Sponsorship goes a step further, with a focus on active advocacy. This draws on senior leaders’ visibility and influence to surface the capability and impact of their protégés, promoting them for key opportunities and ensuring that their voices are heard in important discussions. While formal programs can be beneficial, both mentorship and sponsorship can start informally, particularly in smaller organizations, as a safe place for women to share ideas and offer support.
Mentorship programs like Innovate Finance’s Women in FinTech, which pairs women with experienced mentors in the industry, and networking groups like Women Who Code, which offer events, workshops and online communities for women in technology and finance, are great examples of external organizations put in place to help women succeed. These initiatives not only provide valuable support but also highlight the importance of diversity and inclusion in the fintech sector.
To build an effective mentorship and sponsorship program, fintech companies should:
- Identify potential mentors and sponsors. Look for experienced professionals in your organization who are willing to invest time and effort in supporting emerging female talent.
- Facilitate regular interactions. Create formal programs with regular check-ins and informal opportunities for interaction.
- Encourage allies. Those in leadership positions should be encouraged to sponsor and mentor female colleagues, helping to amplify their voices and perspectives.
Rethinking Networking Opportunities
If you work in fintech, you’ve probably been invited to play golf at a networking event. While golf can be great, reimaging networking so that women are not missing out on business opportunities simply because they don’t play golf is a great step toward closing that gender gap.
Here are some options to help create more inclusive networking opportunities:
- Think beyond golf. Organize networking events where women feel comfortable and included. Examples include workshops, seminars and social gatherings with activities that appeal to a broader audience.
- Golf doesn’t have to go! Instead, offer lessons and create environments where women feel welcome. Consider mixed-gender teams and ensure that the setting is inclusive.
- Host events specifically for women in fintech. These can provide a supportive environment for women to network, share experiences and build professional relationships.
Looking Within: Evaluation Is Key
Self-reflection is often the key to making change, and sometimes companies need to take a hard look at their internal practices to make improvements. To close the gender gap, fintech companies must assess gender distribution at various levels of the organization – from entry-level to leadership – and then identify any barriers preventing women from advancing and take actionable steps to address them.
They can do this by:
- Regularly soliciting feedback from female employees about their experiences and suggestions for improvement.
- Implementing changes based on this feedback and track progress over time.
- Sharing the company’s progress on gender diversity publicly to hold the organization accountable and inspire confidence among employees.
TransferWise, now known as Wise, is a great example of a fintech company that has made significant progress in promoting gender diversity. The company has a strong focus on creating an inclusive workplace culture and has implemented various initiatives to support women in fintech. Wise has established employee resource groups, mentorship programs and leadership development opportunities specifically for women. The company even made a commitment to transparency in its diversity and inclusion efforts by regularly publishing diversity reports.
Promoting Women to Leadership
I have definitely seen an increase in female hires over the course of my career, but that increase does not seem to be translating to more women in leadership positions. Companies must be proactive in promoting women to management roles if we are to close the gender gap. This involves not only identifying high-potential candidates but also providing the necessary support and development opportunities needed for women to succeed in leadership positions like training, clear career paths, and equal opportunities and access to challenging projects.
Closing the gender gap in fintech requires creativity, perseverance and planning. By understanding the challenges, fostering support networks, promoting mentorship and sponsorship, rethinking networking opportunities and reviewing internal practices, we can create a more inclusive and equitable industry. I look forward to a time where everyone, regardless of gender, can thrive and succeed.
Ryann Ramos is a product owner, Trading & Rebalancing at Advyzon, a comprehensive technology platform for financial advisors and investment managers.