As Chief Marketing Officer at Prosper Marketplace, Melinda Marchesi‘s story is one of adaptability and continuous growth, demonstrating how unexpected paths can lead to fulfilling and impactful careers. Her ability to blend her past experiences with her current role allows her to connect deeply with customers and drive meaningful innovation at Prosper Marketplace. She never imagined a career in financial services when she first graduated from college. With aspirations of becoming a journalist, Melinda initially pursued that path but quickly realized her true passion lay in being at the heart of the action rather than just writing about it. This realization led her to the world of publishing, where she discovered a deep interest in business, particularly in the rapidly evolving field of digital communications.
Melinda’s career pivot from journalism to business ignited her journey into digital marketing, eventually leading her to a role at Chase Bank. Over the years, she has built an impressive career in financial services, taking on leadership roles in digital product development, general management, operations, and marketing. As the CMO at Prosper Marketplace, Melinda draws from her diverse experiences to craft strategies that not only resonate with customers but also address broader business challenges. She leverages her background in digital communications to innovate across channels and products, ensuring that Prosper remains at the forefront of the financial services industry.
Below are highlights of the interview:
With over 10 years in the C-suite, what do you consider the most significant challenges and rewards of operating at this level?
Some of the challenges I’ve faced over my time in the C-Suite include ensuring the right messages at the right time are cascading through the organization, keeping employees happy and engaged during challenging times, and making strategic decisions that might not be popular but are necessary. Another challenge is not having a safety net – you are it!
On the flip side, some of the most rewarding parts of operating at this level are helping to shape the strategy and direction of the company and getting exposure to and learning from the top executives and the board. I also found it rewarding to have a degree of autonomy to run your function and to build a team in the way you feel is best for the company.
As a fintech startup advisor and investor, what emerging trends do you see shaping the future of the fintech industry?
As with pretty much every industry, AI will continue to dramatically shape fintech. It crosses everything, including marketing (e.g., models and creative testing), underwriting and servicing (speed and accuracy), and more mundane tasks like regulatory compliance and QA testing. This will lead to faster development cycles and better products.
Instead of the banks and fintechs going head-to-head, I see increasingly more partnerships being formed to fill gaps that both have. This is true for my company, Prosper, as well as many in the fintech space.
Embedded finance is a really interesting space for fintech. It allows customers to access their banking activities while they are in the middle of another process (e.g., e-commerce, gaming, social media), where and when they need it. It has been around for a bit (e.g., buy-now-pay-later), but is getting increasingly sophisticated. Embedded insurance, use-specific credit cards and wallets, integrated mortgage services, and loyalty programs are all continuing to evolve as well.
What do you believe are the most promising opportunities for fintech companies in the next five years?
All companies have an amazing opportunity in the next five years to really customize products and services at scale. I think this is particularly applicable to fintechs in a number of ways. I predict that in three years fintech websites and mobile apps will have no static content; it will be an AI-generated amalgamation of what the company and the internet know or predict about you on a very personal level. This includes what products are best for you, but also what imagery, features, and language will be most attractive to you as a consumer. A/B testing will be a thing of the past; it will be thousands of tests happening concurrently and landing on what is right for you and people like you. As a marketer, I am very excited for that future vision!
What core values guide your approach to leadership, and how do you inspire your teams to embody a collective vision?
Empathy, humility, and staying grateful are core values that guide my approach. I also stand by always assuming best intent.
One story from early in my career has had a lasting impact to this day and shaped how I lead and inspire my teams. My boss at that time, Jack, emphasized the importance of treating your team with the same empathy you would show family. When my first child faced serious medical issues after birth, I realized I couldn’t juggle coming back to work as planned and requested a leave of absence. Jack recognized my dedication and effort, and he encouraged me to prioritize my well-being and family responsibilities. He assured me that there was no pressure to perform at the level I was at before having my son, and when I felt ready, I could gradually ease back into work. This was before work-from-home days. As a woman and a new mother, Jack’s understanding and support were invaluable to me. I remained grateful and loyal to him throughout my tenure there.
Inspired by him, when employees are struggling, I’ve always had the approach, “We will all have struggles in our personal lives over the course of our career. It’s your time now. Work can wait.”
How do you ensure that the teams you build are not only high-performing but also aligned with the company’s purpose and mission?
One way is modeling the values in how I lead (see previous question). Also, we consistently talk about our company’s mission and core values with employees. At Prosper, our mission statement begins every large meeting, and our values (curiosity, accountability, simplicity, diversity, excellence, collaboration, and integrity) are celebrated through awards earned by employees who exemplify them. I try to emphasize it’s not just the what but the how when promotions and recognition opportunities come up.
What insights have you gained from your board roles that you apply to your executive leadership?
At the board level, I am no longer functioning as an operator but as an advisor. That was a bit of a shift, but one that I have really enjoyed at this stage in my career. It requires taking a bit of a step back and looking at the big picture when it comes to macroeconomic impacts, strategic decision making, and risks. I bring those qualities back to the executive table and try to balance the strategic/advisory thinking with the practical day-to-day decision making. It has made me more well-rounded as an executive.
What advice would you offer to fintech companies looking to strengthen their governance frameworks?
Be balanced. Many of us in fintech come from banks. That obviously has many advantages. But the disadvantage, which includes being too cautious and bureaucratic at times, gets in the way of being nimble.
The challenge is how to innovate and push the envelope while still staying compliant. Don’t forget we are filling a gap left by the banks! And, once again, AI can be helpful. For example, we are using tools that scour our customer service transcripts looking for potential compliance problems that take a fraction of the time it took humans.
How do you handle setbacks and challenges in your career, and what strategies do you recommend for resilience and growth?
Shortly after transitioning to the executive table at Chase, I was having a 1:1 with the CEO and going through my agenda items, which were mostly a list of challenges and setbacks. She patiently listened, then sat back and asked, “What are you going to do about it?” It was the first time a manager had said that to me. I realized at that level, no one is going to solve your problems. I was responsible for finding solutions and taking action. To this day, I don’t like passing on any problem to the CEO that I haven’t tried my best to solve first.
In terms of larger challenges, establishing trusting relationships with your peers is critical. They are your sounding board and can be your cheerleaders (or truthtellers). This is true at my current company, but I also have a close circle from past roles that I still rely on. Finally, know when to call it and move on. If you can’t find any joy in your role after trying your best, it may not be the right place for you.
What advice would you give to aspiring leaders, especially women, looking to make their mark in fintech and marketing?
It’s important to learn your company’s numbers. As marketers, we tend to skew right brained, but knowing the numbers is essential. The company’s financial impact the marketing budget, returns, and strategy. You need to know how your work impacts those numbers to sit at the executive table.
I also encourage aspiring leaders to always be curious. I love seeing how competitors and marketers in other verticals are innovating. Don’t just leave it to your people. Be a student for life!
Lastly, for the women rising in the ranks, remember to not be afraid to be the only woman in the room. It has happened to me countless numbers of times. You will not only stand out but will pave the way for others. Have courage!
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