How Does Having a Diverse Team Affect Your Products and Services?

This June at The Fintech Times, we’re focusing on diversity, equity and inclusion (DEI). No longer just a trending topic but an essential consideration to not only your business operations but in your offering as well, this topic feels more relevant now than ever before.

The fintech industry is known for its innovative, agile reputation, and yet it still faces a significant diversity problem that threatens to halt its growth and stop that innovation moving.

Having a diverse workforce isn’t just a good thing to do morally, but can have an impact on your product and service offering, making them better and more encompassing to your customers.

Diversity is key
Sonia Shaw, president, CoinW

Sonia Shaw, president at CoinW, a crypto exchange, said: “As an industry still nascent in its evolution, Web3 – with all of the emerging technology that falls under its umbrella – has a particularly unique opportunity to embrace diversity. There is less need for reform and more room to lay foundations.

“The sheer extent of unexplored territory, compounded by regulatory uncertainty (which by the way should be approached with curiosity and not fear), means that ideas are very much the currency and creative individuality the compass. Opportunity to form indiscriminate partnerships and connections is thus abundant.
“At CoinW, we consciously sharpen our awareness of that potential by leveraging it to shape the way we hire. Recognising that mutual respect, collaborative energy and inclusion is driving our industry enables us to welcome forward-thinking individuals without any regard for their background. In our particular field of cryptocurrency exchange, competition is rife, but so is the scope for innovative products and services.
“Without a truly diversified blend of personnel, our competency to develop novel approaches around complex focuses such as digital asset management would significantly deteriorate. Diversity is key to our ascendency as a top-tier player in the market.”
Fueling creativity

Alexandra Raymond, senior product manager, Amazon Studios, and a fintech speaker, said:

Alexandra Raymond, senior product manager, Amazon Studios

“Having a diverse team profoundly influences our products and services, driving our company’s success. Embracing diverse perspectives allows us to uncover unique insights into the needs of various user segments, especially those historically underserved.

“Diverse teams bring a wealth of experiences, ideas, and problem-solving approaches, leading to more user-centric products that address overlooked pain points. By integrating these viewpoints, we eliminate biases in product design, making our products more accessible and appealing to a broader audience.

“As a senior product manager, I have witnessed how inclusivity fuels creativity and drives profitability. Tapping into diverse markets unlocks new revenue streams and enhances our market reach. Our commitment to diversity is not just a moral imperative; it’s a strategic business decision that yields tangible results. A diverse team fosters innovation, enabling us to deliver exceptional products that resonate with a wide array of users and drive our company’s success.”

Driving innovation

Biana Marbury, CEO, Interledger Foundation,

Biana Marbury, CEO, Interledger Foundation, an advocate for the adoption of open, interoperable payment solutions, said:

“Our team at the Interledger Foundation believes that diversity is crucial for driving innovation. We recognise that listening to the same voices and ideas will not lead to new solutions. True diversity means gathering individuals with a wide range of experiences and perspectives, challenging us all to think in new ways.

“We have a global team, but we value diversity beyond geographic location. We actively seek individuals who think differently because our mission is to create a global interoperable payments network that challenges the existing siloed payment systems, which currently exclude over 1.4 billion people worldwide. We understand that achieving this ambitious mission requires people who are unafraid to challenge the status quo.

“Our commitment to diversity and inclusion goes beyond just a recruitment policy—it’s an essential part of our work. We seek voices that are underrepresented in the tech ecosystem to bring new perspectives and drive innovation in areas historically overlooked. We also collaborate with organisations that share our mission to improve access to digital financial services and partner with educational institutions to inspire the next generation of leaders to not only fix outdated systems but also to build better ones from the ground up.”

Original solutions

Lisa Arthur, , US director and global CMO at Sensedia

Lisa Arthur, US director and global CMO at API integration platform, Sensedia, said:

“Having a diverse team directly influences the development of our products and services and Sensedia’s overall success. Diversity helps us better understand and serve our customers. Our employees reside globally, bringing cultural and social insights that enrich our development process and ensure products and services are inclusive and accessible. Diverse teams improve decision-making, attract top talent, and bolster retention and productivity.

“A team with different perspectives and experiences increases innovative and original solutions, improving our ability to solve complex problems effectively. For example, our strategic decision to enter the US market included a team of cross-functional global members. This team created an enterprise-grade API platform enabling financial institutions to drive revenue through open banking. Our work with Brazil’s open banking and the UK’s PSD2 gave us deep insights to help small and medium-sized financial institutions embrace the upcoming CFPB Section 1033 rule with a compliant platform that revolutionises financial service ecosystems. Had we all been Silicon Valley-bred – I’m not sure we would have looked beyond our shores.

“Supporting internal dialogue to increase visibility and inclusion has improved employee morale and engagement and drives long-term success. For instance, since the pandemic, we’ve held bi-weekly virtual all-hands meetings offering engaging opportunities that include everyone in the company, from our co-founders to our US solution sales leader. We alternate between strategic topics and cultural conversations that celebrate DEI topics inspiring courage and impacting individuals and communities. Per our eNPS Quality Zone rating (employee satisfaction), team members expressed appreciation for our culture and people.”

Domino effect

Aysun Ahi, chief people officer, Openpayd

Aysun Ahi, CPO at Banking-as-a-Service platform, Openpayd, said: “Numerous studies have shown that diverse teams result in improved performance and stronger business outcomes. That’s why it is not uncommon for diverse teams to develop enhanced products and services, having a direct impact on the overall success of a company.

“Diverse teams bring a variety of perspectives, which has a domino effect of enhancing problem-solving and leads to better solutions and improved products and services. This diversity enables the team to more accurately reflect and understand the needs and expectations of diverse customer bases, therefore driving customer satisfaction and loyalty.
“By seeing things through new lenses, contributing to greater innovation, diverse teams foster a culture of creativity and adaptability, essential for businesses to stay competitive in today’s market.
“Through embracing diversity, organisations have access to a wider talent pool, ensuring they attract and retain the best talent available. But DEI is also about retention, and by creating a welcoming environment for all, organisations are likely to see increases in employee engagement, which can enhance productivity and reduce turnover.
“Overall, diversity is not just a moral imperative but a strategic advantage that drives innovation, customer satisfaction, and business success.”
Multiple lenses
Zahra Alubudi, co-founder and COO of Levenue

Zahra Alubudi, co-founder and COO of Levenue, a revenue-based finance marketplace which provides non-dilutive alternative finance for SaaS businesses, said:

“Stronger culture of customer-centric innovation: we have over 10 different nationalities in our team, and so different cultures and perspectives. This reflects in the work that we produce and the ideas that are flown around. Very often this means that we can understand much more intricately the needs and preferences of a wider customer base – crucial for developing our marketplace and marketing across regions.

“In a recent example, we’ve been reworking and developing our platform to improve client experiences from both sides (buy and sell side, investors and founders). This is a core project for us and we have invested six months of working collaboratively with our entire tech team and senior management, and we have enlisted the help of other departments to ensure we haven’t become ‘blind’ to any mistakes or over-complicated jargon.

“We see reduced bias and better problem solving: we often challenge each other’s assumptions and biases, meaning we more often than not reach a more objective decision, anchored in data and filtered through the multiple lenses of our different perspectives.”

Build better

Alex Bradford, CEO, Rain Instant Pay

Alex Bradford, CEO at Rain Instant Pay, an earned wage access provider, said:

“At Rain, one of our core values is building diverse teams, because diversity allows us to build better products and deliver them more responsibly to our customers. Diversity was important to us from the beginning – starting with our co-founding team which includes Jen who, as a woman, brings an invaluable perspective that gives us an edge in sales, partnerships, and team building.

“Rain’s team includes a high percentage of women, across a wide range of ages, ethnic backgrounds, and walks of life including people from marginalised communities. This diversity ensures that we have the perspective to genuinely understand and address the unique challenges facing our employer customers, our channel partners, and our employee users.”

Strength to strength

Premo Ojokojo

Premo Ojokojo, global head of people operations at AZA Finance, a currency exchange platform, said:

“At AZA Finance, we recognise that our strength lies in our diversity and inclusivity, not just in labels like ethnicity and religion, but also in diversity in personal experiences and professional work styles.

“Our workforce currently consists of about 50 per cent female and 50 per cent male, which is rare in the fintech space. Since we have a presence in many markets and countries, it is crucial for us to work with employees who represent a wide variety of perspectives and approaches. Having served over 1.5 million clients to date, our team has a better understanding of how to relate to and meet the needs and expectations of our customers. As a result, we have been able to better tailor our products and services to meet the needs of a diverse market, which has enhanced customer satisfaction and expanded our reach.

“Employees who feel valued and included are generally more engaged and less likely to leave the company, reducing turnover costs. Our diversity and inclusion initiatives have created a more welcoming and supportive work environment. Our recent report highlights that more than 15 per cent of our employees have been with the company for six or more years, and 25 per cent have been with us for four to five years.”

Business success

Diane Eshleman, interim head of Americas & global chief sustainability officer at Delta Capita

Diane Eshleman, interim head of Americas & global chief sustainability officer at Delta Capita, a financial services consulting firm, said:

“Over the years, abundant evidence has accumulated to demonstrate that DEI provides commercial benefits and drives business success. It is worthwhile to look each dimension of DEI to illustrate the point.

“The ‘D’ element means tapping into a fully diverse talent pool and intentionally building a workforce that reflects a broad spectrum of skills, experience, and backgrounds. Obviously, this demographic provides multiple perspectives that lead to improved decision-making and the potential to understand your clients better.

“The ‘E’ aspect requires special focus to ensure that there is no bias in the way every employee is treated – whether this means the obvious factors of compensation and promotion or the more subtle factors of accessibility and workplace behaviours. A company that truly prioritises equity in the treatment of staff will deliver a work environment that attracts and retains the best talent.

“Finally, the ‘I’ dimension cannot be ignored as it is not only an ethical business practice, but it also delivers substantive business benefits. Inclusion empowers employees at every level to contribute at their fullest potential, improves employee morale and loyalty, and drives more innovative solutions.”

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