This June at The Fintech Times, we’re focusing on diversity, equity and inclusion (DEI). No longer just a trending topic but an essential consideration to not only your business operations but in your offering as well, this topic feels more relevant now than ever before.
The fintech industry is known for its innovative, agile reputation, and yet it still faces a significant diversity problem that threatens to halt its growth and stop that innovation moving.
When we think of DEI, it’s not just about having diverse teams within an organisation, but also making sure your products and services are as accessible to as many people as possible.
Fintech has an opportunity to make the world a better, more accommodating place for so many when it comes to finances, here we spoke to members of the industry to learn how.
Control of finances
David Daiches, co-founder and COO, INSHUR
David Daiches, co-founder and COO, of motor insurance company, INSHUR, said:
“Having control of your own finances is a basic human necessity in our society, and fintech delivers on this need.
“It’s why INSHUR has developed insurance products that are embedded into our partners’ platforms to remove the friction when onboarding new on-demand drivers and providing them with fair and suitable cover. Many of these drivers are from underrepresented backgrounds, taking control of their income and working patterns to build better lives for themselves and their families.”
Paycheck to paycheck
Ram Palaniappan, founder and CEO, EarnIn
Ram Palaniappan, the founder and CEO of EarnIn, an earned wage access provider, said:
“Today’s traditional 2 to 4 week pay cycle can make societal inequality worse by increasing costs for those who live paycheck to paycheck. Bills are rarely due on payday, and the rigid fixed pay cycle can lead to debilitating late fees and overdrafts.
“There are now financial solutions that break this cycle—including earned wage access—which allow people to access their pay as they work, meaning they have access to their money when they need it most.”
Inclusive economic growth
Angy Watson, chief people and transformation officer, Paymentology
Angy Watson, chief people and transformation officer at card issuer and processing platform, Paymentology, said:
“Societal advancement hinges on inclusive economic growth, ensuring everyone, including the 1.3 billion people with disabilities worldwide, can get ahead in life and thrive. Fintech is key to this progress, playing a crucial role in addressing broader social challenges for those that struggle to access traditional financial services.
“For example, by leveraging the very best digital innovations, fintech can enhance accessibility by incorporating features like voice commands, screen readers, and simplified interfaces, enabling individuals with visual, auditory, and cognitive impairments to manage their finances independently. Through digital banking and mobile payments, fintech offers convenience, allowing transactions without visiting physical branches, which is particularly beneficial for those with mobility issues. Fintechs are also good at providing tailored solutions like micro-loans and savings plans, addressing the unique needs of people with disabilities and ensuring they have the necessary support to achieve financial independence.”
Hyper-personalisation
Nitika Vyas, CFA and co-founder, Aila Money
Nitika Vyas, CFA and co-founder, Aila Money, a digital financial assistant app, said:
“At Aila Money our mission is to reduce wealth inequalities across genders and socio-economic backgrounds. As a personal training app for your finances, our mission is to ensure everyone has access to the information and tools to feel confident and comfortable with their finances to achieve their life goals. Recognising that people absorb information differently, we hyper-personalise the financial insights, education and action through prompts which also help keep users accountable and giving them access to human expertise when needed. We collaborate with behavioural scientists from LSE and City University to ensure our messaging empowers and engage users. We appreciate the personalised approach; money tips and accountability messages can be especially beneficial for neurodiverse individuals.
“Though the above highlights our company’s initiative for this, there are so many ways Ffintech has the potential to significantly address broader societal inequality by leveraging technology to create more inclusive financial services. For individuals with disabilities, fintech can offer tailored solutions that accommodate diverse needs and preferences. Fintech can make a difference through accessibility, personalisation, education and community. Exciting things to come!”
Societal bias
Bella Renney, product director at embedded finance platform, Liberis said:
Bella Renney, product director, Liberis
“The fastest impact comes from evolving hiring practices. We need to remove barriers to STEM roles, like data science or engineering and significantly widen talent pipelines. We should no longer be seeing ‘computer science degree’ as a must-have on job descriptions.
“Fintechs can work with coding boot camps to hire folks who have made a career change into tech. They could also work with local colleges to host half-term or summer holiday courses to establish routes into fintech for school leavers with paid internships or apprenticeships. These both diversify and widen the talent pipeline“
“Our business ensures greater access to capital across the spectrum. We use AI & ML for decisioning models which means we have far less societal bias in terms of providing access to capital. Businesses are all assessed on the same criteria and it’s a true meritocracy – which often sees women-owned businesses outperform others.”
Double down on diversity
Lynda Clarke, chief operating officer, Tribe Payments
Lynda Clarke, chief operating officer, Tribe Payments, providers of payments technology for banks and fintech, said:
“Amid an uncertain economic outlook, fintechs need to confront some uncomfortable truths – and double down on their diversity efforts if they want to attract the talent to keep them innovating.
“Since joining the industry, I’ve definitely witnessed noticeable improvements in diversity. However, there’s still plenty of work to be done – especially in supporting women to reach senior positions. The stats prove this, with only 5 per cent of CEO seats in our industry taken by women. We also need to address the dominance of men in networking events – making sure that women have the confidence to be in the room will help to break this down. This won’t change overnight, so it’s important for women to feel comfortable with this and for men to recognise that it’s also their responsibility to make sure everyone feels included.
“To create big change, let’s think small. That might sound odd, but I like the idea that if everyone did something positive each week just to get one per cent better – whether it’s for their own personal growth, career development, or lifting up others – it can make a huge impact over time. Think about how you can help do those one per cent things to move things forward every day. For example, recognise that if there is just one or two women sitting at the table in a room of men, they may not feel 100 per cent comfortable. How do you help with that?”
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