It is taken as a truism in the fintech world that diversity is good for business. Having leadership represent a more diverse cross-section of a company’s user base can benefit an organization in myriad ways, from helping uplift traditionally underserved demographics to contributing to a more robust, real world-based corporate strategy.
Unfortunately, despite the efforts of finance companies to invite diversity into executive positions, leadership has remained stubbornly stuck in the past, particularly with regard to gender. In fact, a recent study showed that only 6% of fintech CEOs are women — and according to industry experts, that is costing companies in a big way.
“As companies work to embrace diversity at greater levels, they can realize tremendous value in fintech by including more women as part of the equation,” wrote Sara Parrish, President of loan servicing fintech CampusDoor. “Since women are able to help organizations connect with customers beyond the logistics of just executing a loan, institutions who use their talents are able to build businesses that are more profitable and better equipped at supporting the financial wellbeing of the people in the communities that they serve.”