IWD 2024: Why we must support women to shatter the fintech ceiling
Fintech is a fast-moving, high-growth space that is rapidly transforming both the tech and financial services industries. For sustained success of the sector, growth, visibility, progress and exceptional talent of all genders is crucial. According to the EY European Financial Services Boardroom Monitor, women hold 39% of financial services board director positions - but this stands at just 11% across fintech firms.
I partner with top brands in the fintech space to build messaging, shape perception and enable them to tell their unique stories. The lack of female talent is something I have experienced first hand and as a female CEO, experienced consultant and mentor, I've seen just how important it is that we encourage more women into fintech. Ensuring that their skills and perspectives contribute to building a future fit fintech industry that continues to lead the way in developing products and solutions that make financial services increasingly accessible and impactful.
Diverse teams drive innovation and creativity and gender is just one of many areas of diversity where progress needs to be made. By bringing women into businesses at every level, fintechs can become more successful from every angle. From developing more groundbreaking solutions that cater to a broader range of users, attracting new customers and building cross-industry partnerships, highly skilled women can make an impact. And, from a corporate performance perspective, firms with diverse leadership teams tend to outperform their peers, through better decision-making.
There is also a great challenge in retaining talent in such a fast-paced, evolving industry. As women continue as they have for generations to have children, take maternity leave and carry more of the burden of family life, fintech companies have to offer the support and benefits that make being a working mother a viable option. I would ask all firms, not just fintechs, to consider what they are doing to actively prevent women and their intellectual capital from leaving the industry mid-career. From equal parental leave rights, support to reenter the workforce, and flexibility day-to-day, there are many practical steps that can be taken to better support women.
Like many financial services and tech sectors, fintech has a significant gender gap. As women in the industry, we have a responsibility to bring in the next generation of female leaders, building them up to shatter the glass ceiling and end the disparity. The relationships I've developed with my female colleagues and mentors over the years have truly impacted the trajectory of my career. To have people in your corner who can relate to what you're experiencing and provide guidance from their own lives and experiences is such a powerful tool for making women feel supported in the workplace. Through role modelling and mentorship, we can make a difference for the next generation of talent in fintech.
Encouraging more women to join the energetic and fast-growing fintech industry and then enabling and supporting their continued success is not just a conversation for International Women's Day. Nor is it a social cause. It is a strategic decision that business leaders can take to deliver innovation, growth and sustained business success. By breaking down the barriers and creating inclusive environments, we can unlock the potential of women in shaping the future of fintech.