Leading payments issuer processor, Global Processing Services (GPS), today announces its sponsorship of Findexable’s Fintech Diversity Radar, the world’s first global platform gathering progressive data to understand women’s impact and contribution to the digital economy.
Despite being one of the world’s most sizeable economic forces - controlling 32% of global wealth with a wealth pool projected to grow to $93 trillion by 2023 - women remain largely overlooked and underserved by fintechs, most of which do not use sex-disaggregated data to inform their product design decisions. In the UK alone, a mere 17% of fintech companies have female founders and women account for less than 30% of the sector’s overall workforce, according to Innovate Finance.
As fintech will play a central role in the post-COVID economy in expanding access to financial services, including supporting those most affected in society and creating a more diverse and sustainable marketplace, now is the time to reassess the state of the industry and its existing diversity disparities.
The Fintech Diversity Radar will build the world’s first dataset on gender diversity in global fintech to enable scaling companies and incumbent peers to benchmark progress and identify measurable steps to improve. Starting with a real-time global market map and report, and culminating in the launch of a digital scorecard, the initiative will:
- Map the global fintech landscape to identify how and where women are employed and assess progress
- Advance the employment of women in fintech globally by identifying practical actions to improve gender balance
- Build a roadmap for the advancement of female entrepreneurship in advanced and high growth markets
- Identify the cause and effect of success in serving female customers
- Highlight which countries, regions and firms are out-performing – to analyse the reasons for success
Denise Gee, Founder and Managing Director of findexable, added: “Gender diversity makes business sense – a more diverse workforce equals more success and improvement is predicated on the ability to measure accurately. To realise the promise of fintech to everyone in society, we need data that is relevant, up-to-date and validated, which is why we have launched the Diversity Radar.”
Already taking important strides with its diversity agenda, findexable’s Fintech Diversity Radar partner, GPS, is committed to HM Treasury’s ‘Women in Finance Charter’, an initiative to help build a more balanced and fairer fintech industry by supporting the progression of women into senior roles. Led by Chief Executive Officer, Joanne Dewar, the company deploys a pioneering People strategy which provides equal opportunities for everyone to thrive, with 40% of its senior management made up of women. Adding to its existing progress, the Diversity Radar will allow GPS to be part of a cutting-edge approach to analysing and improving diversity in the workplace.
Commenting on its involvement in the radar, Annette Evans, Vice President, People and Culture at GPS, said: “At GPS, we are continually on the lookout for how we can improve our diversity and inclusion strategies. Providing women with the opportunities to succeed in their professional and personal lives has always been embedded in our culture and our goal is to help secure an equal future for our female employees, customers, and the communities we serve. Working with a company like findexable on this ground-breaking research will allow us to deepen our understanding of the role women are playing within the fintech ecosystem.”
Gee continued:“We couldn’t conduct the research on our own, and we are so thankful for the support of our experts and partners, including GPS. This is a company that has embedded diversity into the very fabric of the organisation, and its ongoing successes are a prime example of what is possible with a culture that encourages diversity.”