Women are building the financial services of the future

Pauline Pham - tribune RCI FinTech

PAULINE PHAM

CO-DIRECTOR STARTHER, PROGRAM DIRECTOR FIVE BY FIVE

 

Why shine a spotlight on the women who are building the financial services of the future?

“Investment in the Fintech sector hit an all-time high of $880 million in Europe in the first quarter of 2017.[1] One of the main reasons for that record is a new wave of innovations coming out of Fintech startups. These companies are rethinking financial and banking services in terms of new technologies like data analysis and Blockchain, and new areas of knowledge like design thinking and user experience. They are all pursuing the same objective: to create services better adapted to all men and women.

That mention of “women” is important because women’s total buying power is now increasing faster than global wealth[2]. We are still living in a world whose economy and finance have been shaped by men, for men. And yet, who is better able to design financial services matched to women’s needs and expectations than women? However, there are still too few of them working and creating businesses in the financial industry. Worldwide, women occupy only 11.6% of senior management positions in financial companies[3]. But, as the latest fund-raising survey[4] shows, the needs and behavior of women are different, and they are often ignored. This is a market opportunity that Fintech startups aim to capitalize on.

One of the missions of StartHer is to encourage more women and young women to become entrepreneurs in the Tech sector, including FinTech.

Indeed, several factors point to a coming transformation. Female entrepreneurs are progressively changing the face of the economy. Today they account for 30% of new businesses being created around the world[1]. In France, the growth in capital raised by women accelerated in 2016, with a huge increase of more than 84%.

One of the missions of StartHer is to encourage more women and young women, through events, information, education, a network, and an international community to become entrepreneurs in the Tech sector, including FinTech. That is why this year the StartHer Awards, the largest competition in Europe for startups created by women, whose awards ceremony will be held on October 19 at Station F, will highlight women in Europe who are working to construct the banking and financial services of the future. We have more than 300 applicants in 28 countries. It’s very encouraging!

We are pleased to be joined in the effort to speed up this transformation not only by RCI Bank and Services, but also by Mastercard, Anaxago, which was co-founded by a woman, and Datadog, our partners, all of whom have understood the importance of these changes for their businesses and, more broadly, for the society.”

 

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