Why Women Make Great Financial Services Leaders

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In recent decades, attitudes towards women in the workplace have changed a lot. Women are no longer expected to stay home and take care of the house. They’re now just as likely to enter the workforce and develop successful careers. Recent years have seen a growing number of women in leadership roles, including executive positions. Some industries still lag behind though, and more can be done to promote equality.

The financial services industry has long been a male-dominated field, but there are some signs that this is beginning to change. According to Deloitte, the number of women in leadership roles within financial service companies was 24% in 2021. This is projected to grow to 28% by 2030 as attitudes change and the number of opportunities for women grows.

Why Female Leadership is Growing in Finance

Aside from the change in attitude towards women in work, better education and efforts from campaigners have helped allow the growth of female leaders in the finance industry. Female leadership programs are helping create the next generation of leaders who will take the finance industry and many other sectors to new heights. Data even suggests that female leaders can help boost company performance.

As the number of women in leadership roles increases, there’s a growing acceptance of them, and more people are beginning to see the benefits. Women can make excellent leaders in the financial services industry, and here’s why.

Fair and Trustworthy

According to research, women are more likely to be fairer and less corrupt than men. In the finance industry, where trust is paramount, this is an incredible trait to have. Companies that run in a fair and ethical way are gaining more trust and respect from investors, with ESG principles being a major indicator of success. While having women in executive positions doesn’t necessarily mean that a company is trustworthy, it does help inform consumer decisions and can lead to better profits.

Adaptable

In order to thrive and succeed, companies need to adjust to the changing needs of both their staff and customers. It entails establishing strategic alliances, strengthening customer engagement, and more. To predict trends and adjust appropriately, it’s important to be a good listener and to plan out decisions carefully. These are all traits that women often display and can help to ensure a company is successful in a competitive field.

Empathy

Women are often more empathetic than men, showing compassion for others and considering their feelings more. While this doesn’t seem like it would be important in the financial services industry, it can help a company be far better at connecting with customers. It’s also an important trait for a leader to have as it means they can understand the needs of their employees. Empathy helps leaders learn more about the challenges their employees face and helps them to be happier and more successful.

Women Leaders Changing Finance

In the financial and banking industries, women are increasingly filling executive leadership positions across the board, including several at Fortune 500 organisations. Some of the most influential women who are currently making an impact include:

Diane Morais

Diane Morais is one of the most powerful women in US banking, currently the CEO of Ally Bank. She joined the bank in 2008 and has been responsible for driving growth and profitability. Morais has also helped bring the bank into the digital age, focusing on both consumer and commercial banking.

Holly Hynes

Holly Hynes is currently the Chief Marketing Officer for Wells Fargo Small Business and Consumer Banking. Hynes has over 20 years of marketing experience, including brand planning, social media, digital marketing, and more. Prior to joining Wells Fargo CSBB as CMO, Hynes spent 11 years with Huntington Bank.

Zanny Minton Beddoes

Zanny is the first woman to be the editor-in-chief of the Economist in its 173-year history. She began working for the magazine in 1994 and has worked her way up from an emerging markets correspondent. She previously worked as an advisor to Ministers of Finance and as an economist for the IMF.