Fostering True Inclusion: The Imperative of Diversity and Inclusion in Fintech

Diversity and inclusion (D&I) are more than mere buzzwords in the fintech landscape, as highlighted by Paymentology Co-CEO Angy Watson. In an era where innovation and growth are paramount, Watson emphasizes the need for meaningful action to drive D&I within the industry, writes Louis Thompsett for FinTech Magazine.

Watson contends that D&I are not just peripheral ideals; they are integral to the industry’s progress. She underscores the importance of diverse and inclusive teams, which are better equipped to develop financial platforms catering to the diverse user base of today’s world.

True inclusion, Watson asserts, transcends token gestures and quotas. It centers on embracing a multitude of perspectives, spanning beyond gender and sexual identity. Inclusion extends to neurodiversity, physical ability, and geographical background. Watson believes that weaving such diversity into business is not merely a logistical challenge but a cultural one. It’s about creating an environment that doesn’t just bring diverse individuals into the room but ensures they thrive within it.

Psychological safety is another vital facet of D&I, according to Watson. Creating an atmosphere where individuals feel safe, valued, and empowered is key to unlocking their potential. This environment encourages open expression, learning, and innovation. Watson emphasizes that grasping the practical importance of inclusion is essential for businesses to enact change. Notably, a McKinsey report showed that companies with gender-diverse executive teams were 25% more likely to achieve above-average profitability, highlighting the positive impact of diverse thinking on business outcomes.

Watson also addresses the issue of gender diversity in fintech. She acknowledges the importance of gender equality, pay parity, and equal opportunity, while emphasizing the broader spectrum of diversity. Watson underscores that having women in leadership roles is crucial but not sufficient. To truly foster diversity of ideas, it’s vital to recognize differences beyond gender. This means not only seeking diverse women in leadership but also embracing varied perspectives among men. Watson encourages businesses to identify barriers that certain groups face and dismantle them to ensure genuine inclusion.

Diversity and inclusion are the bedrock of a forward-thinking fintech industry. By understanding their profound significance and embracing a wide range of perspectives, businesses can cultivate a workspace that resonates with the ever-evolving global landscape. In this pursuit, D&I cease to be buzzwords and become the driving force behind innovation and progress in the fintech realm.