This June at Fintech Times we will focus on diversity, equity and inclusion (DEI). No longer just a trending topic, but an essential consideration not only for your business operations but also for your offering, this topic seems more relevant now than ever.

The fintech sector is known for its innovative and agile reputation, yet it still faces a significant diversity problem that threatens to stunt its growth and halt the movement of innovation.

But what do fintechs gain from it? Aside from obviously being the right thing to do, how can implementing DEI improve your business? We spoke to industry leaders to find out how embracing diversity can help improve your operations and offerings.

A necessity

Deepak Jain, CEO and founder of Wink

Deepak Jain, CEO and founder of multi-factor biometric authentication provider, Winking, said: “At Wink, our commitment to diversity is central to the development of our cutting-edge multi-factor, multi-modal biometric platform. We understand that creating technology that works seamlessly across different genders, races, ages, and ethnicities isn’t just an option—it’s a necessity. This commitment is driven by the diverse perspectives and experiences within our team.

“Having a diverse team allows us to identify and mitigate potential errors early in the design phase, ensuring our technology is fair and highly efficient for all users. Throughout all phases of development, from testing and fine-tuning our AI models to final implementation, our focus on inclusiveness has been an integral part of our product philosophy. This approach has not only improved the robustness and reliability of our software, but also increased customer satisfaction.

“The integration of diverse perspectives has pushed Wink to the forefront of innovation and excellence. Our success is a testament to the power of diversity, reinforcing that it is not just a goal but a vital element in creating technology that truly serves everyone.”

Creativity and innovation

Katie Barnes, HR Manager, BHG Financial

Katie Barnes, HR manager at a financial solutions company BHG Financial said: “Having a diverse team fosters creativity and innovation.

“Team members from diverse backgrounds bring unique perspectives and experiences from all walks of life, which helps create a richer pool of ideas and solutions.

“A diverse team allows us to address a broader range of our customers’ needs and preferences, leading to more innovative and market-relevant products.

“Overall, diversity within a team fosters better decision making, improves problem-solving capabilities, and ultimately leads to better performance and competitiveness in the marketplace.”

Child’s play

Ed Thompson, founder and CEO of Uptimize

Ed Thompson, founder and CEO of Optimizea company that has helped the likes of JP Morgan enhance the performance of your teams by leveraging the talents of all neurotypes said:

“Because our mission is to show companies how they can enhance team performance by embracing neurodiversity, diversity is a no-brainer for our organization. We practice what we preach. We attract and hire a highly neurodiverse team. This informs our product, as we create training courses that show how to leverage all neurotypes. It makes sense to have a diverse range of thinkers developing these materials.

“I myself have suffered a traumatic brain injury, so I understand what it’s like to deal with the challenges of information processing and memory. Additionally, we have a very neurodiverse team. We take time to understand how each other’s brains work and how we work best. We all understand “what” we need to do, but we give each person the flexibility to determine “how.”

“Ultimately, all of our collective experiences allow us to create a comprehensive and comprehensive training program.

“And the results speak for themselves. After working with our clients on their neurodiversity programs, they have seen retention rates of over 90% and increases in team productivity of between 50 and 90%.

This is a competitive advantage that companies cannot afford to give up.”

Navigating change

Jen O’Ryan, DEIB Strategist, Double Tall Consulting

Jen O’Ryan, DEIB Strategist at Double Tall Consulting, said: “Without multiple perspectives in the real (or metaphorical) room during design, you miss potential barriers to customer engagement. Without equitable access and representation, companies lose access to new markets. Without an authentic approach to inclusion and belonging, customers will only stay there until there is a viable alternative.

“Diverse systems are inherently better suited to managing change. But they only thrive when other aspects (psychological safety, inclusion, healthy levels of challenge) are ingrained in the organization.

“Doing this work, I discovered that most companies don’t notice the problem. Industry leaders think their product or culture is welcoming, or at least acceptable enough to get by.

“Or they simply don’t know where to look for (and how to resolve) experiences of exclusion. All those experiential micro-inconveniences that exclude people from a company’s offerings.”

Different perspectives

Michael Bystrov

Michael Bystrov, Chief Revenue Officer at an online payments company Node said: “Diversity, equity and inclusion are essential for companies like Noda in the fintech sector as they drive innovation and creativity.

“At Noda, our team is made up of people from all over the world, who bring a wealth of diverse perspectives that are crucial to developing innovative solutions in open banking. This global diversity allows us to better understand and meet the needs of a global customer base, enhancing our competitiveness and reach.”

Critical importance

Kate Hampton, NMI strategy director

Kate HamptonHead of Strategy at NMI, integrated payment solution providers, said: “Having worked in the technology and payments industry for nearly two decades, I have gained a deep understanding of the critical importance of addressing DEI in the fintech sector.

“Women in fintech are still significantly underrepresented, especially at the highest levels, and I often found myself being one of the few, if not the only, women in high-level meetings and discussions. I have had a very positive experience, supported by numerous mentors who encouraged me to dream big, however I recognize that many women in fintech do not share the same journey. That’s why it’s important for me to serve as a mentor and set an example for other women in the industry.

“Fintech organizations must actively support and uplift women by creating enrichment opportunities, establishing mentorship programs, and providing a safe space for those seeking support and guidance. Supporting women in fintech can lead to significant changes in the tech workforce, encouraging organizations to prioritize DEI efforts. This change needs to be championed by board members and senior executives, ensuring it starts at the top. The fintech sector has immense potential, and intentional DEI efforts will lead to success for both organizations and their employees. Diversity at all levels undeniably creates better business outcomes, and success in DEI outcomes will also benefit fintech as a whole.”

A healthy work culture

Sylvia Baffour, speaker, author and trainer

Silvia Baffour, speaker, author and trainer, said: “When you consider the main objectives of fintech companies (improving accessibility, promoting innovation, increasing efficiency and improving user experience), it is clear that these objectives they cannot be fully realized without a diverse and inclusive workforce.” . Why? Because diverse teams bring multiple perspectives and the kind of creativity and strong problem-solving skills needed for innovation.

“But having a diverse team is not enough. Your true impact as an organization occurs when your employees feel included, valued, and free to openly share their ideas and concerns. This is the sign of a healthy work culture that people want to be part of. Fintech companies with a reputation for psychological safety and inclusiveness are more attractive to skilled professionals, which is vital in this dynamic industry.

“Moreover, creating a culture where everyone feels a sense of belonging is not just a moral imperative; It makes good business sense. Inclusive businesses are better positioned to thrive and remain competitive in the rapidly evolving fintech landscape. Word spreads quickly about company culture, and those who are known for valuing and including diverse voices will attract top talent. Ultimately, DEI is essential to innovation, employee retention and overall business success in fintech.”

Empowering diverse voices

Belton Flournoy, managing director, technology consulting, Proviti

Belton Flournoy, managing director of technology consultancy at a management consultancy firm, Protivitis, She said:

“48% of all startups in 2023 were tech startups. Despite this, the number of fintech startups has slowed. To thrive and remain competitive in this digital world, fintechs must ensure they continue to innovate and leverage the diversity within their organizations.

“An innovative culture is essential, one that not only allows people to speak openly and challenge ideas that the company could implement, but also allows a diverse group of people to share their thoughts. The concept of M-Pesa and the rapid spread across Kenya is a great example of an idea that has benefited millions of people, but wouldn’t have happened without different thinking. Design Thinking is a technique that can be used to empower diverse voices, as well as considering diversity when you are a small team: ask yourself, do you really have diverse perspectives on your current team?

• Polly Jean Harrison

  Polly is a journalist, content creator and general opinion maker from North Wales. You have written for numerous publications, usually focusing on topics such as fintech, technology, lifestyle and body positivity.

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