In a recent post by Currencycloud, the company provided a review on a talk regarding gender equality in the banking sector.
According to the firm, the recent Women in Banking Event: What’s your bank balance? presented some sobering statistics regarding gender equality in the banking sector.
During her engaging talk, author and guest speaker, Dr Leda Glyptis, shared that only 15% of senior roles in banking are held by women. Furthermore, it was highlighted that none of the senior roles in the top 150 tech firms in Silicon Valley are held by women.
In contrast, Currencycloud, a leading FinTech firm, stands as an exception with women in senior positions. Lauren Passey, VP of new business sales, EMEA and North America at Currencycloud, and Andrew Milne, head of engagement, shared their insights into promoting gender equality in the workplace.
In addressing the apparent gender imbalance in the banking sector, Dr Glyptis emphasised the importance of acknowledging the harsh realities and looking for proactive ways to overcome them. Her focus was on how businesses like Currencycloud are leading the way in making positive strides towards gender equality.
Dr Glyptis’ research also highlighted the paradox of women’s representation in the financial sector. Despite constituting approximately 47% of the financial services workforce in Europe and the US, women account for only 15% of senior positions. She further questioned why the top 150 FinTech companies lack women representation in senior positions despite the industry’s diversity and inclusion initiatives.
The current representation of women in the tech industry stands at a meagre 14%, in stark contrast to their nearly 50% representation in the global population. Dr Glyptis thus argues for the urgent need to correct this imbalance and allow women to occupy their rightful place in the FinTech industry.
A key factor in promoting gender equality in the banking sector is the establishment of inclusive businesses. Research has shown that companies with diverse management teams consistently outperform those that don’t. They have the added advantage of having access to a larger talent pool that includes women, thereby increasing their competitiveness and innovation.
Lauren Passey, Currencycloud’s VP of new business sales, shared her personal experiences about the gender dynamics in the banking industry. She also emphasised the importance of self-advocacy and continuous professional development for women starting their careers in banking and FinTech. Passey advocated for gender equality as a business priority, highlighting its role in fostering innovation, better decision making, and increased team commitment.
To illustrate the measures taken by Currencycloud to ensure gender equality, Andrew Milne revealed the company’s gender inclusion strategies, which include setting up the Women’s Network, GD@CC. This platform allows women leaders to share their career insights and experiences, thereby inspiring the upcoming workforce to strive for leadership positions.
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