resources or implement automation to handle the increased volume. If internal efforts are insufficient, consider engaging external consultants, industry experts, or vendors to provide specialized support or training. As an example, if your team is struggling to implement a new real-time payment rail, engaging a consultant with relevant experience can accelerate the learning curve and implementation process.