Breaking Entry Barriers for Women in FinTech
6 September 2021
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As the FinTech industry keeps on evolving and breaking new
grounds, it also promotes many aspects of diversity and inclusion across its
increasing presence around the world. One of those aspects is gender equality
in the workforce, and industry insights have revealed that women holding senior
positions in FinTech firms has resulted in those companies overcoming their
competition in terms of innovation, creativity and overall performance. This
result builds a strong foundation for making the case that women enhance work
environments for the benefit of everyone involved, and ultimately the economy.
Although their impact is clear, many women are still struggling to enter the FinTech
entrepreneurship scene today due to certain entry barriers.
Perhaps the most prevalent entry barrier for women is
finding the right balance between caring for their children and family and
focusing on work, a significant challenge in almost every household that needs
extra effort to overcome. Another barrier of entry for women in the startup
world is getting access to proper funding, as insights reveal businesses led by
women are typically underfunded when compared to male-led initiatives; a notion
that must change if the industry is seeking to achieve gender parity.
Women also usually have less access to industry-related
professional networks and relations than men, seeing as they typically have
less time on their hands to maximize their exposure and establish solid
business relationships. Finally, in a mostly male-dominated world, 1 in 6 women
lack the self-esteem to initiate something of their own due to their belief
that they lack the needed skills and knowledge to succeed on their own; a
notion that has proven to be false on many occasions.
So how can women overcome these obstacles today?
The answer is not a simple one, and it needs a comprehensive
approach in order to address these barriers simultaneously. The first level of
eliminating these challenges is through education. Young girls and women need
to find encouragement and the proper resources to take part in STEM fields (science,
technology, engineering, and mathematics) at university in general, and FinTech
in particular. FinTech bootcamps dedicated to girls is a great starting point
during school, in addition to development programmes in workplaces so that they
are kept interested in the field throughout different stages of their lives. This
does not exclude men; on the contrary, they also play a vital role in
encouraging female representation in FinTech and should be educated as such on
this issue, which in turn will allow men to see just how difficult it is for
women to break these barriers and join the FinTech industry. Their role as
allies and supporters of workplace diversity and inclusion greatly enhances
women’s chances of not being perceived as having less potential than their male
counterparts, and that leads to women having their voice heard and their impact
felt across a seemingly unstoppable FinTech industry.
Lobbying for women’s participation in the workforce has also
proved efficient before, whether by governments or organizations, as it raises
awareness on the importance of gender diversity in work environments. Different
initiatives that aim to invest in women’s potential have shown their impact and
have driven change over the last few years, and the continuous lobbying by men
for women’s inclusion in FinTech and beyond will certainly amplify their voices
and contribute to better gender equality in various industries.
Although women are still largely underrepresented in
FinTech, the ones that have achieved success and have overcome these barriers
should have support and encouragement in sharing their success stories with as
large an audience as possible, with the objective of amplifying their voices
and reaching those women that just need that small push to follow their passion
for FinTech. Broadcasting their success will definitely help other women to
push their boundaries and challenge the status quo of FinTech being a male-led
sector, ultimately establishing gender diversity and solidifying women’s roles
in FinTech.
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