Like many tech sectors, fintech remains a relatively male-dominated area. Much work has been done to change this, but women are still greatly underrepresented in leadership roles.
Despite this, women in the UK are keen users of fintech, often adopting digital financial tools at higher rates than men.
Fintech must adapt to encourage more women to enter the space, and the onus lies on fintech companies to support their employees with tailored initiatives to encourage female fintech talent.
Female Fintech Trailblazers
British Women are key fintech users. In fact, they are leading the adoption of digital financial tools, embracing these at a faster rate than their male counterparts.
Marqeta research from 2023 found that women in the UK were using mobile wallets more frequently than men, with 44% of female respondents stating that they had used the technology within the last week, compared to only 29% of male respondents.
The research also revealed that British women were twice as likely (18%) to have used Buy Now Pay Later (BNPL) over the past month as men (9%).
Women were also far more likely to use embedded payments in the past year, with a quarter (25%) having made a purchase directly on a TikTok shop in the last 12 months compared to just 12% of men.
This data suggests that British women are surpassing men when it comes to utilising new financial tools to make their money work better for them. It is also clear that fintech needs to prioritise catering to their female customers, who are currently the most receptive to innovation within financial services.
Lacking in Leadership
While women reap the benefits of fintech in their day to day lives, there is still a long way to go to achieve gender parity in the financial sector.
In the UK, women make up only 44% of the financial services workforce, with this figure dropping to just 28% in fintech.
Women in leadership roles in the fintech sector are even more scarce. Just 4% of CEOs are female, and only 18% of executive committee members. Most shockingly, women make up only 7.7% of entrepreneurs.
Given these troubling statistics, we must encourage more women to join and stay in fintech, and ensure that these women have access to leadership roles and entrepreneurial opportunities.
Investing in Women’s Success
In order to support women in fintech, businesses need to prioritise supporting their female employees, allowing the sector to retain this talent.
A key initiative at Marqeta is its Women’s Group ERG, an internal resource group dedicated to fostering a supportive environment for female employees. This group promotes professional development and amplifies women’s voices within the organisation.
Creating cross-company events dedicated to women in fintech is also vital, allowing companies to champion women in this industry. Both of these initiatives allow women to build diverse networks, enabling them to feel more supported in the long term.
It is also important for all tech companies to offer flexible work, which is a real lifeline for working mothers. Post-Covid flexibility has allowed many women to retain momentum in their careers, whilst also allowing them more opportunities to spend time with their families.
For instance, Marqeta’s Flexible First Policy, allows employees to continue to work remotely. This enables women to find a work-life balance which better suits being a working mother. The policy also makes employment accessible to those who do not live near major tech hubs, which has historically been a barrier to entry for many fintech jobs.
Such strategies are the most effective ways to create a strong base of female fintech talent, which will help to increase gender parity and change the sector for the better.
