It's no secret that the FinTech industry is male-dominated. Not only are there fewer female workers and companies owned by women in the sector—but even the user group is male-dominated.
The latter is according to a recent report by the Monetary and Economic Department of the Bank for International Settlements (BIS). It pointed out that 29 percent of FinTech products across the world were used by men—in comparison to just 21 percent by women. Not only that, but in less economically developed countries, many women don't even own a bank account.
Jenny Cohen Derfler is the founder and CEO of the travel InsurTech company Air Doctor. She believes that tech companies play a "crucial role" when it comes to gender equality.
"As major employers and creators of technology products and services that shape our daily lives, tech companies have significant influence over the representation and treatment of women in the industry and the impact of technology on gender equity," she said.
'Invisible Barriers' caused by Perception
She insists there are invisible barriers stopping women from getting on in the FinTech and other Tech industries. These include the deeply-held beliefs that women are less interested in finance than men and generational gender biases that claim they don't feel quite as confident when it comes to knowing how to invest.
No wonder when you consider too that founders of companies and entrepreneurs who are female acquire a mere one percent of total venture capital funding.
Then, there is the fact that there are very few female mentors for other women to follow.
Support helps overcome Imposter Syndrome.
Tinashe Manyanya of South African FinTech Wonga is one such woman to keep an eye on for support. The company's senior digital marketing manager, Tinashe, admits she actually suffered from 'Imposter Syndrome' when she first started her job. But it wasn't just the fact she was female; there was also a whole new language to learn:
"The imposter syndrome really was a significant challenge, especially starting at a new tech company. Having previously worked in media agencies where the language and concepts were familiar, the shift to an unfamiliar tech space with specific terminology impacted my confidence."
Fortunately for Tinashe, she was supported by both her line manager and teammates, thanks to the company's 'inclusive' culture.
She has no problem with encouraging other females to embark on a FinTech career, especially one with Wonga.
"Without a doubt, I wholeheartedly encourage young women to explore the exciting career opportunities in FinTech," she said. "In today's fast-paced and ever-changing world, the convergence of digital marketing and technology plays a vital role in driving technological advancements and shaping our AI-driven society."
She encourages women to educate themselves using platforms such as Google Skills, Udemy, and Coursera. There, they can find subjects such as digital marketing, DevOps, software engineering, and data science. Afterward, they can embark on face-to-face courses such as those at UCT. Then, it's a matter of looking for internships in order to build experience in the sector.
Female-directed policies are a necessity.
Financial regulation company Regnology is keen to close the gender gap. Around 40 percent of it is leadership, and the workforce is female. Crucially, they also offer flexible working practices to meet personal needs. That means offering part-time work and returner programmes for women who have taken time out from their careers to start a family.
Regnology CPO Linda Middleditch said it clearly works. "These have been instrumental in encouraging women back to senior roles which might otherwise have seemed like a daunting prospect after many years out looking after children," she pointed out.
But it also helps with retaining female leaders. The UK Government's HM Treasury Women in Finance Charter was launched in March 2016 to improve gender balance in senior management. After five years, the number of women on executive committees had jumped from 14 percent to 22 percent.
It will be intriguing to see what the percentage will be in 2030. The more patients among you, the more you can keep this page bookmarked for an update in six years.
