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Our work also looked at the impact of COVID-19, finding that flexible working arrangements have led to more inclusive working cultures— which have been a boon to many women with caregiving responsibilities. But the pandemic also presented new challenges, as individuals seek to juggle home and work responsibilities.
Four focus areas to address gender inequality
The implication of our research is that any solutions to address gender inequality must be inclusive and involve the entire industry. We found four areas to prioritise:
- Better support for female founders as they grow their business: The FinTech industry should work more closely with the investor community to ensure female founders and leaders have the support they need to succeed.
- More inclusive working environments: FinTechs need to ensure that their working environments, as well as human resources (HR) policies, are designed to promote diversity and equality.
- Reduced gender disparity, including targeted recruitment: Since increasing gender equality is a long-term — even generational — objective, the FinTech industry must think bigger and start sooner in attracting women.
- A data-driven business case for change: The business case for increased gender equality will only be as strong as its underlying data, which is why the industry must mobilise to collectively gather and share diversity, equity and inclusion (DE&I) data.
The future of UK FinTech and diversity
Today, the UK is a leading global FinTech centre, attracting capital and expertise. Talent is essential to maintaining that position in the future. Attracting and nurturing female talent will be a massive boost, complementing the Kalifa Review’s measures to ensure UK FinTech continues on its impressive growth trajectory and maintains its strong reputation.