18 March, 2024
#50 Portrait of a woman in finance: Valerie Nowak
- Can you shortly present your role as today in the organisation (in 1 sentence)?
I am leading Product and Innovation in Europe for Mastercard. I am responsible for driving the product strategy in Europe, deploying solutions & products meeting needs of consumers and businesses – large corporate or small businesses. It includes developing differentiating value propositions, launching new digital solutions that are fit for market, delivering a best-in-class user experience while keeping safety and security a key priority.
- What brought you to finance?
I started working for Mastercard 23 years ago, and I spent a good part of my career in Finance.
Before that, I worked at Lhoist, a Belgium based company that produces lime and mineral-based products across many countries. My role there as functional analyst involved bridging the gap between sales/finance functions and IT developers, to customizing ERP processes to their needs.
Upon joining Mastercard, I initially worked in the financial department, managing the financial planning function. Over time, I expanded my responsibilities, got a team, and became the divisional finance lead for Western Europe. This allowed me to delve into the business side of Mastercard.
Seeking to have a broader impact beyond numbers, I transitioned to run a business team (Customer Economics) after having my daughter. The transition brought both challenges and opportunities, for example, at that time the European Commission added more regulation to our industry,
I later became country manager, joining the sales organization of BELUX for a couple of years. Eventually, I held the CFO position in Europe for 4 years. Subsequently, I transitioned to Product and Innovation.
Finance played a important role in my choices and my career. I chose math at school because I enjoy working with numbers. I became commercial engineer. Throughout my professional career, I consistently gravitated towards finance, using financial skills to make an impact in the industry, whether I was in a finance or business role.
- What did you learn recently regarding gender equality ?
- I often find myself the only woman in meetings. It doesn't feel right. More recently, I make it a point to mention it so that people are aware. While I don't necessarily agree with quotas, I recognize that for centuries, men have been in leadership roles. Therefore, we need to make an extra effort to overcome this historical imbalance and accelerate progress. If we don't actively work towards bringing more females into these spaces, we will never catch up.
- On the other hand, my 12-year daughter is questioning why boys are not invited to participate in gender related event such as “Girls in Tech” activities organized by Mastercard. I believe that the younger generation perceives that gender equality should be inherent and inclusive. We need to take their perception into account when driving the gender agenda as well.
- What was one of the decisions that had the most impact on you/your career?
When I was working in the Finance department, my boss – Europe CFO - told me once that I needed to be more connected to the business. I took his advice very seriously and after a while took a role in the market development team. This shift was challenging and not comfortable for me in the first few months— I had to learn a completely new expertise in an environment people knew me less. Yet, looking back, I believe it was the best move I ever made. This decision allowed me to explore new things, opened many doors for me, and helped me get to where I am now.
- What would you tell your younger self ?
I would say what I say to anybody: be bold, don't be afraid, and be curious. Younger, I was less bold. But when you dare to be, it pays back. Don't be afraid, especially if you know you have an environment that is very supportive. Women often look at job descriptions and assess very strictly if they fit or not. My advice is: aim for a 50-50 fit, not 80-20. Look for something where you can add value quickly, and 50% is the stretch. The stretch makes us uncomfortable, so we limit ourselves to observe. To have an impact faster, dare to ask questions and take the thoughtful risk to make a decision even if you are not 100% sure. That kind of boldness is what I wish I had done earlier.
- Any message to share with female students interested in finance, or with young women starting their career ?
The jobs of tomorrow require more math and science capabilities, together with interpersonal skills . For teens girls, I would advise them to think about STEM. It doesn't mean you can't be curious and learn about other things (i.e. culture, arts), yet STEM is important.
The financial industry should be more balanced and reflect the diversity of our society; we need women in finance to make sure that everything we do in that sector is a mirror of our society, be it in developing relevant solutions or providing adapted recommendations.
