Happy International Women's Day!
International Women’s Day is a global day celebrating the social, economic and political achievements of women. We are proud to have such a hard-working group of women be part of the rebuildingsociety.com team. We just wanted to take a moment to recognise all of the achievements that they have accomplished! In addition, how far women in Fintech have come.
This year, we are taking part in the International Women’s Day 2022 campaign. The campaign is called #BreakTheBias and it encourages us to:
We can build women’s equality by working together to #BreakTheBias.
To #BreakTheBias, the rebuildingsociety.com team wish to acknowledge the gender gap within the FinTech industry, an industry which is ever evolving and one in which diversity plays a significant role.
However, how diverse is it really? In this blog, we’re going to explore the gender gap and highlight some ways in which we can make the workplace more inclusive for women.
Gender Division within the FinTech Industry
Gender division within the FinTech industry is a major issue which needs to be acknowledged. Nonetheless, it is rewarding to see women join the industry and accelerate in their careers. However, when looking at statistics, it is men who dominate the FinTech industry and take up the top positions.
A study by Deloitte revealed that in 2021, ‘less than 30% of the UK’s FinTech workforce was female.’ Furthermore, when looking at senior positions in FinTech, only 17% of senior roles were held by women. And the most shocking percentage yet: only 5% of FinTech companies were recorded to be founded by women.
So, why is the percentage of women in FinTech so low? Besides, why aren’t they getting the top positions? Is it because women aren’t interested in financial services?
Far from it! Even in the 1960s women were interested in financial services. After all, women were the ones who took up computer programming and dominated that field. As Brenda D. Frink at Gender News states:
Maybe it is the lack of female role models within FinTech which prevents women from entering the industry. Furthermore, Dr Anne-Marie Imafidon MBE states:
The FinTech Industry Needs Women
Having women in FinTech improves business productivity, efficiency, and innovation. The 2014 McKinsey survey revealed that companies with a higher gender diversity had a positive economic impact. In addition, even recording a 15% increase in financial returns.
It is clear that women are needed in the FinTech industry. Nonetheless, despite the current presence of gender divisions, there is hope for a more inclusive future. Let's take a look at what is being done to include and encourage women into the sector. And what is more, let’s take a look at all of the accomplishments that have been achieved thus far.
FinTech Networking Organisations for Women
Many Fintech networking organisations for women have emerged with the goal of creating a more diverse FinTech industry. Practices such as conferences, workshops, and networking events have been held to inspire innovation, share industry knowledge, and empower one another.
A few FinTech Organisations include:
The European Women Payments Network
This is an organisation that strives to create more opportunities for women in the FinTech industry. The European Women Payments Network hold networking events and workshops.
As Martha Mghendi-Fisher, founder of EWPN, states:
Women in Fintech network
This is a global network that supports women in FinTech and thrives for diversity through online groups, global/local conferences, reports, as well as the provision of safe spaces to inspire one another.
They state that their mission is to ‘promote an inclusive and supportive FinTech environment. It is all about women not only sharing knowledge experience and professional advice but also inspiring one another within a meaningful network to help us break through the glass ceiling.’
Fintech Ladies
This is an organisation which was founded in 2016 by Christine Kiefer in Berlin. Although Kiefer was introduced to the gender imbalance within the FinTech industry in Berlin, the organization has now expanded across Europe. Their aim is to ‘shape the future of finance’.
Opportunities for Young Women to get Involved
The future of the FinTech industry is amongst the younger generation of women.
Women seeking opportunities such as workshops, courses and apprenticeships are a great way of introducing them to the Fintech world.
TechSheCan
TechSheCan is a charity on a mission for an equal future. This charity works with schools, government, and industry to improve the ratio of women in education and thus influence change.
There are a variety of programs such as:
· 5-14 years: Tech We Can – This program shows young women what a career in tech could look like. It provides free resources and lessons which can be used by teachers or guardians.
· 11-18 years: Career Pathways – Bringing industry and schools together. This program introduces young women and schools to the variety of tech roles out there.
· 18+: Pathways into Work: This program offers female-friendly apprenticeship opportunities for young women after they have left school.
Girls who code
Girls who code is another organisation which is on a mission to close the gender gap in tech. Desiring to combat the decreasing number of women in computer science, they offer opportunities such as:
· Clubs Program: These are an opportunity for students to learn about coding.
· College & Career Programs: These programs offer college-aged students and early career professionals (18-25) an opportunity to explore different careers, receive interview preparation, and gain access to leadership development.
· Summer Programs: Virtual summer schools offer the chance to learn about coding at both beginning and intermediate levels.
Girls in Tech
Adriana Gascoigne founded the non-profit organisation Girls in Tech in 2007 with the aim of eliminating the gender gap in tech. The organisation has expanded around the world to 50+ countries and now has more than 60,000 members. Girls in Tech states:
‘We’re committed to building the diverse and inclusive tech workforce the world needs. And we aim to see every person be accepted, confident and valued in tech — just as they are. So, when you’re asked how you fit into the industry, we want you to boldly say: “As I Am.’.
A few accomplishments by Girls in Tech are as follows:
-More than 5000 entrepreneurs have been funded, mentored, and supported through AMPLIFY, their startup pitch competition.
- Over 59,000 participants have engaged in their Hackathon series, solving local and global problems.
- More than 75,000 participants have been recorded in our coding, design, and startup Bootcamps.
Women in Finance Charter
‘Women in Finance Charter’ is a commitment by the HM treasury and all signatory firms. The statement is ‘work together to build a more balanced and fairer industry’. Additionally, the charter aims to improve gender balance across financial service firms in the UK.
By focussing on the executive pipeline, the Charter commits all signatory firms to supporting the progression of women into senior positions. Furthermore, it recognises the diversity of the sector and understands that different firms will have different starting points.
To sign the charter, a business must:
- Have one member of their senior executive team be held accountable for gender diversity.
- Set internal targets for gender inclusion in senior management.
- Publish annual progress reports against these targets on their website.
As we’ve seen therefore, there is an undeniable gender division present within the FinTech industry. However, with more and more organisations being founded to fight for gender equality in the FinTech industry, there is certainly hope for a brighter future. To conclude, we’ve simply got to band together to #BreakTheBias.
Contact us
Don’t hesitate to give us a call or drop us an email here at rebuildingsociety.com. One of our friendly team members will be happy to assist you with any queries.
