Chargeback mitigation specialists Chargebacks911 and Fi911, along with real-time data company, findexable, have announced the launch of a new global platform that measures the role women play in the fintech industry.
The Fintech Diversity Radar will enable progress and identify measurable steps to improve diversity in the sector and support the growth of the digital economy. Starting with a real-time global market map and report, and culminating in the launch of a digital scorecard, the radar aims to reduce exclusion among women team members, women entrepreneurs and women customers, raising the bar when setting best practises for bolstering gender equality by suggesting steps for meaningful change.
Among those joining the board for the radar is Chargebacks911 Co-Founder and Chief Operating Officer, Monica Eaton-Cardone, a long-time advocate for women in technology and leadership roles having authored articles on the problem of gender divides in the technology industry.
The radar has been created at a time when the fintech industry will play an important role in the UK’s economic recovery as it emerges from the Covid-19 pandemic. Fintech and its power to remove barriers between previously disparate industries, increase access to financial services among poor and marginal communities and knit the digital economy together will be essential moving forward.
Denise Gee, Founder and Managing Director of findexable, said: “It is in fintech where we can finally make a difference – borne from a desire to level the playing field by using digital innovation to create cheaper, more transparent and accessible financial services for all.
“Gender diversity makes business sense – a more diverse workforce equals more success and improvement is predicated on the ability to measure and track performance. For fintech’s benefits to spread evenly across societies, we need data that is relevant, up-to-date, and validated, which is why we have launched the Diversity Radar. We urge everyone in our industry to ‘Choose to Challenge’ and collaborate in building a progressive, diverse industry.”
For meaningful change to take place, commitment and collaboration are needed across an entire ecosystem. That is why Chargebacks911 and Fi911 joined findexable in powering the diversity radar. Chargebacks911 and Fi911 have a track record of ensuring women are promoted to senior-level roles, with 45% of leadership roles being filled by women across the two companies.
Alongside Chargeback911 and Fi911, the radar was sponsored by Global Processing Services and founding partners Center for Financial Inclusion at Accion, Financial Alliance for Women, Finetch4Good, Northeastern University, Fintech Mundi, University of Illinois Urbana-Champaign, SkyParlour and Systemic Logic Group.
The importance of gender equality among the businesses that will help rebuild the economy should not be downplayed. Companies in the top quartile for gender diversity are 25% more likely to have financial returns above their respective national industry medians.
While evidence suggests fintech firms return more value to investors than fast-growing businesses in other technology sectors, there are also fears that companies in the industry underperform compared to their larger rivals in incumbent finance and technology in their employment of women in general
– and in particular, by the proportion of women in positions of leadership. The diversity radar will act to assess this and aims to be a catalyst for change in the industry.
Commenting on the partnership and initiative Eaton-Cardone said: “It is with great pride that I join such strong and trailblazing women sitting on the Fintech Diversity Radar. For too long women have been unrepresented in the progressive and disruptive sector that is fintech and it is the work of platforms like this that will pave the way for the future generations of talented and empowered women to take their rightful seats at top tables at businesses all over the world.
“Diversity has long since been a passion of mine and it’s an honour to share my experience and expertise while forever learning from those around me – there has never been a better time to support such a fundamental movement.”
Gee added: “We could not build the Fintech Diversity Radar on our own. We have gathered a powerful group of fintech and diversity experts, including Chargebacks911 and Fi911, to support us and lend their voice to our call for diversity and inclusion in the industry.”