The fintech industry, much like many sectors within technology, remains predominantly male-dominated. This reality presents a unique set of challenges for women striving to ascend to leadership roles. The underrepresentation of women in fintech can lead to a perception that one must “behave like a man” to be taken seriously. This perception not only affects those within the industry but also discourages many women from pursuing leadership roles in the first place.
A pervasive and damaging stereotype persists: that women are inherently less competent when it comes to money management. A study by Starling Bank in 2018 highlighted this issue, revealing that 65% of articles discussed women as frivolous and excessive spenders, a stark contrast to the portrayal of men in similar contexts. Such stereotypes can be internalised, leading women to doubt their own abilities even when they are, in fact, highly competent professionals.
Reflecting on my own journey, I encountered my share of challenges early in my fintech career. Often underestimated by male colleagues who held preconceived notions about a young woman in finance, I had to work hard to prove my worth. Through perseverance, I demonstrated my capabilities and established myself as a leader. I knew my potential, and I never doubted my competence, despite facing unconstructive criticism and negative comments along the way. Fortunately, I had the support of an incredible mentor who believed in me and provided the encouragement I needed to succeed.
While I was fortunate enough to experience a career where discrimination became less of an issue, I recognise this is not the case for everyone. Throughout my later career, I felt equally qualified, respected, and valued in negotiations, business deals, and partnership building. However, the path to gender equality in fintech is far from complete.
There are broader initiatives aimed at promoting gender equality in the corporate world. Gender quotas for boardrooms are one such measure. In 2022, the European Union signed a directive requiring that by 2026, at least 40% of large companies’ boards consist of members from the underrepresented gender. Norway set a precedent in 2003 by introducing a similar quota, which mandates 40% female representation in boardrooms.
Numerous startups and companies are emerging in personal finance with the mission of empowering women to gain financial skills, invest, and build capital. Organisations like Female Invest and Ellevest lead the way in this regard, helping women take control of their financial futures.
For women already in leadership positions within fintech, mentoring the next generation is crucial. By offering guidance, sharing experiences, and leading by example, we can help younger women navigate the challenges and succeed in their careers. Mentorship can be provided to female colleagues within the workplace or even on a broader scale through webinars and conferences dedicated to discussing women’s unique obstacles and strategies to overcome them.
Additionally, there are numerous networks and associations within the tech industry focused on empowering women. I strongly encourage experienced women to participate in these networks and offer their mentorship.
For young women aspiring to enter the tech industry, particularly in fintech leadership, my advice is simple: be proactive about learning, exploring, and striving for excellence. Gender should never be a barrier to success. Many women leaders have risen through sheer determination and hard work. True leadership emerges from those who are committed, skilled, and dedicated, regardless of gender.
The fintech industry is evolving, and as we continue to break down gender barriers, we must support and uplift one another. By fostering an environment where merit is the measure of success, we can ensure that the future of fintech is diverse, inclusive, and filled with opportunities for everyone.
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