DEI in Fintech Roundtable
DEI Fintech (deifintech.com) is a group of fintech-forward associations working together internationally to promote diversity, equity and inclusion across the sector. The initiative is chaired by Elizabeth Wood and managed by Dean Velentzas. We will be launching in November 2021. Please contact firstname.lastname@example.org for more information.
DEI is a call-to-action to Fintech to innovation around their internally and external strategies:
- Internally: The business case for diversity in FinTech is clear: inclusive companies are better able to attract talent, tap into new markets and create innovative products. Financial services companies are seeing an average 2-4% revenue growth per 1% increase in diversity.
- Externally: Fintechs across the world are offering targeted products to niche demographics. Many engage in customer segmentation in order to better serve the needs of specific communities with personalized consumer banking experiences. These targeted products are ideally suited for new or underbanked demographics. Legacy financial offerings are often unable to customize their approach, which makes it challenging to appeal to the diverse needs of the wider community. Proactive, tailored fintech programs can allow for underrepresented communities to access the capital and resources they need to succeed.
The industry needs to apply the same innovative thinking and commitment to solving the problem of DEI as we do with our products and services. We need to make a concerted and conscious effort to change the balance of visible inequity in the sector with the entrepreneur vigor that we build our companies to transform the financial industry.
Often DEI activity and policy is developed in corporate silos. The goal of this group is to provide a safe forum for representatives from fintech companies across the ecosystem to share learning and best practices.