Fintech
What role do Fintech leaders play in promoting an inclusive workplace?
This June at Fintech Times we will focus on diversity, equity and inclusion (DEI). No longer just a trending topic, but an essential consideration not only for your business operations but also for your offering, this topic seems more relevant now than ever.
The fintech sector is known for its innovative and agile reputation, yet it still faces a significant diversity problem that threatens to stunt its growth and halt the movement of innovation.
Leading by example is often the best way to see real change, and fintech senior leaders have a chance to create an industry we can all be proud of, but they must make those changes first. We spoke with several industry insiders to understand just how important a role fintech leaders can and will play in the world push for diversity.
Vision and values
Nikolai Denisenko, the co-founder and CTO of the digital banking app, Bright application, She said:
“Leadership is critical to fostering an inclusive environment for any business. It starts with the vision and values that people in leadership positions share within the organization, which are then implemented into company policies, allocated resources, and the ongoing development of the company and its team.
“While this may be more difficult to do for a start-up, given that resources are more limited and teams tend to be smaller, it is important that leaders keep diversity, equity and inclusion top of mind to ensure both the well-being of their teams, as well as how the company progresses. For example, during the hiring process, our human resources department ensures fair recruitment processes and considers candidates based on merit, regardless of their origin. Being in the fintech industry, at Brighty we provide our team with flexible working arrangements, so they can work from any corner of the world.
“The fintech space as a whole has a role to play in providing inclusive services to the general public, including serving the underbanked population, providing alternative and low-cost banking services, as well as offering educational resources and tools to help people understand products financial, budgeting and investments.
“Overall, businesses can play a significant role in addressing social inequality and promoting a more equitable economic environment.”
Moral imperative
Yael Malekhead of staff at Blue vine, a digital banking platform, said:
“As leaders, we are tasked with both leading by example and guiding our teams toward understanding the meaning of inclusive language and actions. By taking time to educate and illuminate the broader impact of our words and decisions, we can help activate leaders equipped to drive change from within.
“We must prioritize inclusive hiring to accommodate a more diverse candidate pool. Today, it is essential to move beyond hiring practices that can inadvertently limit opportunities for capable, underrepresented individuals. We should challenge ourselves to think creatively and not just stick to the existing mold, which might seem easier but ultimately stifles diversity efforts and therefore diminishes the potential for greater creativity and innovation, stronger financial results and overall value for the customer.
“When we hire, we have a crucial opportunity to represent voices that aren’t in the room. Working collaboratively is key to identifying candidates we might otherwise overlook. It involves taking a critical look at evaluation criteria and processes to ensure they are truly inclusive.
“Ultimately, our commitment to DEI is not just a moral imperative, but a solid business strategy that moves us toward greater innovation and a deeper understanding of the communities we serve.”
Set the tone
Katie Barnes, HR manager at personal and business loan provider, BHG financial, said: “Success and company culture begin with strong leadership and the ability to motivate, influence and lead by example.
“Leadership plays a crucial role in promoting a healthy environment by setting the tone. Our leaders are committed to promoting inclusivity by actively creating opportunities and showing their employees that great ideas come from all backgrounds and work levels.
“We strengthen DEI through continuity education and training opportunitiestracking our progress through data and incorporating leadership skills that include inclusion in performance reviews and continuous feedback.
Aysun OuchCPO at the Banking-as-a-Service platform, OpenPay, said: “Leadership plays a critical role in fostering an inclusive environment. Leaders have the power to shape values and behaviors, embedding DEI into the company’s mission and vision. By setting the tone for the organization, they can inspire others to support DEI initiatives. An inclusive environment is unattainable without leaders who embrace and exemplify these values.
“Indeed, DEI should be on the agenda of all business leaders and it is vital that they are held accountable for taking it forward. There are several key measures that should be used to ensure that leaders can be held accountable to DEI goals. These are:
-
Openly Setting Expectations: Leaders must clearly communicate DEI expectations to all employees.
-
Lead by example: Demonstrating commitment through your actions is key to inspiring others.
-
Provide resources and support: Ensuring that adequate resources and support are available for D&I efforts is essential.
-
Judge the results: Evaluate the diversity of the board of directors and executive team, as well as the company as a whole. Incorporate DEI metrics into performance evaluations to ensure leaders are meeting these goals.
“By integrating these measures, organizations can hold leaders accountable and drive meaningful progress toward an inclusive environment.”
Sustaining and uplifting
Maggie Vo, general partner and investment director at Fueling venture capital, said, “Leadership plays the most important role in fostering an inclusive environment because decisions come from the top of a company.
“At Fuel Venture Capital, we have built our team with a culture of inclusion and diversity since the beginning by supporting, uplifting and ensuring there is always a woman at the table. Leaders must commit to forming strong networks and communities with other diverse people in the finance and technology ecosystem to develop mentorship and sponsorship programs to foster the growth and development of future generations of powerful and diverse people. You can hold leaders accountable by encouraging diverse hiring practices and, if you are a venture capital firm, actively seeking out companies with a diverse founding team.”
Transparent career paths
Gloria Garcia Cisneros, asset manager at financial services provider, Loud Murray, She said:
“While there has been an increase in diversity among companies, the work is not done yet. To ensure this DEI work is not performative, representation must extend beyond entry-level roles when we look at managers and C-suite roles. This requires transparent career paths, intentional mentorship/ERG groups, and clear professional development/training opportunities.
“When looking at product offerings and creation, it’s still common for executives to apologize and say they don’t understand when they make mistakes. You need to put checks and balances in place to do better. If they care, they will implement it. The best way to ensure you create innovative and inclusive products is to have the right seats at the table. Leadership must recognize the power of diverse thinking and include representation at the decision-making table.”
