The Female Financial Revolution Is Here
FinTech. The word on so many lips at the moment. This is not surprising, as FinTech is a concept that is revolutionary and desperately needed in our changing economy.
One of the major groups set to benefit from the FinTech revolution is the one that makes up about 50% of the population: women. Modern women are dissatisfied with the way the usual banking system functions and are very much in need of a system that better suits their lives, citing reasons like condescending treatment from the institutions, contradictory policies and a sea of one-size-fits-all offerings. Considering these women are running businesses and building empires, a system that see and meets their needs would uncover a healthy profit. How healthy? A 2014 Goldman Sachs report stated that these enterprises owned by women are a market worth around $235 billion.
FinTech knows this and is working to ensure that female business owners are aware that FinTech has their back. Although early impressions suggested women weren’t adequately represented, FinTech is working to amend this by publishing a report highlighting the founders and CEOs in FinTech’s own membership association and pledging to highlight the contributions of women in its upcoming UK FinTech 2020. This action of reaching out to a section of the market that feels underserved means women will likely fully embrace FinTech and take their businesses over with them.
Of course, once they move over to FinTech, they will find a community that will help them grow their businesses and thrive in the modern marketplace. The FinTech system makes it easier for entrepreneurs to obtain loans to start new businesses and find accelerators to help the businesses grow. It also offers services to send money to overseas parties, allowing them new chances to expand the business if they so choose. Plus, the crowdfunding option is a creative and effective way to fund operations will also allowing consumers to feel more involved in the creation of the product.
Women have only been (known) players in the business world for the last 250 years and their presence has yet to be adequately represented—in 2015, only 14% of the highest leadership positions in the top-ranked companies were held by women and 4% of CEOs were women—but gains are being made and the rise of FinTech is only going to help with this momentum.
One such company that truly understands how vital women are in the banking world is Finovate. Founded in 1995 by Jim Bruene, the company puts on conferences that, as the website states, “have showcased cutting-edge banking and financial technology in a unique demo-only format.” Finovate features several women in top roles and these women are helping to coordinate major events that lay out the importance of FinTech in the new economy.
And if you need proof that women deserve a place in the business world, consider this: Monopoly was originally patented by a woman named Lizzie Magie.
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Welcome to the Leadervest experience. Founded after the 2008 Global Financial Crisis, we are Financial Services & FinTech specialists helping startups increase sales through sales & marketing consulting and believe in Investing in Others for more Responsible Leadership in Financial Services and FinTech. We specialize in mobile payments/eCommerce, wealth/portfolio management robo-advisors, online lending, digital currency exchange, blockchain, big data & analytics, crowdfunding and insurance. Connect with us at Leadervest.com.