Solaris’ Futura study exposes gender imbalances in fintech, with 28% female workforce and 17% in senior roles.
A recent analysis by embedded finance platform Solaris addresses the structural obstacles that women and other underrepresented groups encounter in the fintech sector.
The research, which was created by Futura, Solaris’s network for women in finance, emphasises the stark gender disparity in the industry, with only 28% of workers being female and only 17% holding senior positions. It also highlights the challenges faced by women, who, in comparison to their male colleagues, have fewer prospects and finance when launching their own fintech firms.
According to the findings of the Finance for Everyone study, women prioritise security, transparency, and inclusivity above all other considerations when seeking out financial services in their daily lives.
Prioritising the establishment of financial security over long-term investment growth was highlighted by 77% of respondents. With 68% of respondents acknowledging that they should save for retirement, safeguarding themselves from inflation and other disasters came in at 47%.
Merely 8% of participants indicated that their motivation stems from elevating their social standing. The low percentage of respondents who want to rise in social status, according to the report, is particularly noteworthy because it shows how financial services companies frequently fall short even when it comes to marketing, even when they promise that their products are gender neutral.
Obstacles facing women
“By providing women with greater access to finance, we can unlock at least $330 billion in annual global revenue,” stated Alicia Close, senior manager of Solaris’ cards division. “Now is the moment to inquire, ‘Where are the products that cater to them?'” The study presents surprisingly straightforward yet effective remedies that providers can begin implementing to eliminate obstacles for women in the current financial services offerings.
Regarding the obstacles that women believe prevent them from utilising financial goods, ignorance accounted for 71% of the answers. This percentage is probably higher among respondents with less experience in the financial services industry. Fifty percent of respondents mentioned too much complexity, and fifty percent noted fear of making the wrong decisions.
The survey also found that the financial wellness of trans women and non-binary people is significantly hampered by ignorance and fear of prejudice.
Merely 60% of transgender participants informed Futura that they make use of debit or bank cards, with even less claiming to use credit cards. One persistent obstacle is fear of discrimination. Trans women we spoke with said they are uncomfortable asking for financial advice because they fear they won’t be taken seriously, that they would be mislabeled, or that people may refer to them by their deceased name.
