Breaking Gender Bias In Fintech Sector

Under representation of women in the fintech industry is a significant issue that requires attention and action says Shweta Papriwal, Vice President - Marketing & Communication, blinkX by JM Financial.


In the recent years, the women workforce has made significant strides in the fintech sector, with more women leaders and entrepreneurs in the industry than ever before.

Women-led fintech startups are gaining attention, showcasing innovative solutions and disrupting traditional financial services practices. Many women in this sector are passionate about promoting financial literacy and access to underserved communities, creating inclusive products and services that cater to diverse needs. The increasing number of women in leadership positions here is inspiring a new generation of young women to pursue careers in finance and technology, bringing fresh perspectives and ideas to the industry but it needs some push. Firstly, it is important to encourage girls and young women to pursue STEM subjects and careers. This can be done through initiatives such as mentorship programs, internships, and scholarships. Secondly, companies in the  fintech space need to prioritize diversity and inclusion in their hiring processes. This includes not only hiring more women but also individuals from different backgrounds and experiences. Finally, it is important to support and promote women who are already a part of the industry, providing them with equal opportunities for career advancement and leadership roles.

However, there are several challenges that women face in this sector. One of them is the pervasive gender bias. This can manifest in a number of ways, including subconscious biases in hiring and promotion decisions, as well as a lack of representation and recognition of women in leadership positions. Additionally, there are issues of pay disparity, with women often being paid less than their male counterparts.

Another major barrier for women in these industries is the lack of work-life balance. This sector is known for long hours and intense workloads, which can make it difficult for women who are also managing family and other responsibilities. This can lead to a higher attrition rate for women in these fields, as they may feel they cannot balance their personal and professional lives.

To build a strong career in the fintech industry one requires persistence and a commitment for continuous learning. Networking, educating oneself, skill-building, and mentorship can help women advance in the field. Women can seek out opportunities by connecting with industry leaders, stay up-to-date on the latest trends, and develop their technical and soft skills needed to succeed. Additionally, advocating for diversity and inclusion in fintech can help create a more equitable industry for all.

Under representation of women in the fintech industry is a significant issue that requires attention and action. The Government can take certain steps to increase women workforce in fintech, such as promoting vocational training, establishing mentorship and networking opportunities, providing funding and grants for women entrepreneurs. Encouraging gender diversity in the industry, addressing the gender pay gap, supporting research and data collection, creating a supportive regulatory environment. Increasing visibility and recognition of successful women in fintech, and partnering with industry associations to develop initiatives that promote diversity and inclusion can also be looked at. The Government can also encourage financial institutions to offer products and services that meet the needs of women and support in the development of factors in the fintech sector that address gender-specific challenges. Breaking through the glass ceiling is not easy, but with determination and support, women can succeed in fintech and help pave the way for future generations.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

Tags assigned to this article:


Around The World