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M AG P I E 04
Once a bastion of old-fashioned – if not downright distasteful – standards of behavior and employment practices, the financial services sector has quietly become one of the industries that is becoming more diverse and inclusive. Sophie Lutman surveys the brands that are on the front line of this progress.
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raditionally considered the ultimate of boys’ clubs, old and young, the financial sector has struggled to shake off its image of being very male, even paler – and as a result of that, very stale in the 21st century.
more diverse and inclusive. Whether it’s established brands like MasterCard and RBS, or newer ones like Stripe and GoCardless, the sector is challenging its reputation to create a better working environment for all its employees.
Look beneath the surface, however, and a different and better story about diversity within the sector is emerging. Thanks to both external pressure and government initiatives, such as the Women in Finance Charter in the UK, it is clear that the financial industry has been making changes that are starting to create a more inclusive environment for its employees.
THE CASE FOR DIVERSITY Why is it important for financial services companies to become more diverse and inclusive? Simply put, companies that are diverse – that are more representative of their customer base – are better at solving problems , leading to improved customer service and innovation. A diverse workforce is also a benefit when it comes to recruitment, enabling companies to find and retain top talent. 54% of women and 45% of men research a company’s diversity and inclusivity policies when deciding whether to accept a job role.
As you might expect, many of the businesses leading the charge are innovative fintechs. But big industry players are also taking significant steps towards making their organizations
As Robert Crowley, Head of HR at peer-topeer lender RateSetter says, “Diversity leads to better perspective, decision making, productivity, acceptance and richer experiences for everyone.” He also points out that it is a crucial aspect that underpins how brands should think about customer experience. “It should flow through product design, customer service – what you’re delivering as a company is almost the other side of the coin to how you are running your company. How is that perceived by the customer? It’s what they are experiencing too.” The UK Government has encouraged financial service companies to broaden their hiring scope, with initiatives such as its Women in Finance Charter. This asks firms to commit to supporting the progression of women into senior roles,
