Financial technology or fintech is a sector motivated by creativity and innovation. Mounting evidence shows that a diverse and inclusive workplace encourages creativity and innovation.
Other studies also show that companies with women in executive positions outshine those without senior female staff, both in creative solutions and the brand’s standing.
Advocating for female representation in the fintech space can have a positive impact on the economy and help change lives. So what are the setbacks in female representation? And most important, what are the remedies to these setbacks?
Why Females aren’t Well Represented in Fintech?
Female entrepreneurs face different challenges than their male counterparts. Below are some of the setbacks women encounter:
- Striking a balance between work and family. Women have a lot to do. They must care for children, fend for the family, and still do their job.
- Difficulty accessing capital and loans. Stats show female-owned startups are less funded than men-owned businesses.
- No Connections. Females do not have access to professional industry networks.
- Women aren’t confident in themselves. Females feel they have the skillsets and proficiency for fintech.
If we counter these challenges, more women will join fintech teams and the sector can benefit from their creative minds.
How to Counter the Challenges in Female Representation
So, how can we help women entrepreneurs counter these challenges?
- Introduce females to fintech
To counter these challenges we must follow an all-inclusive strategy. This should entail continuous motivation, providing resources, and training sessions to help females to understand fintech as an industry.
- Train males to encourage and accommodate women
But targeting women alone is a half-baked approach. This initiative is only effective if, on the flip side, we promote programs that educate their male counterparts about female issues and how men can help encourage female representation in financial technology.
- Identify and eliminate bias
It’s also important to investigate if workplace bias discourages females from joining fintech. That way, we can create more conducive conditions and have more women come on board.
- Stop judging women harshly
In a bid to uncover the reasons women are underfunded, One 2015 research compared male vs female questions for venture capital programs. Surprisingly, it came out that the males’ questions sought to test the possible advantages of investing, while the females’ quizzes tested the possible risks of investing.
Female representation in fintech has a long way to go because most workplaces aren’t aware of the challenges women face.
Creating awareness can motivate men to help women fit into fintech workplace environments, and eventually, take innovation to the next level.
Author Bio: Content crafter Alex Wilmont has been active in the Fintech industry for over 15 years. He lives simply, gives generously, and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.