Women in Fintech: Breaking Barriers and Embracing Opportunities
The landscape of Fintech is evolving, and while the number of women entering this dynamic field is slowly improving, systemic flaws and deep-rooted biases continue to create barriers to gender diversity. As a woman with extensive experience in mission-driven Fintech, I understand the challenges that female professionals face in a predominantly male environment. My journey has fueled my determination to open doors for the next generation of women in this industry. Recently, I co-founded a new banking app, Novus, which provides me with a platform to mentor and encourage women aspiring to build careers in Fintech.
The Misconception of Fintech
A common misconception is that Fintech is “boring.” In reality, it’s an exciting and rapidly evolving industry that offers a wealth of opportunities. The Fintech sector is not just a sub-industry of financial services; it has become a powerful force in its own right, impacting everyday life. Here are five compelling reasons why Fintech is the hottest place for women in tech today.
The UK Economy Needs Fintech
Fintech has emerged as a vital component of the UK economy, claiming a 10% share of the global market. This sector has evolved significantly, with investments reaching $4.1 billion in 2020 and revenues surpassing £11 billion. The UK government has recognized the importance of Fintech and is actively conducting reviews to bolster support for the industry. This governmental backing not only enhances the sector’s credibility but also creates a fertile ground for innovation and growth.
Endless Avenues for Exploration
The variety of options within Fintech is staggering. From payments and cryptocurrency to digital banking and sustainable finance, the avenues for exploration are virtually limitless. Market intelligence platform CB Insights recently released its “Fintech 250,” showcasing 250 top private Fintech companies that are transforming financial services. In the UK alone, there are over 1,100 Fintech companies, each employing thousands of individuals. This diversity means that women can find niches that resonate with their passions and skills, making it an ideal environment for personal and professional growth.
A Fast-Growing Industry
Fintech is on an upward trajectory, with both the government and the investment community working diligently to ensure its success. The industry is expected to double its growth rate in the coming years, making it an attractive field for job seekers. Salaries in Fintech are among the highest across various sectors, providing financial incentives for women to enter the field. In a post-Brexit and post-COVID world, the acceleration of digital consumer behavior further solidifies Fintech’s position as a hotbed for innovation and opportunity.
Making a Difference in Lives
One of the most rewarding aspects of working in Fintech is the ability to make a tangible difference in people’s lives. A staggering 71% of UK citizens interact with Fintech processes daily, whether it’s making online payments or using digital banking services. The impact of Fintech on individual well-being is profound, offering opportunities to work on projects that can enhance the quality of life for families around the globe. The chance to contribute to meaningful change is not only inspiring but also immensely fulfilling.
Females as the Future of Fintech
The Fintech industry needs women more than ever. Despite some progress, diversity numbers, particularly in senior leadership roles, remain alarmingly low. The traditional male dominance in finance has unfortunately carried over into Fintech, but many firms are beginning to recognize the need for change. There is a significant opportunity for women to step into roles that have historically been male-dominated, and the industry is ripe for transformation.
Embrace the Challenge
Women should not shy away from pursuing careers in Fintech. It’s essential to do your homework and identify companies that are committed to embracing diversity and welcoming women in tech. My experience co-founding Novus has given me the chance to actively contribute to this shift and help redress the balance.
The journey may be challenging, but the rewards are immense. With determination and the right support, women can thrive in Fintech, paving the way for future generations to follow.