Why Women Make Great Financial Services Leaders
Over the past few decades, attitudes towards women in the workplace have changed significantly. Women are no longer expected to stay home and take care of the house. They are now just as likely to enter the workforce and develop successful careers. Recent years have seen an increasing number of women in leadership positions, including executive positions. However, some industries are still lagging behind and more can be done to promote equality.
The financial services industry has long been a male-dominated field, but there are signs that this is beginning to change. According to Deloitte, the number of women in leadership positions in financial services companies was 24% in 2021. This figure is expected to rise to 28% by 2030 as attitudes change and the number of opportunities for women increases.
Why female leadership is growing in finance
In addition to changing attitudes towards women in the workplace, better education and the efforts of activists have helped to enable the growth of female leaders in the financial sector. Women’s leadership programs help create the next generation of leaders who will propel the financial industry and many other industries to new heights. The data even suggests that female leaders can help improve business performance.
As the number of women in leadership positions increases, they are becoming more accepted and more and more people are starting to see the benefits. Women can become great leaders in the financial services industry, and here’s why.
Fair and trustworthy
According to research, women are more likely to be more just and less corrupt than men. In the financial industry, where trust is paramount, this is an incredible trait to have. Companies that operate fairly and ethically gain trust and respect from investors, with ESG principles being a major indicator of success. While having women in leadership positions doesn’t necessarily mean a company is trustworthy, it does help inform consumer decisions and can lead to better profits.
To thrive and succeed, businesses must adapt to the changing needs of their people and customers. This involves building strategic alliances, building customer engagement, and more. To predict trends and adapt appropriately, it is important to be a good listener and plan decisions carefully. These are all characteristics that women often display that can help ensure a successful business in a competitive field.
Women are often more empathetic than men, showing compassion towards others and being more considerate of their feelings. Although this may not seem important in the financial services industry, it can help a company better connect with its customers. It is also an important trait for a leader, as it means that he can understand the needs of his employees. Empathy helps leaders learn more about the challenges their employees face and helps them be happier and more successful.
Women leaders are changing finance
In finance and banking, women are increasingly occupying leadership positions at all levels, including several in Fortune 500 organizations. Some of the most influential women making an impact today include:
Diane Morais is one of the most powerful women in American banking, currently CEO of Ally Bank. She joined the bank in 2008 and was responsible for driving growth and profitability. Morais has also been instrumental in bringing banking into the digital age, focusing on both retail and business banking.
Holly Hynes is currently Director of Marketing for Wells Fargo Small Business and Consumer Banking. Hynes has over 20 years of marketing experience including brand planning, social media, digital marketing, etc. Prior to joining Wells Fargo CSBB as CMO, Hynes spent 11 years at Huntington Bank.
Zanny Minton Beddoes
Zanny is the first woman editor of The Economist in its 173-year history. She started working for the magazine in 1994 and rose through the ranks after serving as an emerging markets correspondent. She previously worked as an adviser to finance ministers and as an economist for the IMF.