What Really Matters in Financial Tech Diversity?

Recorded live at FinTech Connect 2024 at London’s ExCeL Centre, this episode of FinTech’s DEI Discussions brings together host Nadia and esteemed guest Bhavna Saraf, a senior executive in payments and banking. The conversation offers a powerful exploration of the role inclusion plays in driving innovation, transforming financial services, and powering global economies.

For Harrington Starr, a leading FinTech recruitment business, this episode embodies our mission to help the sector embrace diversity, equity, and inclusion as catalysts for progress. Bhavna’s insights provide actionable strategies for creating more inclusive workplaces, designing accessible financial products, and empowering individuals and businesses alike.

FinTech Connect

FinTech Connect 2024, held at the iconic ExCeL Centre in London, brought together a dynamic mix of industry leaders, innovators, and changemakers from across the globe. Known as one of the premier events in the FinTech calendar, it provided a platform to explore cutting-edge advancements and tackle the most pressing challenges facing the financial technology sector. With a diverse agenda covering topics that blend current industry priorities with future-focused insights, FinTech Connect showcased the innovations shaping the present and the strategies defining the future. The event celebrated diversity, featuring a range of participants from startups to established enterprises, and addressing critical themes such as financial inclusion and the role of technology in fostering progress. For professionals like Bhavna Saraf, FinTech Connect served as a powerful space for collaboration, learning, and championing initiatives that push the boundaries of what’s possible in financial services.

The Value of FinTech Career Pivots and Transferable Skills

The episode begins with Bhavna sharing her career journey, marked by significant pivots that have defined her success in the banking sector. These transitions, she explained, were not only opportunities for professional growth but also moments to embed inclusion into her work. Bhavna’s adaptability and ability to transfer skills across roles have allowed her to thrive while championing diverse perspectives within decision-making processes.

For Bhavna, inclusion goes beyond organisational policy—it is a driver of sustainable, desirable outcomes for customers, shareholders, and teams. By weaving inclusion into her roles, she has been able to influence decision-making processes and advocate for equitable solutions that benefit everyone involved.

Key Takeaways from FinTech Connect 2024

When discussing FinTech Connect 2024, Bhavna praised the conference for its diverse and forward-thinking agenda. She noted the variety of topics covered, from current challenges in financial services to trends shaping the sector’s future. This balance of immediate priorities and long-term visions reflects the adaptability required to succeed in the fast-evolving FinTech landscape.

Bhavna was particularly struck by the diversity of participants at the event, including startups, scaleups, and established organisations. This mixture showcased the different journeys within the financial services sector, offering invaluable learning opportunities for attendees. Additionally, she commended the strong European presence at the conference, which provided insights into innovative use cases and successful strategies from across the continent.

One aspect that stood out to Bhavna was the inclusion of an LGBTQ+ panel, which she described as refreshing and much-needed. This focus on diversity reinforced the importance of creating an inclusive sector that reflects the full spectrum of society.

Inclusion as a Catalyst for Financial Services Economic Growth

One of the most compelling parts of the conversation was Bhavna’s perspective on inclusion. For her, inclusion is synonymous with powering the global economy. By enabling access to finance at the grassroots level, financial services can unlock the potential of billions of people, from individuals to small businesses.

Bhavna emphasised the transformative impact of making financial systems accessible, safe, and reliable for all demographics. She shared a striking statistic: 90% of the UK’s GDP is tied to the SME sector, underscoring the critical role financial inclusion plays in driving economic growth. By breaking down barriers to finance, organisations can unleash the productivity and innovation necessary for global progress.

Democratising Finance Through Technology

Expanding on her vision for financial inclusion, Bhavna highlighted the importance of catering to a diverse customer base. She explained that financial services cannot focus solely on digitally savvy or younger generations; instead, they must address the needs of all demographics, including vulnerable populations.

Technology, she argued, plays a pivotal role in democratising finance. By leveraging tools like artificial intelligence (AI), organisations can develop tailored solutions that address a wide range of customer needs. For example, AI can be used to detect and prevent fraud, ensuring that technological advancements benefit everyone—not just a select few.

Bhavna’s insights underscore the potential of technology to bridge gaps in financial access and create a more equitable system. This approach aligns with the broader goals of the financial services sector to promote inclusion and innovation.

Building Inclusive Financial Workforces to Drive Tech Innovation

The conversation then turned to the role of diverse workforces in shaping inclusive financial products and services. Bhavna emphasised that organisations must prioritise building FinTech teams that reflect the demographics they aim to serve. Without representation in the workforce, it becomes nearly impossible to design solutions that resonate with a diverse customer base.

Bhavna stressed the importance of intentionality in achieving workforce diversity. This includes setting measurable targets and holding organisations accountable for their progress. As she aptly noted, “What doesn’t get measured doesn’t get done.” By embedding diversity into FinTech recruitment in London, retention, and promotion strategies, organisations can create environments where all employees feel valued and empowered.

In addition to hiring diverse FinTech talent, Bhavna highlighted the need to foster inclusive cultures where different FinTech talent perspectives are actively incorporated into decision-making processes. This approach ensures that financial products and services are not only inclusive but also effective in meeting the needs of all customers.

From Buy to Build: Rethinking Strategies in Financial Services

Bhavna also discussed her advocacy for a “buy versus build” approach, which she believes can accelerate innovation in the financial services sector. By partnering with external experts and technology providers, organisations can integrate fresh perspectives into their operations. This strategy not only speeds up the development of innovative solutions but also promotes collaboration and inclusion across the industry.

Drawing from her experience in banking, Bhavna explained how adopting a “buy versus build” mindset has enabled her to reimagine traditional products and services. This approach aligns with her broader vision of inclusion as a driver of innovation and growth, reinforcing the importance of collaboration in achieving these goals.

The Financial Services Business Case for Inclusion

As the discussion progressed, Bhavna reflected on the broader implications of diversity, equity, and inclusion in financial services. She emphasised that inclusion is not just a moral imperative but a business necessity. By embracing diverse perspectives, organisations can create solutions that resonate with their entire customer base, driving relevance and profitability.

Bhavna’s insights highlight the interconnectedness of inclusion, innovation, and financial success. By prioritising diversity, organisations can position themselves as leaders in an increasingly competitive sector, ensuring they remain relevant and resilient in the face of change.

Moving the Financial Technology Industry Forward

Nadia and Bhavna concluded the episode by reflecting on the actionable steps organisations can take to promote inclusion. From setting measurable targets to fostering inclusive cultures, this conversation provided a roadmap for organisations looking to embrace diversity and drive meaningful change.

For Harrington Starr, this episode serves as a powerful reminder of the role FinTech recruitment plays in advancing diversity, equity, and inclusion. As a FinTech recruitment business, we are committed to helping organisations build diverse, high-performing teams that reflect the evolving needs of the industry.

Listen, Learn, and Walk the Talk

Recorded live at FinTech Connect 2024, this conversation offers a wealth of insights into the power of inclusion, the importance of diverse workforces, and the transformative potential of technology.

At Harrington Starr, we remain dedicated to supporting the FinTech community in achieving these goals by connecting organisations with the talent they need to succeed.

By embracing diversity, equity, and inclusion, we can unlock new opportunities, drive innovation, and create financial systems that benefit everyone. 

This podcast episode aligns seamlessly with Harrington Starr’s mission as a leading FinTech recruitment business dedicated to driving positive change within the financial services sector. At Harrington Starr, we understand that diversity, equity, and inclusion are not just values but essential drivers of innovation, relevance, and profitability in today’s rapidly evolving FinTech landscape. Bhavna Saraf’s insights into building inclusive workforces and democratising access to finance resonate with our commitment to connecting organisations with diverse, high-performing talent. By fostering inclusive cultures and embracing diverse perspectives, companies can create solutions that reflect the needs of their customers and secure their position as industry leaders. This episode underscores Harrington Starr’s role as a trusted partner in helping businesses cultivate the talent and strategies necessary for a more equitable and innovative future.