This June at The Fintech Times, we’re focusing on diversity, equity and inclusion (DEI). No longer just a trending topic but an essential consideration to not only your business operations but in your offering as well, this topic feels more relevant now than ever before.
The fintech industry is known for its innovative, agile reputation, and yet it still faces a significant diversity problem that threatens to halt its growth and stop that innovation moving.
Though DEI should be the priority for all fintechs, actually implementing diversity practices can be a challenge for one reason or another. Here we spoke to leading members of the industry to get their advice on how organisations can make themselves as inclusive as possible so everyone can reap the benefits.
Improve authentically
Nadia Edwards-Dashti, chief customer officer at fintech recruitment firm, Harrington Starr, said:
“There have been many steps back for DEI in fintech in the past 18 months. People have seen women and ethnic minorities disproportionately affected by the redundancies; the UK government published a 22 per cent gender pay gap for financial services. We have sadly witnessed the Tech Talent Charter closing its doors and other similar high-profile DEI organisations having to close.
“If fintech leaders want to improve their DEI practises, I urge them to do so authentically and with clear goals. I urge them to make a clear stand that they are going to commit to their people and their happiness, belonging, safety, equity, equality and engagement at work. I urge them to really understand what they are trying to achieve and ensure everyone feels included in the inclusion policies. This is about safe spaces; think about what staff want and think about how you can build a culture of confidence in yourself and your leadership so that something will be done about any points raised. The steps I advise are:
- DEI committees with the power to implement action.
- Fair systems for promotion and transparent systems for pay.
- Open celebration of differences and what makes everyone unique.
- A change in how you typically recruit and a more proactive approach to identifying the staff you need with the diversity of thought you want.
- Policies that address societal challenges for caregivers with procedures that support them.
- All in approaches so that everyone feels included and those who feel threatened by inclusion have a safe space to understand the benefits for all.”
Continuous learning
Aileen Garcia, fraud prevention manager at ClearSale, a fraud management company, said:
“As a leader in the tech space and advocate for DEI initiatives, I would encourage my peers to embrace a mindset of continuous learning and active listening. DEI is not a one-time initiative; it’s an ongoing process that requires a genuine commitment to understanding and addressing systemic biases, creating equitable opportunities, and fostering an inclusive culture where every voice is heard and valued.
“My advice would be to start by taking an introspective look at your organisation’s policies, practices, and leadership team.
“Identify areas where hiring teams or executives may be hindering the recruitment, retention, and advancement of diverse talent. One way to do this is by seeking input from your employees, particularly those from underrepresented groups, and actively listening to their experiences and perspectives. This can open up the conversation to creating an environment that fosters growth for employees and managers. Their insights can shed light on potential barriers and help shape meaningful solutions for your brand.
“Finally, it’s crucial to lead by example and foster an inclusive culture where every employee feels valued, respected, and empowered to contribute their unique perspectives. Celebrate and amplify diverse voices, and create safe spaces for open dialogue and continuous learning.”
Fostering culture
Angy Watson, chief people and transformation officer at global card issuer processer, Paymentology, said:
“Many companies start their DEI ‘journey’ with training and while training is helpful, it is crucial to recognise that relying solely on training is insufficient for effective DEI practices. Instead, fintech companies should prioritise fostering a culture that deeply values DEI, where training initiatives serve as catalysts for ongoing conversations rather than standalone efforts. This cultural shift is essential for ensuring employees feel psychologically safe to discuss all issues, allowing them to grow while being supported by the company’s DEI commitments.
“Establishing an inclusive culture necessitates building a diverse workforce across every level, employing proactive recruitment strategies to attract diverse talent and ensuring fair hiring practices. As well as reviewing company policies to promote equity and engaging employees in DEI initiatives through feedback mechanisms to help maintain transparency and trust. Inclusive cultures not only cultivate a sense of value and security among employees but also drive collaboration, innovation, and higher retention rates.
“Moreover, a diverse workforce enhances customer centricity, which is at the core of Paymentology’s DNA. A diverse workforce better understands and meets the needs of wide-ranging clientele, making for better business outcomes in the long run too. The only way to understand what your customers want is to create a workforce that reflects the diversity of the society it’s meant to serve.”
Set up for success
Dorian Spears, director of partnerships & strategy, Gender Equality in Tech (GET) Cities, an initiative designed to accelerate historically excluded people within tech said:
“Leaders can educate themselves on systemic issues that affect all of us. Help to set your team up for success. Leave your ego at the door. Invest in and take heed of what is learned from DEI training and workshops. Use inclusive language. Listen to underrepresented staff when they express a thought, help solve problems, and acknowledge their contributions publicly.
“Amplify their voices and promote them to leadership roles. Build authentic relationships with people who don’t look like you. Review current compensation structures and pay staff equitably. Develop action plans that anchor equity in policies and decision-making. Create conditions for them to have the proper support from coaches, sponsors, and mentors. Get familiar with the term psychological safety and its importance in talent retention and increasing your bottom line. Allow flexibility. Partner with organisations that support underrepresented talent in tech.”
Culture of celebration
Hannah Winter, vice president of people and performance at capital management solutions provider, Taulia, said:
“At Taulia, we believe that diversity is how we grow. Our commitment to DEI is not just a statement but a core value that drives our actions, and we’ve seen firsthand how fostering a culture of celebration and respect for diverse backgrounds builds an inclusive workplace.
“Improving DEI in the workplace begins with understanding why it is important to your teams, business partners, customers, and communities. Aligning DEI efforts with your values ensures that these initiatives are integral to your company’s mission, rather than just add-ons. This alignment also helps gain buy-in from all stakeholders, as they can see the connection between what you’re doing and the company’s values.
“Attracting a diverse workforce is equally as crucial. Taulia collaborates with organisations and attends events that cater to diverse groups (Emprove, InHerSight, UK Black Business Week to name just a few!). We also ensure our job descriptions are inclusive, avoiding language that might unintentionally discourage certain groups from applying, and provide inclusive recruiting training for hiring managers to ensure our hiring processes are equitable and unbiased.”
Collaborative environment
Suneera Madhani, CEO of business credit score and risk management solution, Worth AI, said:
“While many fintechs say they offer DEI initiatives, it doesn’t mean they foster an inclusive culture. Going forward, there needs to be an emphasis in the fintech industry to hire more women for leadership positions. Only 24 per cent of women hold leadership positions. those female leaders help sponsor other women leaders and in turn, create the inclusive work environment that companies are seeking. When more women are promoted, it creates a more collaborative environment and generates a higher capital efficiency.
“Fintech leaders looking to create an inclusive culture need to accept women, especially women of colour, into the workplace. But in doing so, a few behaviours need to stop, including talking over women, using sexist phrases and microaggressions and underestimating employees, women or not. Beyond this, help employees understand the importance of DEI with training and workshops, create unbiased hiring practices and promote equitable decision-making.”
From the top down
Eva Paredes, head of SMBs in the UK and Ireland at Elavon, a payments company, said:
“Our aim is to go beyond simply implementing a strategy. People buy into authenticity, so leaders need to be genuine about how, and why, diversity is put at the core of people strategies and practices.
“Diverse teams should be visible from the top, down – not just concentrated at entry level or similar – we need leaders in the board room representing our diverse workforces. It’s a snowballing effect: Employees feel motivated to apply for new roles, allowing diverse talent to be retained within the organisation.
“Well thought-out programmes can support and promote the pipeline of talent into C-suite and leadership roles. These should incorporate an approach that allows talent and top performers to navigate through personal challenges and barriers, enabling them to thrive despite adversaries.”
Meaningful change
Laurel Docker, head of people and culture, Airtime (previously Airtime Rewards) a marketing technology and customer loyalty rewards platform, said:
“Focusing on several key areas can drive meaningful change in DEI practices. Prioritising the representation of women and underrepresented groups in leadership roles is crucial. Implementing supportive policies like enhanced maternity leave (six months full pay) and paternity leave (four weeks full pay), which also attract same-sex couples and demonstrates a commitment to inclusivity. This is something we’re proud to have implemented at Airtime, and
believe has contributed to the 10 per cent increase we’ve seen in female representation in the business over the last year.
“Creating a diverse and inclusive workplace involves allowing employees to celebrate and respect their culture and religion in their own way. Accommodating cultural and religious practices, such as adjusting work hours during fasting periods like Ramadan and granting additional days off for celebrations, helps foster an inclusive environment.
“By enhancing employee engagement through regular pulse surveys and comprehensive bi-annual surveys, employers can capture detailed demographic data and employee sentiment. This approach identifies key focus areas for DEI initiatives and ensures that the voices of all employees are heard. Additionally, offering flexible working arrangements and enhanced carers leave supports employees with diverse needs, ensuring that all team members can thrive.
“Integrating these strategies into the organisational framework enables leaders to create a more diverse, equitable inclusive workplace, benefiting both employees and the business as a whole.”
A systemic solution
Cetin Duransoy, CEO of savings platform, Raisin US, said:
“Other crucial solutions involve community norms regarding communication and conduct; clear and accessible documentation regarding promotions; and measurable benchmarks and action items at the group and team level.
“A DEI-centered workplace requires respecting and retaining your employees by listening to their needs, and supporting them to thrive. Then as you recruit new talent, you already have the core operations in place to ensure their success and longevity.
“DEI work is an ever-evolving journey. Fintech leaders that commit to doing the work are investing not only in a more diverse and expansive workforce but also organisational health and prosperity.”
