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Gender Equality in FinTech Falls Behind Big Banks

Last Updated March 4, 2021 4:53 PM
Rebecca Campbell
Last Updated March 4, 2021 4:53 PM

FinTech may be attempting to rewrite the history books by taking over traditional banking methods, but there is one area the sector is struggling with compared to banks: there are far less women on FinTech boards.

According to research conducted by headhunters DHR International, when it comes to women FinTech global directors they account for only eight percent compared to the 22 percent of women board members at 30 of the world’s biggest banks.

Speaking to the Financial Times , Gert Stürzebecher, a Frankfurt-based partner at DHR, said:

“FinTech has the opportunity to bring a new culture of change and flexibility, so it is surprising that there are not more women on the FinTech boards.”

Of the 268 companies across 19 countries, FinTech in the Netherlands was in last place with only three percent of women on their boards. This figure was compared to 11 percent in Nordic countries and nine percent in the U.S.

France and German FinTechs scored four percent and the U.K. reported an average of eight percent.

Women in FinTech

Of course, while there are so few women on board companies, efforts are being made to improve this with more female CEOs, founders and leaders in the blockchain industry making a name for themselves.

Blythe Masters is one such lady who is making a determined effort to get more women on at her company.

Since leaving JPMorgan  Chase to become the chief executive officer at Digital Asset Holdings, Masters has changed naysayer’s minds about the company, helping to raise $54 million. As a prominent figure in the FinTech space since leaving her previous employer, Masters understands the importance of the female role.

FT reports her as saying:

It is noticeable how many times you see a panel at a conference made up of all men or look into the audience and see very few women, whether it is an event focused on technology or business.

More Needs to be Done

And yet, even though there are women taking the lead and holding top positions within the financial technology sector more needs to be done to bridge the gender imbalance.

This could be through education by encouraging more young girls into programs that focus on science, technology, maths or engineering at school. By doing so, this will give them the head start they need, which will help them to become the entrepreneurs of the future.

Featured image from Shutterstock.