The Power of Empathy
12 September, 2024
Welcome to a special episode of FinTech's DEI Discussions, recorded live at Money 20/20 in Amsterdam! Our host Nadia is joined by three influential guests: Mary Agbesanwa, Business Development Sales Director at Lloyds Bank and founder of Now You're Talking Network, Lynda Clarke, COO at Tribe Payments, and Anil Hansjee, General Partner at Fabric Ventures. Together, they tackle a crucial and provocative question: "Is DEI Dying?" and explore strategies to counter the emerging FinTech 2024 anti-diversity trend.
Introduction
The conversation kicks off with introductions. Anil Hansjee, a deep tech, blockchain, and AI early-stage investor, shares insights from his journey in financial services and technology, highlighting the progress and challenges in inclusion. Mary Agbesanwa, representing her community-focused network for women, emphasises the lived experiences of women and minorities and the ongoing need for DEI initiatives. Lynda Clarke, a passionate advocate for inclusion, discusses her efforts in supporting women’s groups across Africa and the Middle East and the importance of the inclusion piece in DEI.
The Continuous Relevance of DEI in FinTech
Mary sets the context by highlighting the continuous relevance of DEI for the members of her network, who experience inclusion issues daily. She stresses that DEI is not just a corporate trend but a vital part of people’s lives. "For a lot of the network, I mentioned that we have 3000 members. We have women working in technology, financial services, and professional services from across the UK and 65% of our members are BAME, so Black, Asian, minority, ethnic. And it's really interesting that they are a person of colour, or they're a woman, 365 days in the year, so even though DEI as a conversation might be dying to corporates because it's not a vogue topic for them to be talking about, or to be focusing on, unfortunately, to these people, it's part of their lived experience and they care about it all the time," Mary says.
The Danger of Parking the Financial Tech Inclusion Agenda
Lynda reflects on the dangers of "parking" the FinTech inclusion agenda and the critical role of inclusion in giving everyone a sense of purpose. "Everyone should be included and everyone should have a place. Inclusion gives everyone a purpose, right? If you feel included, you have a purpose. And that comes to the 365 days a year that people need to feel included about things," she explains. She notes the common practice of seeing DEI as a statistic rather than a meaningful inclusion effort and emphasises the need to keep the focus on genuine inclusion.
Historical Perspective on DEI Progress in Finance
Anil provides a historical perspective, noting significant improvements since the 90s but recognising that more work is needed to combat the backlash against DEI, often mislabeled as "anti-wokeism." He recounts his experiences in the 90s, where bigotry was rampant on trading floors, and compares it to the present, where although improvements have been made, the journey is far from complete. He underscores the importance of having a long-term perspective and not confusing DEI with wokeism, which he describes as divisive and exclusive.
Integrating DEI into Corporate FinTech Culture
The discussion then delves into the practical aspects of fostering DEI within organisations. Mary advocates for integrating DEI into various topics beyond the basics, making it relevant for everyone. She shares how her network collaborates with companies to conduct inclusive sessions on personal branding and career development. "What I've seen that's worked right now is companies continuing to have the conversation. We've worked with a couple of FinTech companies and other startups as well, to actually continue running inclusion focus sessions and not just on topics like D&I. 101 and getting people up to scratch with terminology because that's helpful and not just unconscious bias training, but also talking about topics like personal branding, which everyone is interested in, but adding a D. N. I. Angles of that and recognizing for women and minorities. Personal branding might even be more important for you because you might not naturally shout out about the work that you're doing, and you need to also build a personal brand."
Hyper-Personalisation in FinTech Employment
Lynda supports the idea of hyper-personalisation in employment, understanding individual needs to create a truly inclusive environment. She shares an initiative from a recent networking breakfast where attendees were encouraged to mentor and support another woman, emphasising the importance of personalised support. "If you just do one thing from coming from this breakfast, go away and help one other lady, really go and support and go out of your way to coach and mentor one female that needs it this year," Lynda shares.
Sponsorship and Mentorship in Financial Technology
Anil emphasises the importance of mentorship and sponsorship, suggesting that companies can support talent by providing opportunities like internships and personalised development programs. He highlights the necessity of moving beyond box-ticking exercises to meaningful inclusion efforts that resonate with the organisation's goals and community. "If you've got women in a STEM university program, just things like an internship, but biasing the choice of an internship to a woman that, small things like that can help. It doesn't have to be expensive. It doesn't have to be hugely time consuming for the executives either. So you can find more tactical ways," he says.
Addressing Backlash Against DEI Initiatives in FinTech
The conversation touches on the potential backlash against DEI initiatives, with Anil explaining the difference between DEI and wokeism. The guests agree that inclusion should be the focus, ensuring everyone feels part of the organisation. They discuss the barriers to DEI, including misconceptions about positive discrimination and the need for a mindset shift. "I think the reason why, well, firstly, I think it's a shame that business can't buy into the moral case as well. The moral case for seeing our businesses being more diverse and not just thinking about the numbers. But I understand companies, they think about revenue, definitely understand that from a sales perspective as well," Mary asserts.
The Business Case for Diversity
Lynda adds that there is plenty of evidence showing that diverse boards lead to better business outcomes. "The evidence is really clear. I think people are lazy. I don't like to use the word lazy, but I think the deep prioritising is because other things are coming up and it's kind of like old news. You know, that's fixed now. It's sorted. There are more women. There are more women in the toilet queue. And then they lose them. Well, exactly. Because like I say, they start, like, there's a lot of focus about getting women now into the industry. But not a lot that happens as you move throughout your career," she explains.
Actionable Advice for Keeping DEI Alive in Financial Tech
As the episode wraps up, the guests offer actionable advice to listeners. Mary encourages starting dialogues on DEI, challenging organisations to keep the conversation alive. "I would say just start having the dialogue again. Just go up to people and challenge them and say, well, who has been your favourite speaker at Money 2020 or, what diverse perspectives do you think have been left out of the conference? Challenge Money 20/20 as an organisation, other conferences that you attend, let's bring the dialogue back. Not necessarily just in awareness raising perspective because I think by this point, if you don't have the awareness, there's something wrong. You're avoiding the content, but I think it's about just bringing the conversation back on. Let's make it topical again," she suggests.
Lynda suggests mentoring or sponsoring at least one person each year to make a tangible difference. "For me, it's the one I mentioned earlier. What one person can you help this year? One person next year and really focus on moving that forward," she advises.
Anil advocates for finding low-cost, tactical DEI programs that can be implemented without significant resources but can have a substantial impact. "Find these low-cost tactical programs, which, whether it's mentoring someone and having an internship, changing the way you recruit to be representative of maybe somebody's socioeconomic background. Thinking about how you phrase and rephrase your achievements to the board in terms of look, we've opened a door to a different community. These are tactical ways that you can do it that don't require a huge amount of cost," he recommends.
Ensuring DEI Is Not Just a Trend in Tech
Join us in this insightful episode as we explore the future of DEI in FinTech and beyond, learning from industry leaders about how to keep the momentum going and create truly inclusive workplaces. Let’s listen, learn, and walk the talk together.
Key Highlights:
- The importance of continuous DEI efforts for Financial Tech women and minorities.
- Practical strategies for integrating DEI into corporate FinTech culture.
- The role of mentorship and sponsorship in supporting diverse FinTech talent.
- Addressing the misconceptions and backlash against DEI in FinTech workplaces.
- Actionable advice for keeping DEI alive in FinTech 2024 and beyond.
Tune in to this episode of FinTech's DEI Discussions to gain valuable insights and practical tips on fostering diversity, equity, and inclusion in your organisation. Let's make sure DEI is not just a trend but a lasting commitment.
