Updated: Jan 4
It is now very clear to us that, in these turbulent times, we are forced to be even more inventive with the means at our disposal. Filling in a gap just to take a slice of an existing market might no longer be enough to keep a company in business.
“There are fintechs doing well, but they’d do a lot better if they addressed the needs of women in their products and in their workforce."
Joanne Bradford, President, Honey
The FinTech world still suffers from gender imbalance. According to financial services consultancy Oliver Wyman it continues to be an issue for FinTech firms more so than banks, since initially being reported in 2016. Whilst there is a clear benefit in catering to the specific needs of female customers, we wonder why female users of financial products and technology are in the minority. Is it lack of understanding, lack of interest, or lack of appropriate products? Start-up firm SmartPurse addresses the first one in a sensible way, by enabling women to become financially savvy.
Financial literacy across age in the USA
With this customer segment becoming more refined, and therefore having more distinct and possibly diverging needs from male customers, some FinTechs might decide to focus solely on this. Financial literacy is not a new concept, however there are disparities across the globe, whether within the women-only segment, or including men.
We should also ask ourselves why so few women actually work in FinTech, compared to men. Technology is still typically viewed as a male domain, with very few girls electing to continue their studies in a STEM (Science, Technology, Engineering, Maths) subject. Here at C-Innovation we see no reason to doubt that female engineers or technology specialists do their job well. What we do wonder though, is why more companies do not harness the power of mixed teams, starting with more female representation.
A recurring issue throughout the world is unconscious bias. While this is a large area that should be explored in its own right, it does actually underpin medical diagnosis. One part of this is gender bias, principally borne out of the fact that medical diagnosis has historically been performed with males in mind. Our conclusion is that although in many parts of life women have been historically overlooked, now might be a good time to really start taking them seriously, as they deservedly should be.
If ever there is doubt about gender bias being a social problem, spare a thought for the "Notorious RBG" and her accomplishments as an advocate of equality in a rather tough environment.