Published : 7 months ago, on 08/03/2024

International Women’s Day 2024: Four fintech leaders reflect on progress in the industry

In 2024, it’s concerning to see that, in the financial services industry as a whole, only 39% of board directors are women. While progress has been made towards gender equality in this sector, International Women’s Day serves as a reminder that more still needs to be done. Proactively working towards a more equitable industry is key to creating an open workplace culture, attracting diverse talent and nurturing future leaders. Additionally, diversity fosters innovation and drives positive disruption within the sector.

To mark the day, four female leaders from across the fintech industry have shared their insights and biggest learnings from their careers in the sector.

Better female representation attracts more diverse talent, boosts innovation and drives growth

Leaders within the financial services sector must keep in mind that diversity ultimately benefits the end-user – the most diverse group of all. In fact, with diversity comes a wide range of perspectives, which is key to keeping up with the latest trends and increasing competitiveness. For Anna Porra, Head of Market Development and Planning at Soldo, “Inclusivity fosters innovation and creativity which has been at the centre of the positive disruption we’ve seen in financial services over the past decade. Prioritising diversity not only advances individual careers but also bolsters overall economic growth by tapping into the full spectrum of talent. With the economic landscape looking gloomy, fintechs are doing all they can to stand out from the crowd. The ones that will, are investing both time and money in women – creating diverse workplaces that truly meet customer needs.”

She recalls that, “Research has continually proven that diversity benefits businesses, and in the competitive landscape of fintech, capturing talent and embracing a wide set of skills is not just a matter of social justice but a strategy for sustained success.”

Sarah Spoja, CFO at Tipalti, echoed this sentiment and believes that creating a diverse workplace is also vital to attract and retain young talent, saying that “Women made up just 16% of CFOs last year. While this figure has almost doubled over the past ten years, the percentages of women at the top remain too low. To combat the death of opportunities for female finance talent and inspire the next generation of leaders, we must create a more dynamic environment that embraces modernisation through technology to make the career more attractive to young talent, and continue to mentor our emerging talent through programs that showcase opportunities for their careers to grow across finance and accounting.”

She expresses that, “The finance office itself has evolved significantly in recent years. Traditionally, more junior roles were focused on compliance and control – in which graduates were led by a conventional ‘numbers CFO’. However, with the ongoing digital transformation of businesses and their increasing dependence on technology to shape strategic decisions, the dynamics of finance roles are shifting. Automation has played a pivotal role in this transformation by streamlining manual and mundane tasks, thereby freeing up time for young talent to engage in more strategic and value-added activities.”

Fostering a more inclusive and fair credit system

We have come a long way with gender equality in the financial services sector. Emma Steeley, CEO at Aro, recalls that “If we go back to the 1980s, it was commonplace for lenders to demand the signature or consent of a husband or male relative when a woman, married or unmarried, applied for credit. This practice was rooted in historical gender biases and societal norms that considered women as financially irresponsible and dependent on men.”

However, while a lot has been achieved in the credit industry, Emma Steeley highlights the importance of data to in making credit more accessible for females. She adds, “In the world of credit, data reigns supreme. But many credit scoring systems continue to rely heavily on traditional bureau data, which may disadvantage individuals, especially women. This discrepancy may stem from the persisting gender pay gap meaning women have less financial stability and consequently, fewer opportunities to secure the credit they need.”

She believes that there is an urgent need for a renewed focus on open banking and a phasing out of standardised bureau data to foster a more inclusive and fair credit system, that doesn’t disadvantage women who lack extensive credit histories. She says: “Addressing these issues requires a concerted effort by governments, financial institutions, and a revamp of how we assess affordability with a system that promotes inclusive lending practices, eliminates gender bias, and considers open banking for assessing creditworthiness and affordability. Outdated models, which have hindered countless creditworthy individuals, must give way to a more comprehensive, data-driven approach.”

Understanding that success is not limited by gender

Too many women still believe they don’t deserve their place in the financial services industry and are less likely to succeed than men. Women need to break away from societal pressures and stereotypes regarding ambition and success. Nicole Olbe, Managing Director UK&I at Adyen, argues that “We have to stop conforming to society’s expectations of ambition. While I have been lucky enough to work alongside some fantastic allies, reflecting on my earlier career there were some difficult days in the office. A case of a ‘fake it until you make it’ mentality, turning up to meetings in a power suit and bringing more of what I felt was a ‘male energy’. It took time to embrace what I truly believe is ambition and therefore success.” Fortunately, data demonstrates that women are starting to shake-off stereotypes and be proudly ambitious – according to Adyen research, 37% of respondents said they felt happiness when proclaiming personal ambition. 

Nicole adds that we should consider more than workplace obligations when we think of ambition; “Becoming a mother was an impactful moment in my career and was when I reevaluated what ambition means to me. I’m a mother first and while I’m also driven by a mission to deliver on innovative payment solutions, I’m acutely aware of my role in the future and being part of a world that serves a diverse population for the better. We’re in a period of redefining work and how it fits into all our other identifiers. You can still be ambitious while having other priorities. Look for allies in your business, and consider networking in groups such as Women in Payments who provide opportunities to share their experiences and hear from others.”

Empowering women in the fintech industry to build a more inclusive future

As we celebrate International Women’s Day, it is evident that the progress made in advancing gender equality in the fintech sector must continue to be championed. By dismantling barriers, challenging stereotypes, and embracing diverse perspectives, the industry can unlock its full potential for growth and contribute to the transformative evolution of the financial services landscape.