IWD 2024: Fintech leaders reflect on industry progress

Anxious mature business people using laptop in an office

In the world of credit, data reigns supreme. But many credit scoring systems continue to rely heavily on traditional bureau data which may disadvantage individuals, especially women. This discrepancy may stem from the persisting gender pay gap, meaning women have less financial stability and, consequently, fewer opportunities to secure the credit they need.
Addressing these issues requires a concerted effort by governments and financial institutions, and a revamp of how we assess affordability with a system that promotes inclusive lending practices, eliminates gender bias and consider open banking for assessing creditworthiness and affordability. 
Outdated models, which have hindered countless creditworthy individuals, must give way to a more comprehensive, data-driven approach. The finance office itself has evolved significantly in recent years. Traditionally, more junior roles were focused on compliance and control – in which graduates were led by a conventional ‘numbers’ CFO. 
However, with the ongoing digital transformation of businesses and their increasing dependence on technology to shape strategic decisions, the dynamics of finance roles are shifting. Automation has played a pivotal role in this transformation by streamlining manual and mundane tasks, thereby freeing up time for young talent to engage in more strategic and value-added activities.

Leave a Reply

Your email address will not be published. Required fields are marked *