The importance of diversity in FinTech

As a female founded FinTech, TechPassport is passionate about diversity and inclusion. This week we spoke to Zopa Bank about their views on gender diversity and how we can all work together to promote it:

Diversity in fintech is essential for a number of reasons. Firstly, it ensures that the financial technology products and services being developed are inclusive and accessible to all individuals, regardless of their background or demographics. This is important because financial services are a fundamental need for everyone, and it is crucial that these services are available to all.

Secondly, diversity in fintech leads to innovation and creativity. When teams are made up of individuals with different perspectives and experiences, they are more likely to come up with new and unique ideas. This is especially important in the fast-paced world of fintech, where innovation is key to staying ahead of the competition.

Thirdly, diversity in fintech is important for the industry’s overall growth and success. When the industry is representative of the diverse population it serves, it is more likely to understand and address the needs of different groups of people. This can lead to new market opportunities and increased customer satisfaction.

As Khumbo Nyirenda, a frontend developer at Zopa puts it,

“Representation matters, show the people who have switched careers before and explain how they made the move. Also make sure these people come from various backgrounds so prospective switchers know it’s a possibility for them. Companies should also provide the resources to educate new talent from within, the security of knowing I had a job while learning was imperative to me being able to make the switch. Reach out to people from various backgrounds starting as early as possible in schools, colleges and universities.”

Khumbo Nyirenda, Frontend Developer at Zopa

Patricia Haynes, VP Technology Operations & Delivery at Zopa, is also taking meaningful steps to promote diversity in fintech. She encourages more women in tech via Code First Girls and internal training. She said,

“Because we are taking meaningful action to bringing more talented women into technology careers and providing the training and support to do so.”

Patricia Hayes, VP Technology Operations & Delivery at Zopa

Emily Dickens, Head of People Experience at Zopa added;

“We are stronger when we support each other. I love to see women encouraging each other and celebrating other’s achievements, no matter how big or small. Taking the time to celebrate one another helps to build a special community.”

Emily Dickens, Head of People Experience at Zopa

In conclusion, diversity in fintech is essential for inclusivity, innovation, and industry growth. It is important for companies in the fintech industry to actively promote and prioritize diversity in their hiring, management, and product development processes. By doing so, they can ensure that their products and services meet the needs of all individuals and contribute to the overall success of the industry.