When discussing gender parity and DE&I in the context of the financial services industry, there has definitely been progress made, but much more has to be done.

Here, finance Magazine asks a panel of female experts in the finance industry what steps may be taken to inspire and level the playing field for the next generation.

To what extent has discrimination against women in the financial services industry been addressed?

Aro's CEO, Emma Steeley

When a woman, married or single, asked for credit in the 1980s, it was customary for lenders to want the signature or approval of a spouse or male relative. The cultural norms and historical gender biases that viewed women as financially irresponsible and dependent on men were the source of this behavior.

It is currently unlawful for creditors to treat people differently when they request for credit or any other financial service in the UK due to the Equality Act of 2010.

Nevertheless, despite our reluctance to acknowledge it, discrimination and instances of unconscious bias, as well as persistent gender-related problems, might still exist and impede our efforts to achieve greater financial inclusion.

In the end, how does a diversified financial services industry help the consumer?

Head of Soldo's Market Development and Planning, Anna Porra

The good upheaval we have witnessed in the financial services industry over the past ten years has been largely attributed to inclusivity, which nurtures creativity and innovation.

By utilizing the entire range of skills, prioritizing diversity boosts economic growth overall as well as individual careers.

Fintech companies are making every effort to differentiate themselves in the face of an uncertain economic environment. The successful ones provide women the time and resources they need to create diverse workplaces that genuinely satisfy the needs of their clients.

Diversity is good for business, as research has shown time and time again. In the highly competitive fintech industry, attracting talent and valuing a diverse range of abilities is not only a question of social justice but also a long-term success strategy.

How much can open banking and the gradual elimination of bureau data standardization contribute to the development of a more equitable and inclusive credit system for women?

Steeley, Emma

When it comes to credit, data is king. However, a lot of credit score systems still mostly rely on conventional bureau data, which could be detrimental to people—especially women. This disparity can be caused by the gender pay gap that still exists, which gives women less financial security and, as a result, less chances to get the credit they require.

In order to address these problems, governments and financial institutions must work together to restructure the affordability assessment process. This should include implementing a system that encourages inclusive lending practices, does away with gender prejudice, and takes open banking into account when determining creditworthiness and affordability.

Older models that have hampered many creditworthy people need to make way for a more thorough, data-driven strategy.

How can we use technology to make the workplace more dynamic and motivate the upcoming generation of women in finance leadership roles?

Only 16% of CFOs were women in the previous year. The ratio of women at the top is still far too low, even if this number has nearly doubled over the last ten years.

We must continue to mentor our emerging talent through programs that highlight opportunities for their careers to grow across finance and accounting in order to combat the demise of opportunities for female talent in finance and to inspire the next generation of leaders. We also need to create a more dynamic environment that embraces modernization through technology in order to make the field more appealing to young talent.

In recent years, the finance office has seen tremendous change. Traditionally, graduates were headed by a traditional "numbers" CFO in more junior jobs that were centered on compliance and control.

However, the dynamics of finance roles are changing as a result of firms' continuous digital transformation and growing reliance on technology to inform strategic choices. This shift has been greatly aided by automation, which streamlines manual and routine operations and frees up time for young people to work on more strategic and valuable projects.

What obstacles and difficulties did you personally encounter in your professional life, and how did you come to rethink ambition as a woman in technology?

We must cease living up to the aspirational aspirations of society. Even though I've had the good fortune to work with some incredible partners, there were some challenging days at the office during my previous profession. A case of "fake it until you make it," as evidenced by the person attending meetings dressed in a power suit and exuding more of what I saw to be "male energy." Accepting what I genuinely perceive to be ambition and, consequently, achievement took time.

My career was significantly impacted by becoming a mother, which caused me to reconsider what ambition meant to me. Prioritizing my duty as a mother comes first, but I'm also driven by a purpose to create cutting-edge payments solutions. I also recognize my responsibility to the future and my place in a world that improves the lives of a varied population.

We are currently reinventing work and its relationship to the rest of our identities. Ambition does not have to conflict with other interests. Seek allies in your industry and think about joining groups like Women in Payments, which offer forums for members to exchange experiences and learn from one another.