Chargebacks911: Pioneering Diversity and Inclusion in FinTech
In the ever-evolving landscape of financial technology (FinTech), Chargebacks911 stands out as a beacon of innovation and commitment to diversity. As the world’s leading chargeback technology platform, Chargebacks911 is not just focused on enhancing financial transactions; it is also dedicated to fostering an inclusive environment within the industry. In 2024, the company is amplifying its efforts by seeking new female mentors and mentees for its sister brand, Fi911’s LIFT: Empowering Women in Fintech micro-mentorship program. This initiative is designed to support women as they navigate the complexities of the finance, technology, and payments sectors.
The Current State of Women in FinTech
Despite the progress made in recent years, the representation of women in FinTech remains alarmingly low. A study conducted by Cambridge University reveals that women occupy only 4% of CEO positions, 18% of executive committee roles, and a mere 7.7% of entrepreneurial positions within the sector. These statistics highlight the persistent barriers that women face in climbing the corporate ladder and breaking into leadership roles.
Monica Eaton, the Founder and CEO of Chargebacks911, emphasizes the importance of addressing these disparities. “While the industry drive for gender balance in the boardroom is playing out, we must also ensure that they reflect the diverse customers and societies that we serve,” she notes. Eaton acknowledges that while there has been progress, there is still much work to be done to close the gender gap in FinTech.
The LIFT Program: A Catalyst for Change
The LIFT program is a response to the challenges faced by women in the finance and technology sectors. It empowers mentees to take control of their career development by offering no-cost video chats with elite women from various corners of the industry. This platform allows mentees to seek specific insights and actionable advice tailored to their unique career paths.
The program is not solely focused on those climbing the corporate ladder; it also encourages like-minded female entrepreneurs to share their experiences and knowledge. Eaton explains, “It’s unsurprising that many young women are unable to see themselves as potential leaders in FinTech, so we facilitate one-on-one meetings with women who are industry leaders and entrepreneurs from the likes of The Access Group, NatWest, and Microsoft.”
The Gender Gap: A Closer Look
While the statistics regarding women in leadership roles are disheartening, there is a more positive narrative at the entry and junior levels. According to a Financial Times analysis, women hold 49% of entry-level roles and 44% of junior-level positions. However, this representation diminishes significantly as one moves up the ranks, with only 40% of managerial roles occupied by women and a stark disparity at the director level, where men outnumber women two to one. This trend underscores the systemic barriers that hinder women’s advancement in the industry.
Monica Eaton: A Role Model for Aspiring Women
Monica Eaton is not just a leader in the chargeback technology space; she is also a role model for aspiring women in FinTech. Recently recognized as one of the Most Influential Women in Fintech for 2024 by American Banker, Eaton is a self-made entrepreneur who understands the challenges women face in the industry. She advocates for women to leverage networks and resources to support their career growth.
“I’m a member of a number of organizations, such as Women in Technology International, the American Business Women’s Association, and the Fintech Diversity Radar,” Eaton shares. “These organizations are targeted at serving women in the industry and are great resources to help them build out their networks.” She emphasizes the need for continued efforts to encourage young women to pursue STEM subjects, which are crucial for success in FinTech and related fields.
Join the Movement: Become a Mentor or Mentee
The LIFT program is an invitation for women in FinTech to connect, learn, and grow together. Whether you are an established professional looking to give back or a newcomer seeking guidance, there is a place for you in this initiative. To learn more about the LIFT: Elevating Women in Fintech program, request membership, or become a mentor, visit LIFT Mentorship.
By fostering a culture of mentorship and support, Chargebacks911 and its LIFT program are paving the way for a more inclusive and equitable future in FinTech. The journey toward gender parity may be long, but with initiatives like LIFT, the industry is taking significant strides in the right direction.