How Can You Handle Resistance to Implementing DEI initiatives Within Fintech?

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.

Despite the need for diversity initiatives, some companies (or even just certain executives) can be reluctant to change. We spoke to several members of the industry to learn how to handle any resistance to DEI.

Reframe perspectives

Ron J. Williams, partner at venture studio, Co-Created, said:

“If you are experiencing resistance to DEI initiatives, you need to reframe the perspective of those around you. Most organisations tend to think of DEI as a charitable act or a department within an organisation that is a subset of HR. When really finding ways to build and innovate inclusively is far broader and should be a part of any company’s overall growth strategy. Serving new markets with new models should be the ambition of every business that aims to fuel “good growth” aka growth that also delivers impact. Targeting good growth is smart business, not a distraction or diversion.

“Bringing diverse perspectives to the table to build better products is smart. Targeting new markets aimed at serving traditionally commercially marginalised populations is a sizable business opportunity. Combining the two is a winning strategy. Smart leadership is leaning into making impact and inclusion key features of its business growth models.”

Competitive advantage

Bella Renney, product director at Liberis, an embedded finance platform, said:

“You need to frame it as an explicit competitive advantage with material revenue impacts such as, talent attraction. Once people, particularly executives, understand the benefits to the business and to themselves, it’s a no-brainer that they will get on board and become advocates themselves.”

“At Liberis, we run a biannual baseline survey that allows us to be intentional about data collection during onboarding. We also have a Diversity, Inclusion, and Belonging Council made up of members of different seniorities from across the business. To be on the council involves a short application to show commitment and genuine interest. This group is passionate, dedicated and all about action. Instead of just sitting around and talking about ideas, they execute various projects to improve our business from the inside out.

“To ensure all our executives are invested in and informed of our DEI initiatives, we have a rotating exec team member on the council. We’ve had the chief risk officer and the chief operating officer so far and our CFO is up next quarter!”

Active champions

Motie Bring, CEO of PPRO, a payment services provider, said:

“Resistance to change can take place in many forms – from passive disengagement to active pushback – negatively affecting hiring practices, company culture and DEI strategies. Resistance can often stem from a range of factors, including fear, scepticism or more commonly, misunderstanding. Fintech leaders have the responsibility to shape organisational culture from within and it is essential to have leadership that not only endorses these efforts but actively champions them. Leaders need to be vocal advocates for diversity and inclusion, both in words and action. This begins with setting an example and demonstrating a commitment to DEI principles from the top.”

“It is my job to help bring people on the journey in any way possible while remaining unapologetic in the process of doing so. I use my own experiences to promote the need for having DEI initiatives, as well as demonstrating that when this is done right, it is so good for businesses and society at large.”

True value

Betsy Samuel, chief marketing officer at payments issuer processing partner, Thredd, said:

“We believe that team diversity brings true value to our organisation; as such, we’ve had very little resistance to such initiatives. We are fortunate that a number of our Thredd team members speak openly about their DEI experiences and perspectives. This buy-in and personal authenticity is essential to success—particularly at the top of the organisation. If leaders are modelling the right DEI-focused behaviours and are sharing their experiences with their peers and the broader organisation, the challenge to be more diverse becomes much more personal and individuals get on board with changes to support their colleagues.

 “It’s also good to focus on a few DEI initiatives and create quantitative and qualitative measures by which to evaluate and embed them successfully; rather than trying to do everything at once. Using anonymous colleague surveys enables you to gather more data and pivot your DEI strategy, accordingly, ensuring it continues to focus on what’s most relevant and important for your make-up of colleagues, whilst continuing to ensure that your selection methods are diverse.”

Walk the walk

Justine Craston, social values manager at Dojo, a card machine provider, said:

“The rapid pace that technology companies develop can pose challenges when implementing DEI initiatives. Diversifying candidate pipelines, rebuilding existing practices and processes so that they are more equitable, and taking the time to listen to diverse perspectives requires time, which can conflict with the competitive market’s demands. Taking the time to build your awareness and understanding of each other is crucial, and there is often an unlearning or reset required in teams as a business matures beyond the start-up phase of growth.

“It’s also important to acknowledge that plenty of your practices will not be inclusive enough and that most workplaces are designed and built by a majority which automatically excludes. Knowing this will help ensure you’re receptive to change, and will inform your approach to implementing and developing an effective DEI strategy.

“Tech companies have also been seen to be de-prioritising or ‘quiet quitting’ some DEI efforts. It’s too easy to put out a compelling statement, to apply for awards and make commitments, but without your individual function leaders crafting tangible goals, these ambitions will remain wishful thoughts. Create non-financial KPIs. Address your inclusion problems when you surface them. Walk the walk. Don’t just talk the talk.”

Culture of diversity

Priya Guliani, CEO at EarthID, a decentralised identity platform, said:

“EarthID follows a strategic and empathetic approach to instil a culture of diversity, equity, and inclusion at its core. Our leadership actively demonstrates a commitment to DEI. By visibly participating in and championing DEI initiatives, our leadership sets the tone for the entire organisation, showing that DEI is a priority from the top down.

“We ensure that the purpose and benefits of DEI initiatives are clearly communicated to all employees. This includes explaining how these initiatives align with EarthID’s mission and values, and how they contribute to the overall success and innovation of the company.

“We identify and empower allies and champions within the organisation who are passionate about DEI. These individuals help advocate for DEI initiatives, provide support to their colleagues, and model inclusive behaviour.”

Just care

Alexandra Chirica, founder of recruitment company, Recfindr, said:

“Previously in my recruitment company, I helped fintechs and start-ups hire for their Anti Financial Crime functions. I have, unfortunately, often had to point blank ask CEO’s and founders “Is your priority diversity, or is it filling the role?” Oftentimes, they would ask for a ‘female’ CV as an icing on the cake. But they didn’t really care, or create an environment that is inclusive (i.e. no flexible working, 5x a week in the office, but it’s fine because they offered Deliveroo credits for lunch…)

“Unsurprisingly, many women didn’t find the offering appealing so naturally, they didn’t want to apply.

“I decided to stop working with the client. Guess that was the quickest way to handle resistance!”