The payments industry is evolving faster than ever – and Lalita Babu is always one step ahead. Cuscal’s Senior Manager for Group Operational Risk has built a remarkable career on anticipating challenges before they arrive. In this Q&A, our Women in Payments Awards nominee discusses why self-education is non-negotiable, how to stay proactive in a reactive industry, and the major shifts reshaping operational risk in payments.
As Senior Manager for Group Operational Risk at Cuscal, my primary role involves driving the implementation of our risk management framework and actively partnering with the business. This ensures that all operational risks are managed effectively and remain within our defined risk appetite.
Outside of work, I really prioritise family time. Friday evenings are a ritual for my husband, kids and me – we play board games! It’s a great way to unwind after a busy week and set us up for the weekend.
I’ve been at Cuscal for four-and-a-half years and have moved through three roles: Compliance Manager for Open Banking, Domain Risk and Compliance Manager, and finally to Senior Manager of Group Operational Risk.
Naturally, I love learning, and Cuscal provides the perfect ground for it. No two days are the same in this fast-paced environment. Each new challenge is an opportunity to improve.
My career progression here has been exciting because each move broadened my expertise. I went from focusing on consumer data rights to managing the entire breadth of Cuscal’s operations, including payments, fraud, data issuing and acquiring, before moving into group-wide oversight and advisory. It’s helped me grow continuously in knowledge and breadth.
What sparked your initial interest in the payments industry, and how has your journey evolved since then?
Although I’ve been in financial services since 2005, my interest in the payments industry was sparked around 2018, when I began reading about data protection laws, such as Europe’s GDPR, and following Australia’s plan for the Consumer Data Right. When the open banking opportunity came up at Cuscal in 2021, I was ready to jump in.
Joining Cuscal was my real entry point into payments. I started learning about the entire payment processing value chain – from merchants and banks to payment processors and schemes. What I’ve realised is that this industry has evolved so rapidly due to new technology and changing consumer behaviour – we demand everything to be fast, quick and secure.
As a risk and compliance person, my mindset is always focused on what can go wrong in any process. This forces me to analyse the entire function and proactively prepare for risks. Self-learning has been key; you can never claim to know everything because something new comes up every single day.
I spent almost 13 years working in superannuation. At one point, I realised I needed to look outside my current domain. So, I decided to pursue a master’s degree in law to gain formal education on how to read and interpret legislation, case law and actual scenarios.
This was a turning point because it taught me that you don’t need to be bound by where you are currently working; you can always expand your knowledge if you’re ready to learn and put yourself out there.
That self-investment allowed me to successfully take the opportunity at Cuscal in 2021. Even though I was in superannuation, I had been following open banking and was prepared to make the transition. That period shaped my career by confirming the importance of not inhibiting yourself from taking those opportunities.
The payments industry is practically defined by changing consumer behaviour. Consumer needs keep evolving, which drives new technology, innovation and regulations to manage those changes, and tougher competition.
From a risk perspective, fraud and scams are certainly front-of-mind for everyone. The industry needs to secure payments and ensure customers feel protected. Technology, particularly artificial intelligence, is going to play a huge part in preventing fraud and scams.
The other significant opportunity is embedded finance: integrating financial services into non-financial areas. Buy now, pay later is a great example of this. Embedded finance brings new ideas and easier ways of doing things for consumers.
For me, risk management is all about being proactive, not reactive. The more we know about how our world is changing, the better we can prepare.
In the past, people assumed you needed a finance degree to work in the financial sector. Now, I believe it doesn’t matter what your domain of expertise is – there’s always a role if you’re interested in how finance and payments function in the real world.
The most important advice I can give is to prioritise self-learning. Women often have very busy schedules outside of their 9-to-5 jobs, balancing family and other activities. Finding time to invest in your education is critical.
In my own career, making that investment opened doors I didn’t even know existed. We often wait for the “perfect” opportunity, but every single step you take matters. Keep investing time and energy in yourself, and you’ll realise you are preparing yourself for opportunities you didn’t see coming.
Cuscal is proud to nominate Lalita for a prestigious Women in Payments Award. These awards honour women payments professionals who have demonstrated exceptional leadership, innovation and promise. Find out more about the awards.
Important Information: Information in this article is current as at 17 November 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business. Cuscal Limited ABN 95 087 822 455.
