This June at The Fintech Times: Spotlight on Diversity, Equity, and Inclusion (DEI)
As we step into June, The Fintech Times is turning its focus to a topic that has transcended mere trendiness to become a fundamental pillar of business operations: Diversity, Equity, and Inclusion (DEI). In an industry celebrated for its innovation and agility, the fintech sector still grapples with significant diversity challenges that could stifle growth and hinder the very innovation it seeks to champion.
The Importance of DEI in Fintech
Diversity, equity, and inclusion are no longer optional considerations; they are essential for the sustainability and success of any business, particularly in fintech. A diverse workforce brings a variety of perspectives, fostering creativity and innovation. Companies that prioritize DEI not only enhance their workplace culture but also improve their bottom line by better serving a diverse customer base.
Celebrating Progress in DEI
While acknowledging the work that still lies ahead, The Fintech Times also wants to shine a light on the fintech companies that are making significant strides in DEI. Here are some exemplary organizations leading the charge:
Tremendous Value: Fintech Week London
Raf De Kimpe, CEO of Fintech Week London, emphasizes the importance of diversity in their events. Since its inception in 2021, over 50% of speakers at their flagship conference have identified as female. De Kimpe notes, “A diverse event, both on and off stage, has tremendous added value.” The organization goes beyond representation by ensuring accessibility, partnering with My Clear Text to provide closed captions for sessions, making the event inclusive for those who are hard of hearing or neurodiverse.
A Welcoming Workplace: ConnectPay
Lina Burdenkova, Organizational Development Director at ConnectPay, highlights the company’s commitment to creating a family-friendly work environment. With many employees being parents, ConnectPay offers flexible working schedules and the option to work from home during school vacations. Burdenkova states, “We recognize that the need for flexibility may arise for various reasons,” and emphasizes their goal of achieving gender equality, with 63% of head and director-level positions held by women.
Why and What? MPOWER Financing
Emmanuel Smadja, co-founder and CEO of MPOWER Financing, believes that DEI is crucial for better decision-making and profitability. “DEI is not an end in itself; it’s a means to better decision-making,” he explains. MPOWER’s diverse team mirrors the backgrounds of their international student customers, allowing them to address unique needs effectively. Smadja stresses the importance of starting early in DEI efforts to avoid accumulating “Diversity Debt.”
Social Impact: SmallChange.co
Eve Picker, founder and CEO of SmallChange.co, underscores the need for fintechs to take concrete actions toward DEI. The company has established The Small Change Index, which measures social impact based on factors like minority representation in leadership and community engagement. Picker asserts, “Many companies state a strong commitment to DEI but neglect to take concrete, effective action,” urging others to set specific goals and measure progress.
Prioritizing Inclusion: VizyPay
Outhay Lovan, Chief Strategy Officer at VizyPay, emphasizes that DEI goes beyond race and gender. “It’s about understanding the differences in everyone and applying strategies of inclusion,” Lovan explains. VizyPay focuses on the candidate experience during recruitment and fosters a culture of coaching rather than traditional leadership. This approach allows for open communication and transparency, essential for building an inclusive workplace.
Diverse Voices: Milken Institute
Nicole Valentine, Fintech Director at the Milken Institute, highlights the organization’s commitment to embedding DEI into their mission. “Diverse voices and thought leaders are essential in both telling the stories of the evolution of fintech and designing the future of finance,” she states. The Milken Institute prioritizes financial inclusion and access to capital, ensuring representation from diverse groups in their research and initiatives.
Day-to-Day Reality: Levenue
Zahra Alubudi, co-founder and COO of Levenue, shares her personal experience as a woman of color in fintech. “DEI is not just a theoretical point; it’s my actual lived experience,” she says. Levenue has integrated DEI into its core policies, focusing on leadership commitment and evolving practices to create an inclusive workplace. Alubudi emphasizes the importance of accountability in hiring and advancement decisions, ensuring that DEI remains a priority as the company grows.
The Path Forward
The fintech industry is at a pivotal moment where the commitment to diversity, equity, and inclusion can no longer be sidelined. As these companies demonstrate, the journey toward a more inclusive environment is not just about meeting quotas; it’s about fostering a culture that values every individual’s unique contributions. The ongoing efforts of these organizations serve as a beacon of hope and a model for others in the industry to follow.
In this month of reflection and action, The Fintech Times encourages all fintech companies to assess their DEI strategies and take meaningful steps toward creating a more inclusive future.