Fintech
How can resistance to the implementation of DEI initiatives be managed within Fintech?
This June at Fintech Times, we’re focusing on diversity, equity, and inclusion (DEI). No longer just a trending topic, but an essential consideration for not only your business operations but your offerings, this topic seems more relevant now than ever.
The fintech sector is known for its reputation for innovation and flexibility, but it still faces a significant diversity problem that risks stunting its growth and preventing innovation from moving forward.
Despite the need for diversity initiatives, some companies (or even just executives) may be reluctant to make the change. We spoke with several industry members to learn how to handle any resistance to DEI.
Reformulate perspectives
Ron J. Williams, partner at Venture Studio, Co-created, She said:
“If you are experiencing resistance to DEI initiatives, you need to reframe the perspective of those around you. Most organizations tend to think of DEI as an act of charity or a department within an organization that is a subset of the resources When truly finding ways to build and innovate inclusively is much broader and should be part of any company’s overall growth strategy. good growth,” that is, growth that also generates impact. Aiming for good growth is smart, not a distraction or detour.
“Bringing diverse perspectives to the table to create better products is smart. Targeting new markets to serve traditionally commercially marginalized populations is a significant business opportunity. Combining the two is a winning strategy. Smart leadership is striving to make impact and inclusion key features of their business growth models.”
Competitive advantage
Beautiful Renney, Product Director at Free, an embedded financial platform, said:
“You need to frame it as an explicit competitive advantage with material revenue impacts such as attracting talent. Once people, especially executives, understand the benefits to the company and themselves, it’s a no-brainer that they will come on board and become advocates themselves.”
“At Liberis, we run a semi-annual baseline survey that allows us to be intentional about data collection during onboarding. We also have a Diversity, Inclusion, and Belonging Council made up of members of varying seniority from across the company. To join of the board you need to submit a short application to demonstrate commitment and genuine interest. This group is passionate, dedicated and all about action. Instead of sitting around talking about ideas, they execute various projects to improve our business from the inside out ‘external.
“To ensure all of our executives are engaged and informed about our DEI initiatives, we have a rotating executive team member on the board. So far we have had the Chief Risk Officer and Chief Operating Officer, and our CFO will take the throne next quarter! “
Active champions
Motie door, CEO of PPRO, a payment service provider, said:
“Resistance to change can come in many forms—from passive disengagement to active reaction—negatively impacting hiring practices, company culture, and DEI strategies. Resistance can often stem from a variety of factors, including fear, skepticism, or, most commonly, misunderstanding. Fintech leaders have a responsibility to shape organizational culture from within, and it’s essential to have leadership that not only supports these efforts but actively champions them. Leaders must be vocal advocates for diversity and inclusion, both in words and in action. This starts with leading by example and demonstrating commitment to DEI principles from the top.”
“My job is to help people take the journey in any way I can, while remaining unapologetic in doing so. I use my experiences to promote the need to have DEI initiatives, as well as demonstrate that when this is done well, it is very positive for businesses and society in general.”
True value
Betsy Samuel, marketing manager at payment issuer processing partner, Threaded, She said:
“We believe team diversity brings true value to our organization; therefore, we have seen very little resistance to such initiatives. We are fortunate that some members of our Thredd team speak openly about their DEI experiences and perspectives. This buy-in and personal authenticity are essential to success, particularly at the top of the organization. If leaders model the right DEI-focused behaviors and share their experiences with colleagues and the broader organization, the challenge of being more diverse becomes much more personal and individuals embrace changes to support their colleagues.
“It’s also good to focus on a few DEI initiatives and create quantitative and qualitative measures to evaluate and integrate them successfully; rather than trying to do everything at once. Using anonymous peer surveys allows you to collect more data and guide your DEI strategy accordingly, ensuring that you continue to focus on what’s most relevant and important to your peer mix, while still ensuring that your recruitment methods are diverse.”
Walk as you walk
Justine Crastonresponsible for social values at The Dojo, one credit card terminal supplier said:
“The rapid pace at which technology companies develop can pose a challenge when implementing DEI initiatives. Diversifying candidate pipelines, rebuilding existing practices and processes to be more equitable, and taking the time to listen to diverse perspectives takes time, which can conflict with competitive market demands. Taking the time to develop mutual awareness and understanding is critical and often requires unlearning or a reset in teams as a company matures beyond the startup phase. growth.
“It is also important to recognize that many of your practices will not be sufficiently inclusive and that most workplaces are designed and built by an automatically excluding majority. Knowing this will help you be receptive to change and inform your approach to implementing and developing an effective DEI strategy.
“Tech companies have also been seen to be de-prioritizing or quietly abandoning some DEI efforts. It’s too easy to make a compelling statement, demand rewards and make commitments, but without function leaders setting tangible goals, these ambitions will remain just wishes. Create non-financial KPIs. Address your inclusion issues as they arise. Walk the walk. Don’t just talk.
Culture of diversity
Priya Giuliani, CEO at Earth Identification, a decentralized identity platform, he said:
“EarthID follows a strategic and empathetic approach to instill a culture of diversity, equity and inclusion within itself. Our leadership actively demonstrates a commitment to DEI. By visibly participating in and supporting DEI initiatives, our leadership sets the tone for the entire organization, demonstrating that DEI is a top-down priority.
“We ensure that the purpose and benefits of DEI initiatives are clearly communicated to all employees. This includes explaining how these initiatives align with EarthID’s mission and values and how they contribute to the company’s overall success and innovation.
“We identify and empower allies and advocates within the organization who are passionate about DEI. These individuals help champion DEI initiatives, provide support to their colleagues, and model inclusive behavior.”
Take care of yourself
Alessandra Chirica, founder of recruiting company, Find again, She said:
“Previously, at my recruitment firm, I helped fintechs and start-ups hire staff for their financial crime fighting functions. Unfortunately, I’ve often had to ask CEOs and founders point blank, “Is your priority diversity or filling the role?” They often asked for a “female” CV as the icing on the cake. But they didn’t really care, nor did they create an inclusive environment (i.e. no flexible working, 5 times a week in the office, but that’s okay because they offered Delivery credits for lunch…)
“It is not surprising that many women did not find the offer so attractive that they did not want to apply.
“I decided to stop working with the client. I guess it was the quickest way to deal with the resistance!”
