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“In the good ol’ boys club, knowledge is shared on golf courses, at country clubs, and in locker rooms”: Stax CEO Suneera Madhani on the gender gap in fintech
What if I told you that 73% of a group that makes up 49.58% of the global population is dissatisfied with the financial services they receive? Perhaps instinctively, some might say that’s a problem fintech can solve, but the industry has little representation from the group. The group in question is the world’s women, and the fintech industry is still trailing in female representation.
While women comprise 52% of entry-level financial services jobs, the representation of women from entry-level to the C-suite in the industry falls by 80%. This is especially odd because women are increasingly playing a bigger role in wealth creation and control globally.
Suneera Madhani, CEO at Stax by Fattmerchant, provides an insider’s view of where things stand. Madhani, as a woman of color leading a fintech unicorn, is a rare example in the industry.
Data snack: US banks’ growth rates are down in Q1 2022
U.S. commercial and savings banks reported slower growth on both the deposit and lending sides of their balance sheets in Q1 2022 compared to the previous quarter, according to data compiled by S&P Global.
This could be a consequence of current macroeconomic conditions, as policymakers look to slow down the US economy in order to lower inflation. The Consumer Price Index was up 8.5% in March 2022 - its highest level in more than 40 years. And with the Fed rising interest rates, money has become more expensive, making borrowing less appealing.
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Just look at the charts
1. Global fintech app retention rates by sub-vertical Q4 2021
Source: David Jimenez Maireles
2. The next evolutionary step for payments in a digital and increasingly mobile-first world
Source: Panagiotis Kriaris
JPMorgan shareholders reject Jamie Dimon’s $50 million bonus
JPMorgan Chase shareholders objected to a roughly $50 million retention bonus for CEO Jamie Dimon and voted against the bank’s compensation plan -- resulting in only 31% of shareholders voting in favor (Financial Times)
Mastercard stabs at the biometrics checkout market
Mastercard is rolling out a controversial program that will allow shoppers to pay at the register with a mere smile or wave of the hand, as it tries to secure a slice of the $18 billion biometrics market (The Guardian)
Q2 Holdings jumps after report of takeover interest
Q2 Holdings, a banking-software provider, soared 17% after a report that it is weighing options including a sale after receiving takeover interest (Bloomberg)
MiamiCoin crypto lost 88% of its value in less than a year
Miami doesn’t own or manage the MiamiCoin cryptocurrency, although the coin has enjoyed the support of Mayor Francis Suarez -- since launching on August 3rd, MiamiCoin’s value has dropped by as much as 95% and is currently worth $0.0044 (Quartz)
Coinbase has changed its tune on hiring amid a market downturn
This year, Coinbase planned to triple the size of the company but given current crypto market conditions, it's planning to slow hiring against its highest-priority business goals (TechCrunch)
Robinhood to launch Web3 wallet to rival MetaMask and Coinbase
Robinhood has announced a non-custodial mobile wallet for web3 that won’t charge “network fees,” and will allow users to buy and store NFTs as well as generate yield in the broader open finance ecosystem (PYMNTS)
Women in finance: BM Technologies' Luvleen Sidhu on reinventing banking
Luvleen went on at the age of 28, in 2015, to become the founder and CEO of BankMobile, with the idea of creating a banking brand that customers like her – Millennials and Gen Z – could trust (Forbes)
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