The Unseen Barriers: How Subtle Biases Undermine Gender Equality in Fintech
The pursuit of gender equality in the workplace, particularly within the dynamic fintech sector, remains a work in progress, with significant obstacles hindering true parity. Despite global efforts and growing awareness, women’s experiences and opportunities haven’t seen substantial improvement over the past decade. In fact, some sectors, including financial services, have regressed, highlighting the deeply ingrained nature of gender inequality. These disparities manifest in various forms, from unequal pay and limited career progression to a lack of recognition and fewer opportunities to secure investment. The consequences are not only detrimental to individual careers but also to the overall economic potential of businesses and nations.
The economic benefits of achieving gender equality are undeniable. Studies show that closing gender gaps in the workforce could inject trillions of dollars into the global GDP and significantly boost individual national economies. However, progress remains sluggish, with projections indicating that it could take over a century to attain true gender equity in the workplace. Numerous reports emphasize the need for both individual and collective action to dismantle these barriers and accelerate progress. Key steps include elevating the visibility of female leaders, addressing systemic issues within talent pipelines, improving staff retention, and creating more accessible pathways for career advancement. While some inequalities are overt and readily apparent, others are far more insidious, operating beneath the surface and often going unnoticed. These subtle yet pervasive biases are the focus of this article, exploring the lived experiences of women in fintech and the everyday inequities they face.
One such subtle bias involves what Leah Glass, VP of Global Marketing at Convera, terms the "excuse matrix." This describes a system of obstacles that disproportionately affect women in the workplace. A core element of this matrix is the pervasive disbelief in women’s competence and even their existence within certain fields. This bias manifests in unequal pay and limited job opportunities. Glass challenges the common refrain, "The talent isn’t there," used to justify gender imbalances in hiring, citing data that shows a higher number of female college graduates, including women of color, compared to men. This persistent myth of scarce qualified female candidates perpetuates practices like tokenism – hiring a single woman, often at a lower salary, to create a façade of diversity without fostering genuine inclusion. Glass notes the disempowering experience of discovering one is performing the same role as male colleagues but earning less, highlighting the insidious nature of such practices. Further complicating the issue are ingrained biases in how women are perceived. Glass points out the double standard where men are lauded for assertiveness while women exhibiting the same trait are criticized as being aggressive. This subtle yet damaging dynamic penalizes women for characteristics often celebrated in men.
The struggle to be heard and recognized is another common experience for women in fintech. Amie Durr, Chief Product Officer at Visual Lease, emphasizes the importance of evidence and data in overcoming unfair workplace practices. She recounts her own experience of having to work significantly harder than male colleagues to have her ideas acknowledged, understood, and supported. Durr recalls being subjected to intense scrutiny and questioning that her male counterparts did not face, requiring her to conduct extensive research to simply have her ideas considered. Even when her ideas were accepted, she experienced heightened scrutiny for any setbacks, describing a feeling of being under a spotlight when mistakes occurred. Durr attributes her success to a focus on outcomes over output and the strategic use of quantitative and qualitative data to support her proposals, effectively silencing dissenting voices. Her experience underscores the extra burden placed on women to prove their competence and the need for data-driven approaches to counter subjective biases.
The perception of leadership also plays a significant role in hindering women’s progression to senior roles in fintech. Asya Kuznetsova, a Senior Product Manager at Wise, explains that the journey to leadership is not solely based on performance but also heavily influenced by perception. In male-dominated leadership structures, qualities traditionally associated with male leadership, such as assertiveness, confidence, and directness, are often overvalued. This creates pressure on women to conform to these expectations, potentially compromising their authentic leadership styles. The experience of being the "only one" in the room further exacerbates this pressure, leading to heightened self-consciousness and a need to overperform for recognition. Kuznetsova argues that women bring valuable leadership qualities, such as empathy, collaboration, and transparent communication, which are often overlooked or undervalued through a male-centric lens. She advocates for redefining leadership to embrace diverse styles and foster inclusivity, allowing a wider range of leadership qualities to flourish.
Funding disparities present another substantial barrier for women in fintech. Ximena Aleman, co-founder and co-CEO of Prometeo, shares her experience of navigating the fundraising landscape. Reflecting on her successful Series A round, she highlights the “tax” she faced due to being consistently underestimated, particularly as a female entrepreneur from Uruguay seeking global investment. Aleman recalls facing repeated dismissals, being told she lacked the right network, expertise, educational background, or experience. These experiences fueled self-doubt but ultimately motivated her to challenge these preconceptions and successfully expand her business to new markets, including the United States. Aleman emphasizes the emotional toll of fundraising, describing the need for strong emotional intelligence alongside intellectual capabilities. She stresses the importance of self-esteem, self-awareness, and resilience in navigating the challenges and encourages the industry to value diverse experiences rather than erecting additional barriers.
These examples of subtle yet pervasive inequalities are not isolated incidents but represent daily occurrences for many women in fintech, impacting both active participants and bystanders. Addressing these inequities requires a collective effort. Individuals can play a crucial role by challenging their own biases, actively listening to and amplifying the voices of their female colleagues, and advocating for change within their organizations. Creating a truly equitable workplace benefits everyone, fostering stronger teams, increased productivity, and a more engaged and motivated workforce. Achieving gender equality in fintech is not simply a matter of fairness; it’s a strategic imperative for unlocking the full potential of the industry and driving innovation and growth.
By acknowledging and addressing these subtle yet impactful biases, the fintech industry can create a more inclusive and equitable environment where all individuals can thrive, contributing to a more vibrant and successful sector. This requires continuous vigilance, open dialogue, and a commitment to transforming not only policies but also the underlying culture and mindsets that perpetuate these inequalities. The pursuit of gender equality is not a zero-sum game but rather a collective journey that benefits everyone, ultimately strengthening the entire fintech ecosystem.
