Gender imbalance has been a challenge for many areas of the technology industry, including fintech. And although much has changed, there is still a long way to go.
The technology industry and its sub-sectors are known for their gender imbalances. A strong spotlight has been put on diversity for many years now, and in many areas of technology things are starting to get better.
One of the areas that has suffered from this gender imbalance has been the fintech industry. According to the Irish Fintech census for 2018, 19 percent of Irish fintech companies consisted of all men, while only 13 percent had a 50/50 ratio between men and women. In addition, only 60 pcs of fintechs reported that they had at least one woman in the management team.
Although these numbers are strong, SiliconRepublic.com heard from two women in the industry who can confirm that a lot has changed, with more women demanding roles in the room.
Michelle McGuire is the CEO of Gecko Governance, an Irish data-driven platform for the financial industry. McGuire, who is also a member of the advisory board for cross-border group The Fintech Corridor, said the industry is less dominated by men.
“This is hugely helped by industry working groups like The Fintech Corridor, which demystifies the fact that you do not have to be a coder or a technical person to work in this area,” she said.
“It’s refreshing to have a diverse set of voices – another lens for problem solving that can only be achieved when many different people come together.”
– KAJ BANSAL
Kaj Bansal, senior technical program manager at the American finance company Capital One, has been in the finance industry for almost 16 years, eight of which have been in technology.
She said that when she first started on the technical side of finance, she became acutely aware of sometimes being the only woman in the room, as well as the only colored woman.
“I have often struggled with fraudulent syndromes – because I do not have a background in software engineering or computer science like many of my male colleagues, I have often worried about not measuring myself.” However, she said that her team in Capital One is encouraging and never makes her feel that she does not belong.
“Over the years, I have seen many more women around me. It is encouraging that these come through our pipelines, such as our degree schemes and internships. Apart from engineering and coding skills, it is refreshing to have a diverse set of voices – another problem-solving lens that can only be achieved when many different people come together. “
The good
In addition to her work with Gecko Governance and The Fintech Corridor, McGuire is an associate faculty member in the educational body PAT Fintech on her fintech risk and compliance programs.
“Women’s support for the courses is a big indicator for me that women feel that this is a real career option for them,” she said.
“When I entered the industry five years ago, I was concerned about the stability and future of the sector, and it took a big leap for me to change roles – especially given that I had worked with a tier one investment bank, which led to a a lot of stability with it.
“So, when I made my choice to change roles, I committed myself to getting involved in the sector as much as possible, so that it became a real career option for employees and especially women, something I really feel it has.”
Bansal has also seen many positive changes in the sector, especially with the level of exposure younger generations have to technology.
“I can never remember being encouraged to consider technology as a career when I was younger. I’m not even sure I fully understood what coding was or what business systems were until I was much older. My 12-year-old daughter has been exposed to coding since primary school, and I know she is not an isolated case. “
She added that many companies, including her own, are investing in increasing the representation of women in technology by attending schools and attending recruitment fairs, holding code programs for young people and “showing children today that a career is not just limited. to be a nurse or teacher ».
The bad
While changes in recent years have been positive for gender diversity in the fintech sector, there are still many challenges facing the industry.
“Too few fintech companies have female founders, or even female leaders. Statistics have also shown that investments in women-led companies are virtually non-existent compared to their male counterparts, McGuire said.
“Part of the problem here is returning to the challenge of getting women into STEM-related studies, which may be a provider of some of the skills needed to get started in the fintech sector.”
Bansal added that although gender diversity is an issue that has improved, this needs to be further expanded. “I see many colored men around me, but still far fewer colored women. I think this is because many ethnic minority families have not been exposed to the opportunities of a career in technology, especially for women, she said.
“My own family had hopes that one day I would become a doctor or a lawyer, because there are careers they understand. We need to find a way to make technology careers more accessible to minority groups without the stigma that being technically and mathematically only allowed for men. “
The future
Looking ahead to the work that still needs to be done, McGuire said that more role models are needed in the fintech industry, and if the 2018 census figures are anything to go by, it means that women in management positions need to be highlighted more.
“To view fintech as a realistic career path, women need to see more examples of their gender achieving success across the sector,” she said.
“Fighting for female fintech leaders and ensuring that they are visible throughout the corporate structure can play a key role in encouraging women to take their first steps into fintech, slowly but surely working away from the gender imbalance.”
Bansal said that in addition to tackling the pipeline problem, companies need to reconsider their approach to applying for roles in technology.
“There are a number of roles in technology that do not necessarily require a technical background. My own career history has shown that what you really need for some technology roles are good organizational, communication and leadership skills – and then, how do we encourage people with this skill to to feel confident enough to consider technology for their next move? ”
For those thinking of pursuing a career in the fintech industry, McGuire advised contacting The Fintech Corridor or attending fintech-related events to become more familiar with the industry. “LinkedIn is really also a valuable tool, so do not be afraid to use it!”
