Despite the widespread call for diversity in fintech, little progress has been made. When considering the support of Black talent across all financial services, in some cases the sector is moving backwards. KPMG reported that in the UK insurance sector Ethnic Minority representation was moving down from “10% in 2019, to 9% in 2021.” McKinsey shared that Black talent represent 12% of the US workforce in 2022, but only 8% in technology jobs and only 3% of technology executives are Black. Their research suggested that whilst jobs in technology are set to grow, opportunities for Black talent in those roles will lag. Many big banks have been able to put together impressive campaigns to elevate and support their Black talent. These initiatives look to improve retention, growth and promotion. Barclays published their targets in their ‘Race at Work Impact Report.’ They stated that “a myriad of evidence” shows that diverse companies “perform better” and achieve “better business outcomes.”
In talks with several people across the fintech space, they shared what any business can do to drive better Black talent equity, equality, and workplace inclusion.
Commit to a program
Lisa Leid is a seasoned Fintech PR and Communications expert. She says that when it comes to a real inclusion campaign, it should go much further than the concept of support. She says it’s “more about cultivating, elevating and amplifying voices.” Genuine acknowledgement of current treatment can occur only at this point. She says this will pave the way for implementing appropriate measures and programs to enhance and construct more inclusive environments.
Brenda Lee Henderson is an Associate Director at Lloyds Banking Group. She believes the first step in any inclusion program is promoting open discussions about race. Ensuring that the right issues are identified and dealt with properly is key. Also, for any change program to take place, it is essential to establish an environment where everyone can speak openly and honestly. Brenda says only then will the “open discussions increase the understanding of the complexities around race and racism.”
Commit to inclusive environments
Mary Agbesanwa is a Fintech Sales Professional and Founder of the ‘Now You’re Talking Network.’ She says any business can make itself more successful by committing to diversity as a business issue. She suggests setting targets, measuring progress, and holding regular meetings to track improvement “just as you would with any other business issue.” Focusing on the ‘why’ and aligning that to where you want to be can be more powerful than hugely funded campaigns.
For Juan Matthew, this must be bolstered by the ‘power of community.’ As the Implementation Manager for fintech, Built Technologies, Juan discusses building an inclusive environment through a “shared vision.” He says that when there’s a shared vision, people are willing to help each other out in order to achieve it. The potential of a group with the same goal, “all marching in the same direction, is so powerful. There’s really nothing that can stop them.”
Commit to fair progression
Elizabeth Boampong is a Compliance Professional and Founder of the Afro-Fintech Community. She highlights that progression is paramount. She says “The issue is not representation; the issue is representation in leadership.” Moving into leadership needs more than fair recognition, she says, it also needs visibility of that. She says “Depending on your background, you might not have been exposed to examples of career potential” within the sector.
Flavilla Fongang agrees saying this is also true for those applying to fintech. When talking about hiring she said, “The age is over for hiring in your own image.” As the Founder of 3 Colours Rule & GTA Black Women In Tech she commits to building confidence in the next generation. One of the ways she does this is through storytelling of great career successes. When collaborating with businesses to ensure fair career progression, she emphasizes the importance of diverse perspectives.
Yianni Ellis is a Director of Operations, having spent years within the fintech sector. In support of making programs impactful, he highlights that diversity is paramount at C suite. To accomplish any inclusion program, it must be reflected in senior management driving that company. He says, “If we want a high-performing, diverse company. Then we must have a high-performing, diverse C suite.” Without it, any change program will be flawed.
There have been many unsuccessful attempts to build better diversity and inclusion within fintech businesses. Even the most heavily funded campaigns can be held back when the foundations of change are overlooked. In 2016, Harvard Business Review wrote about the difference between caring about diversity and committing to diversity. Often failure to commit has led to barriers to change. These examples are from those who have built successful careers in the sector. Each person quoted supports the industry in its commitment to building a more prosperous and inclusive place to be.
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