One might think that in an advanced industry like financial technology (FinTech), gender diversity could be a minor issue, but it’s not. While there are more women in FinTech than ever before, there is still much work to be done to address the representation and influence of women in this sector.
But how are things going in FinTech? Here’s the painful truth: traditional banks are ahead of FinTech in terms of gender diversity in leadership positions. Women represent 23% of bank management, but only 14% of executive positions. Ouch.
As of now, it’s an industry founded by men, led by men, and producing products for men. This sector combines two industries, finance and technology, where gender diversity is not adequately valued.
It’s important to start prioritizing diversity, culture, and innovation with a focus on customers, thus contributing to gender equity. Part of the solution is to bring more female students into STEM studies. In Latin America and the Caribbean, women represent 35% of those studying science, technology, engineering, and mathematics (STEM) fields.
Unfortunately, people currently do not have a full understanding of the benefits that diversity brings to companies. Financial institutions are not considering different banking approaches between genders, and by not doing so, they are missing a significant opportunity to provide better services and products.
These entrenched issues make it even more important to have more women in leadership positions in FinTech and in positions of responsibility. Let’s encourage girls to enter STEM careers and be valued for their abilities. The more women are represented in this sector, the better equipped technology will be to meet the needs of modern consumers.
While there are women at the helm of tremendously successful companies, being encouraged and supported by fantastic male allies and advocates, there is still a long way to go.
So, what can companies do to combat gender biases?