Fintech has a gender problem – here’s why you should care
Retrieved on:
Tuesday, April 9, 2024
Even if you haven’t heard of fintech, you’re probably using it for payments, banking or investments.
Key Points:
- Even if you haven’t heard of fintech, you’re probably using it for payments, banking or investments.
- Women account for just 4% of CEOs, only 18% of executive committee members, and a mere 7.7% of entrepreneurs within fintech.
- Gender inequalities in each of these combine to form what we call a “triple glass ceiling” in the fintech industry.
- The longstanding male dominance, continued privileging of masculinity, and rigid gender stereotypes in each of these sectors hinder meaningful progress and change in fintech.
So, where are all the women?
- Several interviewees noted that women typically work harder and push more to gain the same result as their male peers.
- However, ideas that get dismissed when suggested by a woman commonly gain credence when offered by a man.
- Women.
- Only 1.5% of chief technology officers or chief information officers are women – a reflection of the technology glass ceiling.
- Since people are more likely to relate to and fund entrepreneurs similar to themselves, male-led ventures are more successful.
- Successful entrepreneurs have traditionally been male, leading to a male stereotype of entrepreneurship and entrepreneurial success.
What does this mean for you?
- If people build and develop products based on their own frustrations and day-to-day living, innovation can only truly be driven by diverse people with different backgrounds and experiences.
- If made aware of the gender inequalities in the industry, fintech users can be a voice for change.
- Shattering the triple glass ceiling represents an immense challenge, but we cannot be allowed to fail.
Chloe Fox-Robertson receives funding from the Economic and Social Research Council (ESRC). While working on this project Dariusz Wojcik received funding from the European Research Council under the European Union's Horizon 2020 research and innovation program (grant no. 681337). Authors bear all responsibility for the content.