The Daily Struggles of Women in Fintech: Insights from Industry Leaders
“I feel like I am frantically dog paddling just to keep my head above water every day and I don’t think I have ever looked polished and professional in my life.” These candid words from Liz Lumley, a prominent figure in the fintech world and a key player at FinTech Talents, encapsulate the daily challenges faced by women in this sector. Despite her leadership role, Liz’s sentiments resonate deeply with many women navigating the complexities of a male-dominated industry.
The Weight of Self-Doubt
In conversations with Liz, Andrea Dunlop, Chairwoman of the EPA, and Angela Yore, Co-founder of fintech communications specialists SkyParlour, the theme of self-doubt emerged prominently. Liz described success as a tricky concept, viewing her career more as a tale of survival than a series of triumphs. This perspective sheds light on the pervasive imposter syndrome that many women experience. “We’re all supposed to exude positivity and strategic goal planning as if life is one great metaphorical Peloton workout,” she remarked. This pressure to maintain a facade of unwavering confidence can be both harmful and counterproductive.
Andrea echoed Liz’s feelings, admitting to her own struggles with imposter syndrome and anxiety. “Does it hold me back, though? No. I push myself forward no matter what I am feeling personally,” she stated. However, she acknowledged that the absence of a supportive environment can make the journey significantly more challenging.
The Impact of Labels
Both Andrea and Angela highlighted the detrimental effects of societal labels on women in leadership. Andrea pointed out that while men are often described with empowering terms like “strong” and “assertive,” women frequently face negative labels such as “bitch” or “emotional.” This disparity in language not only affects perceptions but also influences how women view their own capabilities.
Angela shared her experience of growing up in an environment with low expectations and a lack of role models. “The expectations of me were low at home from the get-go,” she explained. Yet, her time at Xerox, where she encountered strong female leadership, helped reshape her understanding of what was possible. “It sent a message that the possibilities were endless,” she recalled.
Redefining Leadership
Angela’s journey led her to redefine what leadership means. “True leadership is more about partnering with people to get the best from everyone,” she said. This collaborative approach contrasts sharply with the traditional image of a dominant leader. In a supportive ecosystem, everyone shares responsibility for leadership, fostering a culture of inclusivity and empowerment.
Encouraging the Next Generation
When discussing the importance of supporting women in fintech, both Andrea and Angela emphasized the need for increased representation in STEM fields. Liz’s advice to young girls was simple yet profound: “Your ambitions are valid.” She encouraged them not to let societal structures deter them from pursuing their dreams, whether in technology, the arts, or entrepreneurship.
Angela echoed this sentiment, urging young women to chart their own paths and follow their passions. Andrea added that visibility is crucial: “You can’t be what you can’t see.” She stressed the importance of exposing young girls to diverse role models early in their lives.
Challenging the Status Quo
The conversations revealed that the struggles faced by women in fintech are not the fault of any single individual or group. Instead, they stem from cultural and structural issues that create psychological barriers. Liz articulated this well, stating, “Patriarchy is a structure that both men and women uphold.” Recognizing one’s role within this system is essential for fostering change.
She further explained that being a woman in a male-dominated industry often means battling a structure that inherently favors men. “A woman in that position is not awarded that trust automatically,” she noted. This dynamic can lead women to seek validation from authority figures, reinforcing the cycle of self-doubt.
The Call for Action
Liz encouraged those in positions of power to extend the same trust to women leaders that they would to their male counterparts. She urged individuals to question their biases and assumptions, particularly when it comes to labeling women as “difficult” or “emotional.”
Andrea highlighted the importance of creating supportive networks within the industry. “There are many groups and networks that are always in need of more support,” she said. She encouraged individuals to foster environments where colleagues feel safe to express themselves and take risks.
Moving Forward Together
The insights from Liz, Andrea, and Angela paint a vivid picture of the challenges and opportunities for women in fintech. By addressing self-doubt, challenging societal labels, and fostering supportive environments, the industry can move closer to achieving genuine gender diversity. The journey may be fraught with obstacles, but the collective efforts of women and their allies can pave the way for a more inclusive future.