Women In Fintech: Good For Business

Women In Fintech: Good For Business

Brett King 10/07/2018 8

The Importance of Gender Parity on Fintech Teams" was a vibrant discussion by Breaking Bank’s Brett KingJason Henrichs with guests Anouska Streets, Head of Engineering at FINkit and Colleen Wilson, Founder and CEO of Collaborate Chicago

Women Mean Business

It is estimated that women in the United States control between 52—60% of wealth. The global business landscape is evolving as more and more women are entering the economic mainstream. It is estimated that within the next decade there will be three billion additions to the ecosystem as employees, employers, producers and entrepreneurs. This group is often referred to as #3rdBillion.

There is Disparity

In terms of funding, King shared that 6000 male founders funded while 359 female founders got funding. CrunchBase research showed no growth in the past five years and only 17% of all startups have a female founder.

Women hold 25% of senior management roles in the Financial Services Industry. Currently women hold 25% of jobs in computing and it has been declining since its peak in 1991 when it was at 36%. The current market is sometimes referred to as the code economy because so much of business process is reliant on APIs and algorithms. We need more women in finance. We need more women who code.

Both Streets and Wilson believe that closing this gap starts as early as childhood when children are playing with toys and the cultural stereotypes. It isn’t simply boy/girl toys as children are more dynamic and need a matrix of options vs. binary choice.  

Wilson shared an interesting point: that boys decide a career in IT in high school while women are more likely to choose a career in IT in their first job. The career path is not modeled as a viable option between fundamental ages 12-16. 

Early Engagement & Modeling the Way

  1. Parents can ensure that their children are exposed to diverse toys and work to avoid stereotypes. Given the rise of the Maker movement there are so many project and building oriented games.
  2. Modeling goes a long way to evoke in youth alternative careers paths. Increasing mentoring and shadowing opportunities will ignite possibility in others.
  3. Keep vigilant about inclusion. Panels and events should have diversity representing expertise. Here is a list of women in finance curated by Innotribe.

Imagery is both subtle and powerful. I am part of an innovation community called ROCgrowth. Given our awareness of this gender we recently redesigned our logo. It is amazing how a simple silhouette changed the entire conversation.

Please let us know individuals making a positive difference in accelerating diversity and inclusion so that we can track and amplify progress.

And don't miss this important discussion on Breaking Banks.

Credits & special thanks to Jennifer Sertl, Breaking Banks Contributor. 

About the Author

Brett King is a widely recognised top 5 FinTech influencer. He is a futurist, an Amazon bestselling author, an award winning speaker, hosts a globally recognized radio show (Breaking Banks), is the CEO of Moven, and in his spare time enjoys flying as an IFR pilot, scuba diving, motor racing, gaming (mostly FPS) and Sci-Fi. He advised the Obama administration on the Future of Banking, and has spoken on the future in 50 countries in the last 3 years.

Breaking Banks, #1 show on VoiceAmerica Business, is the leading global fintech podcast with more than 5.5 million listens from 172 countries. Breaking Banks broadcasts, are live every Thursday at 3pm EST in NYC on 1160AM WVNJ Radio and globally via VoiceAmerica’s Business Channel. 

His latest book Bank 4.0: Banking everywhere, never at a bank will be shortly released on Amazon.

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  • Eric Butler

    Despite the significant strides women have made in the workplace in recent decades, the FinTech industry still suffers from a glaringly obvious gender imbalance.

  • Megan Colley

    More leaders should not only encourage women to join the FinTech industry but actively recruit, develop and promote them.

  • Liam Staniford

    Careers in finance should be incorporated into education curriculums to expose women to finance from a young age.

  • Jean Mischke

    If you want gender equality everywhere, the best person for the job should get the job.

  • Andy Leaver

    Financial education in the workplace can be effective in bridging the gender gap if it is relative, meaningful and culturally competent.

  • Laura Pattison

    Excellent article !!

  • Mary Fowler

    Powerful read !!

  • Aimee Brookes

    We need more women in leadership roles

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Brett King

FinTech Guru

Brett King is a futurist, best selling author, award winning speaker and host of a globally recognized radio show. He is also co-founder and CEO of Moven, a New York-based $200m mobile banking startup with over a million users. He is widely regarded as one of the top 5 global influencers in financial services, and his book Augmented was cited by China's President Xi Jinping as recommended reading on artificial intelligence. He advised the Obama administration on the Future of Banking, and has spoken on the future in 50 countries in the last 3 years. Brett focuses on how technology is disrupting business, changing behaviour and influencing society. He has fronted TED conferences, given opening keynotes for Wired, Singularity University’s Exponential Finance, The Economist, SIBOS and many more. He appears as a commentator on CNBC and has appeared regularly on the likes of BBC, ABC, FOX, Bloomberg and more. His radio show, Breaking Banks, began in May 2013. It was the first global show and podcast on FinTech, and has grown to be the most popular with an audience in 140 countries/ 3.6 million listeners.

   

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