Sam Welch stands out as a remarkable leader in the world of Financial Services. He is a qualified Chartered Accountant (ACA) and seasoned professional with over two decades of expertise in strategy, commercial, audit and operations. He is dedicated to driving businesses and ensuring their strategy is robust and well thought-through.
Throughout his journey, Sam has honed his skills in strategic planning, market entry, operations, commercial and team development. He currently serves as the Chief Revenue Officer at TransUnion.
Early Foundations: A Passion for Innovation
Sam’s professional journey in Financial Services began at PricewaterhouseCoopers. Upon leaving university he wanted to obtain an industry accreditation, and becoming a Chartered Accountant at such a prestigious firm felt like a good move. After completing his ACA, Sam was seconded to the PwC Sydney office to work on a newly acquired large audit for one of the Big Four Australian banks.
Upon his return to PwC’s London office in 2010, Sam transitioned into Strategy Consulting at PwC for a few years before moving into the industry with a role managing global strategy at Jardine Lloyd Thompson (JLT). He was close to relocating to Chicago with JLT when Experian approached him to manage strategy across EMEA and create a best-in-class function, which he accepted. This role then expanded to include the UK business. Sam’s team covered everything from strategic planning, competitor intelligence, market sizing, M&A reviews, blue-sky strategic initiatives and new product roll-outs.
Experian offered Sam a new global role which he was considering when he was approached about a role at TransUnion to sit on their Executive Board as the Strategy & Planning Director. This was a new role for TransUnion UK, so there was a blank canvas on which to create a ‘best in class’ function. Sam accepted the role (and used his short time between roles ending and starting to undertake some Consultancy/ Advisory work with one of the Co-founders of a fintech start-up).
Transitioning to TransUnion: A New Chapter Begins.
Sam’s career took an exciting turn when he joined TransUnion. Before this move, he was responsible for managing the competitor intelligence function at Experian, so he was already familiar with TransUnion (CallCredit). In 2018, TransUnion acquired CallCredit, which up until then had not been able to fully compete on a level playing field with the other Credit Reference Agencies due to its smaller scale. Following the acquisition, TransUnion gained the ability to leverage global assets, whilst maintaining its relentless focus on client service. Even as the team has continued to grow and the business has expanded globally, TransUnion (CallCredit) has maintained its pace and agility.
Sam’s Distinctive Leadership Philosophy
Sam focuses on a few aspects of his approach to leadership: 1. Treating others how he would like to be treated himself; 2. Never asking anyone to do something he wouldn’t be willing to do himself, and; 3. Hiring people with the right attitude—the rest can be taught!
Nurturing a Dedicated Team
Sam has set a charter and standards across his function to which he expects everyone to adhere. People must be clear on expectations in their role, with regular check-ins against these to showcase high performance and identify where people need support to course-correct. Sam also ensures an equal focus on internal talent as well as growth by external hire; wherever possible, he wants people to progress their careers at TransUnion. Nothing gives him more satisfaction than seeing talented colleagues progress within TransUnion.
Challenging Decision by Sam
Like any company, resources are limited. Therefore, business leaders are unable to pursue every initiative and need to make tough choices. Sam believes in transparency during this process. By sharing the explanation of the decision criteria (i.e. based on Return On Investment), his team can better understand why an initiative has been prioritized over another.
Ensuring Agile and Adaptable Strategies
TransUnion has a thorough 3-year planning managed by the Strategy and Planning function. The team leads this by creating sector plans that outline macro trends, the voice of the client and key client initiatives, white space analysis, and business requirements. The team then aligns these plans internally across Product, Technology, Operations, etc. Once aligned, they can then create execution plans to ensure progress on each initiative.
As is often the case the external market changes, so plans must adapt accordingly. Many companies fail because they are too rigid and inflexible with their plans. Rapidly pivoting to a different plan is crucial for maintaining growth. It is important to remove the emotional attachment to any plan.
Continued Impact and Future Endeavors
As TransUnion continues to explore new frontiers and drive innovation, its focus will be on data-driven insights, financial inclusion, digital transformation, and strategic partnerships. The company’s commitment to empowering consumers and businesses will solidify its position as a leading player in the UK credit landscape.
Leveraging Digital Technologies at TransUnion
TransUnion strategically uses digital technologies to enhance its offerings and maintain a competitive edge in the market. The team is actively harnessing technology through:
- OneTru™ Platform for AI-Powered Data Collaboration: A powerful solution enablement platform, that capitalizes on TransUnion’s authoritative data assets, cloud-enabled infrastructure, and artificial intelligence (AI) and machine learning (ML) capabilities to connect separate data and analytic assets.
- Cloud Migration and Next-Generation Data Platform: TransUnion’s cloud migration initiative, Project Rise, aims to complete the transition to a new software foundation within leading public clouds by the end of 2024. This enhances agility, scalability, and cost-effectiveness.
- Artificial Intelligence (AI) and Biometrics for Fraud Prevention and Customer Experience: By leveraging these technologies, the team enhances both security and customer experience.
Integrating Technologies Aligned with Business Goals
TransUnion’s approach balances short-term gains in productivity and cost reduction with long-term technological innovation. TransUnion ensures alignment with its strategic goals by optimizing operational models, embracing cloud technology, and creating an integrated platform.
Overcoming Through the Hurdles: Pioneering Innovative Solutions
The Financial Services industry continues to face a turbulent macroeconomic environment that might impact the industry for the next several years. The combination of high interest rates, sluggish economic growth, and the persistent cost of living crisis creates a challenging backdrop for Financial Services firms. Sam and his team recognize the need for agility and closely monitor economic trends, focusing on resilience to support the clients in navigating these uncertain waters. Among the other significant challenges, they envision:
- The UK Financial Services landscape is evolving constantly, and the team aims to support the clients in navigating the regulator’s expectations. TransUnion actively engages with regulators, aligns with the Financial Conduct Authority (FCA), and helps clients embed the Consumer Duty in their processes.
- Cybersecurity threats continue to evolve, and financial services firms must stay ahead of regulatory expectations. TransUnion emphasizes cyber resilience by mapping the path to better security.
- While embracing technologies like AI and ML provides opportunities, it also poses material risks. TransUnion collaborates with the industry to address the impact of continued digitization and the introduction of new technologies.
The Significant Role of Innovation in TransUnion’s Future
Innovation plays a pivotal role in shaping TransUnion’s future, ensuring its relevance and competitive edge. “Our approach to innovation includes initiatives already mentioned, such as the OneTru™ Platform for improved data collaboration, Global Capability Centres (GCCs) for efficiency and growth, Cloud Migration for agility and scalability, Balancing Fraud Prevention, and customer experience. Additionally, TransUnion is actively monitoring trends and regulatory changes that enable us to anticipate challenges for our clients and adapt our offerings in a timely manner. It remains at the forefront of innovation, addressing emerging challenges head-on,” shares Sam.