What does it take to create an event with true gender diversity? In this piece, Finovate Content and Strategy Director Adela Knox, who was recently named the Goodwill ambassador for the European Women Payments Network (EWPN), explains how she gets the balance right.

Finance leaders have predicted this year could mark a turning point for gender diversity in the banking and finance sector as pressure is mounting and gender pay gap reporting galvanizes efforts to promote more women.

The financial services industry is making progress on gender balance in the workforce. Mindsets are changing and, as a result of hard work and commitment, progress is starting to be reflected in the numbers. Finovate has always advocated for gender diversity at our events globally to support the overall industry change and market shift happening within the fintech sector. There is still a long way to go to create an environment in which women have equal access to opportunity and positive outcomes but we at Finovate are eager to support the industry change every step of a way.

Our team made a commitment to pledge to only run events with mixed-gender panels. As a result a considerable amount is being done to challenge the prevalent all-male conference panels. We provide women in fintech with an opportunity to bolster their profile and to be taken seriously. The gained visibility and platform become fundamental to getting women into the boardrooms and ultimately build their network and advance their careers.

We focus on an equal female-to-male ratio during our speaker acquisition phase and we also proactively support gender equality at our events while running Women in Fintech forums with the goal to empower women in financial services and technology.

The Women in Fintech forums are compiled of networking evenings, workshops, panel discussions, keynote presentations, and debates offering dialogue-driven sessions and initiatives to promote diversity and gender equality at the workplace and educate on why encouraging it matters. Topics include: What is diversity in the workplace? What are the benefits and challenges of diversity in the workplace? How can we manage diversity in the workplace? What should hiring, policies, & practices look like? How can we promote gender equality at workplace? etc.

We collaborate with various industry bodies and associations who strive to create more opportunities for women and minorities, as well as being a champion for a more diverse and inclusive industry for all. Some of the groups that we collaborate with include the European Women in Payments Network (EWPN), Women in Fintech NY, and Women in Fintech SF.
This is an ongoing effort and we at Finovate are passionate to constantly grow and elevate our initiatives globally.
Recently, i had an opportunity to interview Isil Ugurlu, the German Ambassador of EWPN, while running yet another Women in Fintech forum at the annual FinovateEurope 2020 in Berlin, about what it means for the organisation to collaborate with event organisaers like Finovate. You can watch the interview here:

To promote the gender goal of 50/50 diversity in financial services, women who register by this Friday, March 13, can purchase a ticket to any 2020 Finovate event at a 50% discount. Just enter the code EQUALITY on the booking form.

As any woman working in fintech can tell you, we have a long road to equality. The good news is that equality starts with us.

And because we are responsible for exemplifying the change we want to see in the workforce, we are in control of how we inspire others and create solutions.

Today we bring you perspectives from two women working in the fintech field to get their take on what they are doing to be the change they want to see.

First up is Sophie Theen, Chief People Officer at Oakam, a U.K.-based fintech that helps underserved individuals build credit. Theen is passionate about recruitment, culture, diversity, and inclusion and has helped a number of tech startups with talent recruitment and HR strategy. She has received multiple industry awards, including being named a WeAreTheCity Rising Star Finalist in 2019.

In your professional life you help startups recruit talent. What is your strategy in promoting diversity?

Sophie Theen: Hiring for diversity to me is very simple. We don’t want to deliberately hire for diversity i.e., rejecting male candidates or promoting or writing an advert that only speaks to a woman. It’s about making it fair and equal to all candidates who are in the process and ensuring that the hiring managers and panel of interviewers are diverse, too (so no all male or female panel).

It’s also got a lot to do with the way we present ourselves as a company. If we want to be recognized as an inclusive employer, then we need to always remember to put effort in taking those baby steps.

Tell us how someone in the industry has helped empower you.

Theen: So I haven’t been in fintech for so long yet, and my first experience wasn’t all that amazing. I was new to the industry and had to learn to navigate through adversity in a heavily male-dominated environment, most of the time feeling quite lost and insecure.

This was the case until I joined 11:FS in 2017. The leadership there really changed my impression about the industry. My CEO then, David Brear, empowered me in every way you could imagine; that made me realize this is the industry I’m passionate about and this is where I want to make a change for the better.

How do you empower other women to achieve success of their own?

Theen: Simple, I give as much of my time as I can back to the women that I meet, cross paths with, and to those who reach out to me asking for support. Because if it wasn’t for my community and mentors around me, I wouldn’t have gotten the strength– let alone the confidence– to enjoy doing what I’m doing everyday.

The one most important thing I’ve learned from them was that I needed to believe in myself. So to anyone of you thinking you can’t– stop. We’re the only ones limiting ourselves!

Our next interview was with SVP of Product and Marketing at biometric authentication company iProov, Aarti Samani. After working for more than 10 years in the investment banking space, Samani transitioned to the tech sector and has since gained experience in banking, consumer technology, and healthcare.

Talk to us about efforts at iProov to promote diversity within the organization and in the tech community at large.

Aarti Samani: iProov is an inclusive and diverse organisation. We always look to hire the right person for a role based on their experience and skill set. Everyone gets a fair chance regardless of labels like race and gender. We actively promote a culture of inclusivity in the organization in a number of ways. Our flexible working policy encourages an inclusive workplace, as well as women centric comms channels to provide support. The diversity in demographics across the organization enables iProov to propel as a startup.

We celebrate the uniqueness of our people, and endeavour to inspire young people from all walks of life. For example, as part of International Day of Women and Girls in Science, iProov published a blog post showcasing the career trajectories and accomplishments of my colleagues and I. By demonstrating some of the exciting work that STEM skills can lead to, we hope to inspire young women to pursue STEM.

Despite a lot of progress, women are still highly underrepresented in technology – both as employees and as leaders. I take conscious responsibility to empower women and other minority groups around me.

Tell us about a way someone in the industry has helped empower you.

Samani: I have been incredibly fortunate to have had great mentors and sponsors who have both supported and guided me in my career.

According to research from the Center for Talent Innovation (CTI), 85% of women and 81% of multicultural professionals need navigational support to figure out how best to succeed in the workplace, but often don’t receive it with nearly the same regularity as men.

I would like to take this opportunity to call out Eric Collins, a former colleague, and now a dear friend. Eric not only helped me navigate a career transition from finance to technology, he was also a strong role model and an influential sponsor. His endorsement and guidance helped me to grow as a leader and helped advance my career in an otherwise male dominated environment.

Working with Eric was a very positive experience and has greatly shaped my approach to leadership, team-building and the impact I aspire to have on people I work with.

How do you empower other women to achieve success of their own?

Samani: As a leader, I mentor and coach members of my team and in the wider industry to help them develop their professional and people skills to help them succeed in their careers.

I am invested in the growth and well-being of my team so that they are able to be their best selves at work and in their personal lives. I am a big believer in celebrating each individual’s accomplishments and ensure that their work is recognized across the organization. This instills a sense of pride in their work and fuels a virtuous circle of increased confidence in their ability to deliver, which encourages people to aim higher and in turn accomplish more. To foster mental well-being and create space for the team to reconnect with themselves as well as each other, I make available weekly team meditation sessions. This, coupled with an emphasis on open, collaborative team culture means everyone leans in and acts as sponsors for their colleagues. This leads to lower stress levels overall, and promotes greater happiness in and out of work.

To promote the gender goal of 50/50 diversity in financial services, women who register by this Friday, March 13, can purchase a ticket to any 2020 Finovate event at a 50% discount. Just enter the code EQUALITY on the booking form.

As part of our ongoing #WomeninFintech series, and to celebrate International Womens’ Day, we sat down with several women leading the way in their sector and picked their brains on their role and the future of the industry. First up is Michal Kissos Hertzog, CEO of digital bank Pepper on the challenges of… challenger banking.

Finovate: What key lessons have challenger banks learned on their journey to be digital only?

Michal Hertzog: One key lesson businesses have learned is that you can’t just paste a “digital core” over an incumbent bank. They have to be truly digital or there will be limitations and barriers. The benefits of having a business model that is digital to its core is that banks can adapt quickly to constantly evolving customer demand, technology, and innovation. Incumbents with legacy systems need to adjust quickly or partner with tech and fintech companies, or innovation will always be slower.

Finovate: Why have we seen such a boom of “digital-only banks?” Do you think these challengers have the ability to take on the more entrenched players?

Hertzog: The profit and loss model no longer works. Unlike the incumbents, digital-only banks have the advantage of being able to utilize data to operate on customers first, profit second basis. Customer needs and demands are changing and they expect so much more from the companies they engage with on a daily basis. For example, Pepper’s research found that two thirds (67%) of Brits don’t feel well-equipped to make the best financial decisions for themselves, yet nearly half (47%) believe it’s a bank’s duty to help them make better financial decisions. This shows that banks need to do more in providing the necessary tools to help consumers make the best financial decisions.

This is something that many challengers have already achieved and are excelling at, so for the incumbents, it really is a question of adapt or die. Ultimately, this customer-first approach will benefit the bank, as their customers are more likely to opt for greater profit-producing solutions such as mortgages or investment products. For example, Pepper Invest provides customers with tips, guidance, and insights to break down the barriers to the investment market for all consumers, regardless of their financial ability.

Finovate: How do you ensure a great customer experience when you are a digital bank?

Unlike traditional banks who have implemented technology solutions to improve how they currently work, digital banks tend to do things differently. They work hard to identify customer pain points and then implement tech solutions to solve them.

Another way is by leveraging data. Digital banks might not have the long history of data that the incumbents do, but they are far better at utilizing it to adapt to consumer demand and offer personalized services. This typically creates a much better experience for the customer. For example, we know that debt is a huge problem for many people, so at Pepper, we use data to provide our customers with the necessary guidance before this happens, such as suggesting cheaper loan alternatives to an overdraft.

Finovate: How do you see fintech as a whole evolving over the next decade?

In the next decade, we can expect to see a lot more partnerships and collaborations – not just between banks and fintechs, but also fintech-to-fintech partnerships. Many successful businesses realize the importance of collaboration, so they can focus on what they do best and use other companies for the rest.

The other trend we can expect from fintech is increased personalization through the use of AI. At Pepper, we envisage a world where a consumer enters their favorite coffee shop, and we drop money into their account to pay for their coffee as a reward. This level of personalization and customer obsession will dramatically reform the banking industry in particular, as consumers opt for products that truly understand them and their needs.

To promote the gender goal of 50/50 diversity in financial services, women who register by this Friday, March 13, can purchase a ticket to any 2020 Finovate event at a 50% discount. Just enter the code EQUALITY on the booking form.