Inclusion and diversity are flourishing in the FinTech industry in 2024. Even while the market is becoming more and more varied in terms of race and gender, women still have a ways to go in this regard.

According to Gartner's 2023 data, FinTech companies can reap significant benefits from investing in diversity and inclusion. The data indicates that achieving balance in diversity, equality, and inclusion can lead to a 30% improvement in overall business performance. Having said that, what are some of the major obstacles that women face in the FinTech industry?

The COO of KYND, Melanie Hayes, expressed her pride in the advancements women have achieved in the FinTech industry, but she also acknowledged that much work remains. "International Women's Day serves as a reminder of the continuous fight for gender equality, particularly in fields like ours where the disparity is still very much in place, rather than just a day for celebration.

"At KYND, we are acutely aware of the important role we play in addressing the significant challenges that still face women in tech sectors, particularly in cyber." Even while there has been progress, much more needs to be done to ensure diversity and gender parity in the sector.

According to Hayes, one of the main obstacles facing women is their underrepresentation in positions of leadership. Even while many women are just as skilled and knowledgeable as their male colleagues, they frequently encounter obstacles that can prevent them from moving up into executive positions. She stated that in order to solve this inequality, deliberate efforts must be made to put in place initiatives for leadership development, mentorship programs, and clear promotion processes.

The KYND COO added, "Moreover, the lack of visibility and recognition for women in FinTech perpetuates the gender gap." In order to combat this, it is necessary to raise the profiles of female professionals through recognition in the media, platforms, and prizes. By elevating their voices and recognizing their accomplishments, we can encourage females in the coming generations to go into the cyber industry.

Furthermore, women in the business continue to have serious concerns about work-life balance, which are made worse by cultural expectations and caregiving obligations. Creating an atmosphere where women can thrive professionally without sacrificing personal well-being requires flexible work arrangements, childcare help, and an inclusive culture.

One of the most widespread misconceptions about the cybersecurity sector in KYND is that it is dominated by men, which may discourage females from studying tech from a young age. According to Hayes, specific programs that present it as an attractive and feasible career option for people of all genders are necessary to change this impression at the school level.

It's true that the field offers a plethora of alternatives outside of typical software engineering positions, but this diversity is frequently disregarded. It's critical to highlight the industry's diversity and fact that it caters to more than just men in order to draw in more women. Girls' ideas of what a career in cyberspace entails can be expanded by highlighting the sector's exciting prospects, its capacity for innovation and problem-solving, and its role in promoting positive change, according to Hayes.

Variety spurs creativity

When comparing the representation of men and women in the FinTech industry, the proportion of women in this field is still quite low. Women occupy 39% of board director positions in the financial services industry, according to the EY European Financial Services Boardroom Monitor, although this percentage is only 11% in FinTech companies.


While representation is low, films with a higher percentage of female executives tend to earn higher revenue and receive more funding, according to a 2022 IMF Digital report, which highlights the financial benefits of gender diversity in leadership positions. This was highlighted by Stacey Jahpta, head of growth at Sybrin.

"Innovation is fueled by diversity, and the collision of opposing ideas produces the kind of ground-breaking concepts that have the power to transform the world. Without it, we run the risk of stagnating and repeating tried-and-true ideas rather than ever really creating something new, according to Japhta.

"To all the women out there who are feeling defeated—whether it's because you're not getting paid fairly, you're being treated differently, or something else entirely—I hope you find a community that gives you hope for change," she said.

"Excellent examples of these kinds of groups are Martha Mghendi-Fisher's European Women Payments Network (EWPN) and African Women in Fintech & Payments (AWFP). Her programs are designed to promote diversity—not only between genders but also between different cultural and professional backgrounds. We all deserve the support and guidance this supportive community of ladies provides to one another. Japhta emphasized that it's time to extend the conversation, include more people, and pay close attention.

promoting diversity
 

According to Quantifind's chief marketing officer, Annalisa Camarillo, women are forging ahead in the rapidly changing FinTech industry, but they also face challenges that require our attention as a group.


"The journey to equality remains challenging, despite significant progress toward gender parity," she declared. Gender prejudice and stereotypes, restricted access to capital and investment opportunities, underrepresentation in leadership positions, and a dearth of mentorship and support systems are some of the major obstacles facing women in the FinTech industry.

"Diversity and inclusion initiatives, open hiring and promotion procedures, funding and resource access for women entrepreneurs, mentorship programs, and the development of a work environment that supports work-life balance and gender equality are some ways to address these challenges."


Camarillo provided instances of female FinTech innovators who are shattering stereotypes and advancing constructive change within the sector. The founder and CEO of Starling Bank, Anne Boden, was one such figure that the Quantifind CMO highlighted as having played a significant role in transforming the banking industry with cutting-edge digital banking technologies.
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Adena Friedman, the president and CEO of Nasdaq, was another person cited by Camarillo as an example. According to Camarillo, Friedman has been instrumental in advancing tech-driven solutions and encouraging diversity in the financial services industry.

These trailblazing women challenge the status quo and open doors for greater possibilities and visibility for women in FinTech. They also act as role models and champions for gender equality. Their achievements and leadership demonstrate the revolutionary effect that empowered women may have on changing the FinTech industry's terrain, according to Camarillo.


"Equality, mentorship, and a supportive work culture are inherent in the company values of Quantifind," she continued. To provide a safe environment, we oversee internal and external women in risk collectives. To see a meaningful shift in the FinTech industry, more companies need to be doing what they say they would. Together, let's honor the trailblazers and make a commitment to building a future in which every woman has the chance to prosper and make a lasting impression on the field.

There is still some work to be done.
 

Head of business development at WealthTech company Kidbrooke, Zaliia Gindullina, expressed her opinion that the FinTech sector has not done enough to address the issues facing women in the field.


"Many diversity and inclusion programs in the financial industry still have a predominantly marketing angle," the speaker said, adding that many awards given out for opaque reasons fail to recognize the industry's excellent practices. The issue of childcare costs is still unresolved, and women predominate in speaking roles only at gatherings exclusively for women that men avoid.

"I think the industry should try to address the issues head-on and stop using the diversity agenda for marketing purposes."

Gindullina proposes three essential routes to increased equality in order to address these discrepancies. She first recommends assisting recent mothers in going back to work and fostering an atmosphere that supports fathers taking parental leave.


Second, Gindullina urges organizations to plan gatherings where males can hear talks by female specialists. In order to prevent half of the audience from attending, she stated, "it would need encouraging women to contribute their skills and not labeling the events as "female-specific."

In light of this, businesses ought to discuss their effective policies. The widely held misconception is that diversity and inclusion only entail packing a room full of diverse people to work in.

It is a difficult task that must be appreciated because it entails debating different, occasionally opposing points of view on the issues, deviating from the organization's comfortable past practices, and giving thought to issues that weren't always important. Diversity is effective when no one feels excluded, and women in the Fintech industry still have a long way to go before they no longer experience this, according to Gindullina.

Variety in cognition
 

Chief product officer of Regnology Linda Middleditch expressed the opinion that most businesses take deliberate steps to guarantee diversity in terms of gender and race in their hiring and promotion procedures. Middleditch stated that in order to guarantee a large pool of candidates at every level, it is also necessary to ensure that all groups are represented.

Middleditch emphasized that she was a "passionate advocate" for STEM programs that teach girls to code in the early grades and that she also provides various forms of educational support for jobs in technology.

The Regnology CPO added that in order to preserve priceless expertise and distinctive skill sets, she would like to see more return-to-work programs that encourage women who take a break to raise children to return.

"I have often pointed out that it is extremely tough to negotiate with a toddler to get him to put on his socks and shoes to go outside," she said in her explanation. Negotiation and patience are transferrable abilities. When handling stressful, challenging situations on the trading floor—particularly with traders who have a history of hurling a tantrum or two—I have frequently found it to be quite helpful.

But does this truly lead to a diversity of thought rather than just a diversity of appearances, Middleditch questioned?

"In my view, cognitive diversity achieves greater success by eschewing the traditional diversity movement and emphasizing diversity of thought. Our capacity to provide innovative solutions that tackle the problems our clients confront today is strengthened by cognitive diversity.

"My experience in technology and financial services has also influenced my perspective on the significance of cognitive diversity.

"Cognitive diversity, along with other types of diversity, is a crucial attribute that helps us to innovate and create, which eventually helps our clients. Having a diverse team of thinkers leads to better outcomes because they approach the problem from different perspectives. As a leader, it is my responsibility to ensure that everyone recognizes the worth of what each other is doing. When done well, this is a tremendously fulfilling job, Middleditch stated.

persistent difficulties
 

Maygan Voros, a senior product manager at ACA, believes that one of the hardest sectors for women to work in is fintech. "It merges the two most male-dominated sectors into a single, distinct market, and as a result, biases are inevitably introduced into the recruiting, promotion, and idea-investing processes.

Voros pointed out that while this bias may not be deliberate, people often choose to work with people they can relate to or connect with, and when so many of the leadership and applicants are men, it can be difficult for women to carve out a place for themselves. Moreover, women continue to be underrepresented in all STEM-related fields; in the FinTech sector, for example, women make up 30% of the workforce but just over 10% of the leadership. "The Fintech industry is not the most appealing for women to enter, especially with the pay gap that still exists between men and women," the speaker stated.

How might one resolve such a problem? "This can be altered by businesses prioritizing the hiring of women. encouraging settings that support the advantages and lifestyles that women choose. More women in leadership positions may inspire the following generation to close the gender gap in historically male-dominated fields.

In closing, Voros said that FinTechs could start to change the gender gap in the industry if they invested in assisting leadership in recognizing their biases in a way that didn't force them to hire women but instead promoted the idea that a diverse workforce could improve the work environment and business decision-making process.