March 8,2022
By Vesa Bunjaku
It’s not a secret that the finance and technology sectors have been and still are predominantly dominated by men. While FinTech brings these two industries together, it comes as no surprise to still see a lack of female inclusion and representation. Although some steps have been taken in the right direction, there is still a lot left to be done.
The issue with gender inequality in FinTech starts within the industry, with an incredibly small percentage of women leading and working at these companies, and stretches all the way to the user base.
According to a study last year, conducted by womeninfintech, less than 30% of the workforce in Fintech is female, and only 17% of senior roles are held by women. Many companies stated that the low numbers are the consequence of fewer women applying for positions in junior levels. This leads to the question of the root cause, as what needs to happen in the industry in order to change this?
An even more alarming inequality is present when we look at the founders of Fintech companies. Only around 5% of founders are women. A Harvard Business Review case study shows that this problem is closely linked to funding, and the fact that female-led businesses are less likely to receive funding for their projects. This also echoes within the companies themselves, where women have claimed to have had their input and ideas not receive the appropriate attention, especially in comparison to the ideas of their male counterparts.
Combating these barriers requires a multifaceted approach: a more inclusive language of the company, more funding for women and perhaps the most important, a qualitative education. This includes encouraging and supporting women, as well as providing resources for women and girls to participate in STEM, and by extension, to explore the field of Fintech.
It also includes fostering programs which educate men on the matter, and the role they can play in encouraging female representation, as well as examining the barriers and bias against women in this industry.
Unfortunately, the issue of gender inequality persists in the customer experience too. According to consumer insight specialists, financial institutions do not consider different approaches to financial management between the genders, and in doing so, they fail to seize the opportunity to deliver better and more tailored services. This leads to the conclusion that the involvement of women in Fintech leading positions of the companies can have an immensely large impact, including in the experience of the customers.
Us at Swinto firmly believe in achieving gender equality and conveying a language that is inclusive to all genders, whether it is related to the structures within the company, or to the very user base of the company.
We are passionate about educating masses, especially the youth, in the field of STEM and offering the support needed for a more equal future.