It’s time that women in the fintech industry were celebrated, rewarded and awarded for the work they do on a daily basis for the finance and technology sectors alike but also the commitment they have for transforming the state of diversity as it currently stands in these areas and the working world. I asked the women listed below questions about their current role, being underrepresented, gender-related obstacles and their role models. Here, we are also profiling some of the exceptional female leaders who are celebrated in this year's Innovate Finance Women in FinTech Powerlist, which will be officially published on November 16th.
Charlotte Crosswell, CEO, Innovate Finance
Sophie Bialaszewski, Head of Innovation Culture, Group Transformation, Lloyds Banking Group
Ella Rabener, Chief Marketing Officer, Scalable Capital
Maria Scott, CEO, TAINA Technology Limited
Monica Kalia, Co-Founder and Chief Strategy Officer, Neyber
Enrica Sighinolfi, Co-Founder, Opportunity Network
Felicia Meyerowitz Singh, CEO and Co-founder, Akoni
Marieke Flament, Managing Director, Europe, Circle
Angelique Mohring, CEO and Founder, Gain X
Madhvi Mavadiya: How is your role crucial to fintech?
Charlotte Crosswell: Innovate Finance represents nearly 300 members across the fintech ecosystem and are there to represent their companies through a series of programmes, promotions and policy.
Sophie Bialaszewski: I work at the Lloyds Banking Group which has over 30 million customers and 9 million of those are active mobile customers. It’s the largest digital bank in the UK so it’s an exciting time to be working there and within financial services. The scale of Lloyds Banking Group means we impact the landscape of financial services which is exciting, but also a responsibility to ensure we are realizing our customers’ changing expectations. My role is all about helping to making innovation everyone’s job at Lloyds Banking Group - it’s an awesome challenge which is exciting every day. As part of our helping Britain prosper plan, we are also connecting Lloyds Banking Group subject matter experts with fintech founders to support the next generation of entrepreneurs.
Ella Rabener: Scalable Capital is at the forefront of using technology to enable people to lead financially healthier lives. We’re not just about repacking a traditional service into a sleek, modern website, we’ve set ourselves the goal to fundamentally change the actual service itself - how the portfolios of retail investors are being managed. Using technology, we can create, for the first time, customized portfolios for small investment sizes and optimize them using complex financial algorithms that in the past were only used for institutional-size portfolios. My role is to make savers aware of these opportunities so they can finally enjoy a professionally managed portfolio and improve their chances at reaching the pension pot they deserve. In doing so, me and my team are playing a crucial part in educating consumers in the UK, Germany and Austria about the potential of fintech and the new area of banking.
Maria Scott: TAINA is revolutionizing the way regulatory compliance is being done by financial institutions, allowing them to automate and streamline aspects of compliance which have not been possible to automate to date. As a result, skilled people are freed up and are able to focus on higher value and higher risks tasks. Financial institutions realize cost savings, reduce operational and regulatory risks and strengthen internal governance. We do this by leveraging cutting edge computer science methods and relentlessly focusing on the problem. As a woman in fintech, I see my role as a bridge for all talented women out there who are capable of providing huge value to our industry. I speak to a lot of women reaching out to me and try to be 100% honest and supportive every time, sharing with them what it is really like so they can make informed decisions.
Monica Kalia: Fintech is a new and exciting industry that provides the perfect blank slate for us to do away with the “boys club” image that has become associated with the traditional financial services industry. It allows women (and men) to demonstrate their success solely based on merit. As a female entrepreneur in this industry and a mother of three young children, it’s an exhilarating challenge to prove that it can be done. My own role in this industry, and that of my peers, is to ensure that hard-work and talent is recognized and respected regardless of gender, it’s a lesson I’ll be passing onto my own children.
Enrica Sighinolfi: My role is crucial to fintech as well as to finance alike. What we’re building at Opportunity Network and what I firmly support personally is a path of collaboration for fintech and finance. Fintech must serve traditional financial services to allow them to embrace innovation, new technologies and services and let them embed them in their product offering in order to provide a user experience to their clients that is aligned with the pace of the digital revolution that we are living.
Felicia Meyerowitz Singh: Traditionally, fintech has focused primarily on the consumer/credit space, with few business solutions. This is changing with a perfect storm of market pressures including Open Banking/PSD2, Basel III liquidity requirements and in the UK, ring-fencing. Adding Brexit and the macro interest rate environment to the mix, will result in a game-changing few years arising.
Marieke Flament: My role at Circle has been to open Europe and as a first step bring Circle Pay, our first consumer product to market. In less than 18 months, Circle Pay has been live in 29 markets, and serves millions of customers.
Angelique Mohring: I have founded an AI software company that will be fundamental in helping the financial services industry navigate the largest economic and market transformation we’ve ever seen. And, it’s not for the reasons you may think.
Mavadiya: What is your relationship with the fintech industry? Has it been an industry that has welcomed you?
Crosswell: I have been involved in technology since the 90s and have always worked in financial services, so fintech has been a natural move for me. With my background in financial services and startups, I have always been able to see the perspective from both sides so have felt it is an industry that was a natural fit for me too.
Bialaszewski: Absolutely. I’m lucky to be working in partnership with lots of very talented people including Charlotte Crosswell and Janine Hirt from Innovate Finance, Ghela Boskovich from the Rainmaking Innovation and I work for Claire Calmejane who continues to push the boundaries of banking and is trailblazing women in tech every day.
Rabener: Absolutely. Particularly here in the UK where the fintech ecosystem is constantly growing you always meet new people. There are lots of events that connect the different founders of fintech companies and bring established financial players to the table as well. It’s easy to get in touch with everyone who is working in the industry. I am very excited to be a part of this nascent industry that is driving change to make people’s lives financially healthier.
Scott: I came into fintech from a global financial institution and this experience has been really valuable in building TAINA. I do feel very much at home in our industry and my observation is that there is no one single right path or background. Our industry is collaborative, innovative, hard working and agile. It does not matter what background, gender or color someone is, so long as they are able to bring real value to the clients and build a strong team, they will succeed.
Kalia: I started my career in investment banking, and after 20 years in the financial services industry I changed course. In 2014, I co-founded Neyber having identified that by utilizing technology and doing things a little differently, we could revolutionize personal finance and return value back to the customer. However, on entering the fintech industry I found that other fintech founders tended to be “alpha males” who have been successful investment bankers and wanted to do their own thing, bringing together a couple of their ex-colleagues. To me, it seemed such a wasted opportunity not to reflect the progression and innovation of this industry in the way that businesses in the industry were actually run. Since founding Neyber, I’ve been fortunate to do a lot of work with Innovate Finance who have been heavily pushing the diversity agenda.
Sighinolfi: Our company operates very much in between fintech and banking and I’ve always felt more than welcome. I have to say that there are not many women working in these industries, so I might have felt lonely sometimes, but always welcome.
Meyerowitz Singh: Akoni, and by extension, myself, participate in various fintech ecosystem communities and events. We have been selected for a range of specialist programmes including the Accenture Fintech Innovation Lab, PwC Fintech Scale as well as the CMS equip programme and presenting for Numa at Google NYC. The greater the level of effort in participating, meeting and collaborating with others driving change, in turns ensures continuous positive experiences.
Flament: Circle is a member of Innovate Finance, and as such very connected to the FinTech London ecosystem. Across the world we work very closely with fintech hubs and the fintech ecosystem. Prior to joining Circle I had never worked in banking or fintech, so had quite a lot to learn. To that end the industry has been very welcoming. And generally speaking the startup ecosystem is very welcoming - any question or query you have there will be someone willing to share what they’ve learned or how they do it.
Mohring: The industry has welcomed me. However, I often see a lack of female representation when I see leaders talking about the industry in general whether it’s blockchain, cryptocurrencies, artificial intelligence, technology. I am too often at events or roundtables or leadership meetings with no other females. This tells me we have a long way to go still.
Mavadiya: Do you see yourself as a “woman in fintech”?
Crosswell: I think of myself as an executive in fintech who is a woman!
Bialaszewski: Yes, it’s a great community that champion and support each other. Why would you not!
Rabener: Yes, definitely. I enjoy working in an industry that has the potential to reach and make a real difference to the lives of millions of people in Europe alone. I also believe that we often lack the perspective of women when it comes to financial products and services. After all, women form half of the consumer base these products and services are trying to reach, yet there aren’t enough women at the top of financial firms. There are also not many female founders in fintech, which will hopefully change going forward and I hope I can play my part in promoting that development. I am also particularly committed to helping women get invested to secure their future wealth and financial independence. It is a topic that is very close to my heart and I talk about as often as I can when I speak to the press or at events.
Scott: Yes very much so. I am a mother and a woman and very lucky to be right at the heart of fintech. My mission is to build a strong and sustainable business that our team, our mentors, investors and clients can be really proud of.
Kalia: I see myself as an entrepreneur who has worked in partnership with like-minded colleagues to develop a truly diverse business. However, I recognize that there are few women in senior positions in both finance and technology and, therefore, I take my role as a female founder seriously. There is a real absence of role models – although thankfully that is starting to change. At Neyber we are fortunate to have an incredibly diverse team, both in terms of gender and also race. The diversity of our founding team has embodied itself in our culture as a business, which we are all incredibly proud of.
Sighinolfi: I see myself more as a “woman in business” rather than a “woman in fintech” because my span of activities goes beyond pure fintech.
Meyerowitz Singh: I see myself first and foremost as a CEO and founder, aiming to drive change and improve financial outcomes for companies and non-profits. On a secondary basis, I consider myself a woman in fintech, and see it as important to work as a mentor and set an example for younger women with appetite for risk and driving change in any sphere - to have ambition for global scale, and push boundaries with the full force of their energy.
Flament: I’d rather see myself as a professional in fintech. But yes, I’m a woman.
Mohring: I see myself as many things, including a woman blazing the fintech landscape.
Mavadiya: As a woman, is working for a bank different to working for a startup?
Crosswell: Genuinely, I believe that there are differences but these exist for men and women. However, attitudes are different for women - unconscious bias still exists more extensively for female executives in fintech, whereas women in banking with the right experience and backgrounds can go further than ever before.
Bialaszewski: It’s very different but not because I am a woman, but because they work at different scales and have differing priorities and opportunities. I’ve loved working at both in my career.
Rabener: I don’t think there’s a particular difference for me as a woman, compared to how a man would perceive the differences. The only thing I would say is that it is harder for a woman to pitch for funding than for a man, because the majority of VC investors and business angels by far are men and they may have - conscious or subconscious - doubts about a woman leading bigger teams and being able to make tough decisions. Obviously, I think they are wrong, as women tend to work at least as hard as men, and many studies have shown that firms perform better if they have a female co-founder. In general though, working for a startup is simply a very different experience from working for a bank. Most importantly, we make decisions very quickly, and there are rarely more than four or five people required around the table to make a decision. There is almost no downtime - periods during which you wait for other stakeholders to deliver some input you require, to review your suggestions or to give approval. We’re working in a fast-paced environment. This also means that we’re more flexible at changing direction - if a new opportunity comes up, we can quickly re-prioritize our resources and ensure we make the most of it. And finally, if you’re a new player on the market, you can take bigger risks and experiment more. An institution with potentially a 100-year history has a reputation to lose. We only have a reputation to build.
Scott: Absolutely! Where do I start?! So many differences! Working for a startup, we have to exercise many different muscles. The key difference of course is that, whether you are a woman or a man building a new business, you can only rely on yourself and your team. In a large institution, we benefit greatly from the name, the reputation, the infrastructure and the support system of our firm. It is a wonderful thing which I took for granted in the past. Our team’s mission is to build a very strong reputation for TAINA in the market which will support our champions and our team for years to come and so hopefully this difference will diminish as we grow.
Kalia: I’ve always found that defining your contribution at work is what guarantees your success, whether that’s at a global bank or at my own startup. What is exciting about working in a startup is that you start from scratch, giving you a greater opportunity for you to define what your contribution is. It means you can set your own rules, to grow and adapt, rather than slotting into the person’s seat who came before you. As a woman, I’ve found a surprising number of parallels between raising my children and growing my own business - I get out what I put in. Anyone who has founded a startup knows it’s all about getting the culture right. Creating a diverse and innovative culture starts from the top, and my co-founders and I recognize that every decision we make has a direct reflection on who we are as a business and the talented team we have working at Neyber. Making me most proud is the number of my colleagues who cited the fact there is a female founder as inspiration for joining Neyber. It’s a huge compliment and I hope I can continue to inspire women to work in fintech.
Sighinolfi: I haven’t had the experience so far of working directly within a bank, but I work very closely with banks. More than gender, the main difference I see is in terms of pace. In our company if we see an opportunity we test it right away and if it works we find ways to scale it immediately. We work with banking partners that are at the forefront of innovation, but I see that this is not always possible for them. Banks need to become more agile and entrepreneurial to fully seize the advantages of the digital revolution. A growing collaboration between fintech and financial services as well as a growing talent exchange between the industries will help this process.
Meyerowitz Singh: For any person, working in a startup is fundamentally different from a corporate. In a startup you do everything, and in an FI you rely on a full powerhouse of multiple supporting divisions, with formal roles and structure. This also means startups are fast-moving and exciting in comparison.
Flament: I’ve never worked in a bank, so can’t really comment. Working in a startup is very demanding and the hours can be long, but at the same time also very empowering.
Mohring: The short answer is – yes. In a bank, it’s likely more challenging to have your voice heard but there are some areas that women’s voices are muted even in the startup ecosystem. It’s important to note that the glass ceiling (access to funding or opportunities) is the same on both of those sides. It’s abysmally low and must change, regardless of where you are.
Mavadiya: What do you think are the biggest issues for women in the workplace?
Crosswell: We still have fewer female role models in senior roles from startups through to FTSE 100 companies - this has to change over time to really move the agenda forward. Work-life balance still is a challenge once women have families. We shouldn’t forget that for more junior women, childcare still presents a significant challenge if both parents are working and too many times childcare defaults to the woman. This can sometimes be by choice but then we need to ensure women are aware of those challenges at an early stage of their careers, and are planning for them.
Bialaszewski: Balancing everything, but then I think this is not just an issue for women but for all of us. The more organizations there are that offer truly flexible working, the better the workplace environment will be and we will be unlocking a huge untapped resource.
Rabener: I think it’s three things: being paid less for the same job, not getting promoted into the top jobs and, which is related to the last point, difficulties managing a full-time job after they’ve had their first child. While it makes me quite angry that women are often still paid less than men for the same jobs, I also have to say that some objectives we’re trying to achieve when we talk about gender balance might not be realistic, simply because of female behavior and preferences. For example, a big part of our team consists of software and financial engineers, and we have a really hard time to recruit women into these positions as so few of them apply for these roles. So while I think we can and need to do more to promote certain job profiles to girls to ensure they don’t think they’re unsuitable for a girl or terribly boring, and to make sure girls understand that the STEM subjects have excellent prospects when it comes to job security and salary levels, we cannot force girls to pick those career paths. Just like we cannot force more boys to pick a job in the healthcare sector. Because of that reason I also feel that some of the expectations around the impact of mentoring programmes for women might not be met. After all, whatever we do after a woman has entered the workforce cannot address a potential issue of not having the right qualification for certain higher-paid jobs. It can only help with creating a better network or potentially smarter career moves going forward. To summarize, much effort is required, in my opinion, by parents, schools and the media to ensure girls are truly informed about their options and the attractiveness of various career paths. I try to address this by regularly visiting schools to encourage girls in particular to pursue careers in the STEM subjects. My feeling is that there are still very strong prejudices out there when it comes to what girls and boys should be good at in school or in university and what kind of jobs are considered “cool” for them.
Scott: I think there are still pockets in the world where just being a woman is a real handicap. This is not an issue in fintech, certainly not in Western Europe or North America. The really tough challenge is combining any caring and family responsibilities with work. Whether we are men or women, combining caring responsibilities for our children, our parents or partners with building a high growth global business is very hard indeed. I have not worked it out by any means and rely very heavily on the support from my husband, family and friends. I could not do anything without this support, quite frankly.
Kalia: It’s sad that we should still have to be discussing this in the second decade of the 21st century. There should be no barriers to people succeeding whatever the sector, gender, cultural or economic background. I think there are two big issues for women in the workplace. We aren’t doing enough give women the confidence to join male-dominated industries like finance and technology. In addition, when women do enter the industry, there needs to be a better support network to help them progress in their career. We do need to make a conscious effort to sow the seeds so that women embrace tech and other STEM subjects at an early age, starting with school-based initiatives that encourage participation and confidence. There is a real danger if women don’t embrace jobs in these industries that the gender balance will be exacerbated over time. Women sharing experiences and mentoring one another in the workplace, ensures that we can go the distance.
Sighinolfi: The biggest issue is unconscious bias and this applies also to other diversity-related areas, not only to women. Unconscious bias occurs when people favor others who look like them and/or share their values. It’s a problem because it’s natural and unintended. There are lots of studies about it. Harvard Business Review just published a paper that shows that it’s not women’s and men’s behavior that is different, its perception is. Even when women act the same way men do, their actions are judged more negatively than men’s and this generates gaps in the workplace. The good news is that unconscious bias can be recognized, mitigated, and most organizations are putting in place policies to consciously overcome it.
Meyerowitz Singh: The normalization of male leadership, whereby even women do not rate ourselves as the strongest of leaders. The greatest quote came from Ruth Ginsburg, that discusses where no one has questioned male dominance, yet we struggle to accept even baseline female equality. "So now the perception is, yes, women are here to stay. And when I'm sometimes asked when will there be enough [women on the supreme court]? And I say when there are nine, people are shocked. But there'd been nine men, and nobody's ever raised a question about that.”
Flament: There are many things which can be worked on to create a diverse workplace. As a first step, ensuring that all employees feel safe and welcomed to be who they really are is critical. No one should have to pretend that they are someone else in order to succeed. Having role models within the company and building a supportive network of mentors and sponsors (of both men and women) within the organization is also very important, and somewhat still an issue for women in the workplace.
Mohring: Perhaps we’re asking the wrong question here? For example, it’s not work / life balance – is it? Perhaps we need to ask what does an ideal world look like with more women in key industries and senior roles, and what do we need to get there? Better parental leave? Greater access to advanced skills training? A bigger appetite for risk from the CEO through to every employee? I don’t have the answer but I do think it’s time to reframe the question. We’ve been asking this question for decades and are still circling it.
Mavadiya: Are women underrepresented at the top of corporations?
Crosswell: Unfortunately yes, at Exco level and boards.
Bialaszewski: Yes, the evidence shows it and every day we feel it. Diversity at the top of corporations is key to ensuring a representation of society. Organizations shape the way we live our lives and if all the decisions are being made by one group of people who are similar, how will others’ thoughts, feelings and desires be represented? At Lloyds Banking Group, we know that diversity of people is vital to the success of our organization and have committed to increasing the number of women in senior roles to 40% by 2020.
Rabener: Of course they are. I don’t think it’s realistic to expect that we’ll be seeing a 50/50 gender split soon as some women will simply make a conscious choice not to put in the hours often required to reach one of the top spots as they want to make time for their families. However, we’re currently seeing a gross under-representation, which I believe has much to do with the weaker networks women build compared to men. They too often drop out of the workforce at crucial points in time during their careers, they are still more likely to go home straight after work to look after their kids than their husbands, and that means they aren’t on the radar screen of influential decision makers when a top position opens up.
Scott: Yes, I think this is still the case although in some regions this is less of an issue than in others. I think that as long as there is support and understanding of all the other responsibilities and pressures women are facing, eventually we will get to a more equal representation. Like any substantive change, this will take time.
Kalia: Yes, sadly this is the case in businesses across the globe. We can’t ignore the progress that has already been made as a result of gender positive policies and initiatives. However, we need to use this as a springboard for the future, and accelerate progress to make sure that women can take advantage of the opportunities that are presented to them in both business and academic life.
Sighinolfi: Definitely. I was recently at a conference in Addis Ababa organised by the WEF Global Shapers Community, which I’m part of, and we talked a lot about gender parity because the topic is extremely relevant. In countries like Ethiopia bringing women in the workforce would contribute to GDP as much as current foreign aids. Moreover, the WEF just issued the Gender Report 2017 that shows not only that the gender gap increased in 2017 from 2016, but also that gender parity won’t be achieved in less than 217 years. We clearly want to see this change happening in our lives. During the conference people kept on bringing forward the fact that we need to achieve gender parity in politics first in order to drive it elsewhere, but I believe it’s a process that needs to be led by the private sector to meaningfully drive change. If we look at countries like Germany or the UK where there have been women Prime Ministers (even Queens!) for a long time, we still don’t see any woman leading the major corporations of these countries as CEO. This will certainly change in the next years and it will drive a higher participation of women in the workforce as well as equal pay, which are proven to be among the main drivers of economic growth (see IMF studies).
Meyerowitz Singh: Unquestionably, in both tech and financial services particularly in senior roles. I find this sad and frustrating and am committed to improving the status quo.
Flament: Unfortunately, as several data points show, women are underrepresented at the top of corporations. But by putting an emphasis on data and progress required things can change. This is the reason why Circle was the first fintech firm to sign the Women In Finance Charter led by HMT. The charter advocates for clear, transparent targets and accountability at the top to reach targets.
Mohring: Absolutely.
Mavadiya: Have you faced any gender-related obstacles in your career?
Crosswell: Like anyone in financial services, I believe it is hard to get to very senior positions and you have to sacrifice a lot to get there. I have however positioned myself within companies who have been much more equal in their attitude to women and therefore thrived within them because of great opportunities that I took. All of them have had strong female representation at Exco and Board.
Bialaszewski: Early on in my career, I did; I can remember a specific leaving speech that was given by a male colleague of mine that focused on the way I looked rather than some of the great things I had achieved. I remember feeling so disappointed and thought about what I could have done differently and even started to doubt some of my achievements. I guess my advice would be to not doubt yourself and push for what you want and deserve. I also think that many of the obstacles are invisible. If you do hear, see or witness something that makes you or someone else uncomfortable, then call it out – I have done this a few times in the later part of my career, but only when I’ve felt more confident, which has come with age and experience. Don’t be afraid.
Rabener: I can’t say that I have. But I don’t have kids yet, which might change things considerably. I also have a background in finance and am quite an analytical, sober mind, so that might have helped me with my male colleagues. Since many reputable firms are making quite substantial efforts to improve the gender balance I think it can actually work in your favor these days if you’re a woman - provided, you have the right skill set.
Scott: I have been really lucky. I am aware of the research that shows that women are disadvantaged in raising funding for example. Our lead investor is a phenomenal inspirational woman and so I have not yet experienced any discrimination on this front. The real challenge is just trying to be a good mother, wife, friend at the same time as building a business. Although, I am certainly not succeeding on all of these fronts.
Kalia: Like many of my female peers, I have faced challenges throughout my career. We can’t ignore the fact that prejudice exists and that attitudes still need to change in some areas of our public life. The challenges I faced had a huge influence on my role as a female entrepreneur today. I suppose I’ve never looked at these challenges as obstacles that had the potential to stop me in my tracks but rather as valuable experiences that I can share with other women in the workplace.
Sighinolfi: In all honesty it’s hard to realize if certain obstacles were determined by being a woman (unconscious bias is hard to identify on both sides). I must say that in my career I have found a lot of colleagues, bosses, friends, and mentors who happen to be men who have always supported me and seen me for my talent and for the contribution I can bring to the table, regardless of the fact that I happen to be a woman. These men are the silent #heforshe that we should all celebrate and that will drive the change towards a more diverse workplace and better world. Unfortunately the media often focus on the horror stories related to sexual harassment (only this year we all remember Uber, the Silicon Valley VC's scandal and the most recent Weinstein case). Instead it’s important to tell the stories of all those men who don’t discriminate and, all the opposite, focus on talent rather than on gender.
Meyerowitz Singh: Not in my previous financial services career. I have been fortunate to have a wide range of senior people supporting me across my career, most of whom have been men. In my current role I believe the nuances are more subtle, but am also fortunate to have supportive stakeholders.
Flament: I am not sure that I would call what I faced “gender-related obstacles” but I’ve had to learn how to make my way up and how to speak up. In a previous company, few years ago I discovered that a colleague of mine who had the exact same background and profile was being paid 25% more. It took me 6 months and quite a bit of convincing to get things changed, but eventually it did. Generally speaking one thing that has been of tremendous help is building a strong network of mentors, supporters and cheerleaders. Having people in the office and at home who believe in what I do is important.
Mohring: Absolutely: fighting for promotions or raises or opportunities to fighting for funding.
Mavadiya: How do you manage your work-life balance?
Crosswell: With difficulty like most women, and with not enough sleep! I have one daughter which is a little easier and I ensure that I am always there when needed, otherwise I wouldn’t be able to enjoy my role. I never make it a secret I have a child that will take priority when needed. Companies are accepting of this, I believe, if you are open with what you need and deliver on what you have agreed. Less people now count the hours in the office, but more whether you are achieving your goals and objectives and delivering results.
Bialaszewski: I’m a new mum so work/life balance is important to me. I am lucky that Lloyds Banking Group has a great attitude towards empowering people to work in an agile way so I have a flexible working pattern that works for me and my family. Whilst I was on maternity leave I joined an adult drama class, something I have wanted to do for a long time – it was always something I loved at school but never really returned to. It’s a great way to put yourself out of your comfort zone, and taking on new personas helps you view life from a different angle. And, honestly performing on stage is so scary, it makes panels and conferences seem easy. It’s also a great way to meet a diverse group of people, have fun and build your confidence.
Rabener: I worked very hard in the beginning of my career, often times 80 hours a week and sometimes also on the weekend, and I don’t regret that. Of course, you need to be careful not to exaggerate and burn out, but if you are truly interested in your work and you’re on a steep learning curve, making an extra effort early in your career allows you to get ahead of your peers. These days, I have a more balanced lifestyle, also because the skills I acquired make me a lot more efficient in completing my tasks. I’ve also learned to delegate more radically, which is something I’ve observed many women don’t do often enough. Part of my work-life balance is also to push back if too many topics end up on my plate and to ensure that I really take my mind off work in the evenings and on the weekend. Reading a book or listening to a podcast on the way to and from work and going to the gym during lunchtime are great ways to relax during the week. Above all, though, is my maxime to only work in a job I really enjoy, so that working isn’t a burden but a joy - at least on most days.
Scott: Honestly, the only way I manage is with a lot of help and support from my husband, my family and friends. If I did not have that, I could not get through a single business trip. I think most entrepreneurs will attest that “life” very much merges with “work”. We no longer see it as a balancing act between the two but more of a challenge of trying to lead a really productive happy and healthy business life.
Kalia: There’s definitely a lot going on, but it’s exciting. I am a co-founder of Neyber but I also work as Trustee on the Board of StepChange, the UK’s leading debt advice charity. I also have three boys - a teenage son and younger twin boys. You learn to prioritize. I wake up early around 5.30am and plan my day, read and think about my priorities. It makes a huge difference to how I run by day, meaning I'm not in "react mode". Over the years I have also begun to notice the importance in investing in my own personal well being. It's often the thing that working women focus on the least – as work or children are more pressing – but taking time out to go to the gym, read a book or have dinner with your girlfriends can make all the difference in making it easier to juggle a full plate.
Sighinolfi: Work-life balance is an outdated concept. It belongs to those times where work and life were two separate things because there was neither internet, nor smartphones. These times are long gone. Now we live in a time of work-life relationships. Often times I check my emails before going to work in the morning as well as before going to sleep in the evening. Who doesn’t? Work and life now coexist and the only way for this to happen in a healthy way is to have a job that you love, fulfills you and makes you grow. At the same time, we need to set limits and allow ourselves to live the moment and enjoy the presence of our family and friends without being disturbed by our smartphone - and this touches not only work-related activities but also social media.
Meyerowitz Singh: This is a constant challenge and I am not convinced can be accomplished in this situation. I have a young child and am always re-evaluating this balance. Inevitably as a startup founder, you have to commit unequivocally to the business, as it requires significant nurturing and this involves some sacrifice.
Mohring: I don’t. I simply manage my life as best as I can because week to week and month to month, it is just not predictable. Sometimes I am out on trails in Ontario, Canada with my dog for hours and hours listening to audiobooks or the birds. Sometimes I am in the board rooms of the world’s biggest banks for days. Whenever I can, I am boxing at the gym with my trainer but with travel that might be several weeks apart. Other days, I am coaching my team to raise the bar or planning the next technology release with my co-founder. I cry and I laugh and I often enjoy a glass of wine. It’s the craziness of life. There is no perfect balance and I allow myself that grace.
Mavadiya: What advice would you give other women in the same position as you?
Crosswell: Be aware that it is a challenge, and you will have choices ahead in your career that may influence decisions you make at an early stage. Work for companies that inspire you and leadership that is there to support you regardless of your gender. Never say no to great opportunities and believe in yourself - too many women have too much self-doubt.
Bialaszewski: I’m an optimist – I believe your future is whatever you want it to be. A friend of mine once said to me: do what you want to do and you’ll be who you want to be. It’s so true. I would advise young men and women to work for an organization that values you, that you believe in and that empowers you. Be true to yourself in your leadership style – we all have a natural way of being and behaving and although you do need to be able to adapt your approach, you will have the most success when you are yourself. I am not the typical leader you’d find in financial services, and so what! I’ll use my differences to my advantage and so far it's worked brilliantly. I’d also advise them to work in diverse teams – the more diverse the team the richer the ideas, the experiences and the skills. The better the outcome.
Rabener: Don’t be afraid to voice your opinion and sometimes, also be stubborn if you believe in something. Men do the same and they’re not concerned about being perceived as “difficult”. Having a view and, of course, being able to explain and defend it, is a sign of strength and intellectual capability, nothing less. In my experience, men are sometimes bothered if you behave differently from what they expect, if you don’t back down quickly, but you do earn their respect that way. They’ll say “she’s tough, but you know what, she’s also quite clever. She can run a business”. Managing a business is not a likeability contest, it’s about doing what’s right for the business, without sacrificing your set of personal values.
Scott: I am not sure I am in a position to give any advice yet, I am still learning every day. However, one important new thing I have learnt so far is: we women need to be kinder to ourselves, just as we are to our family, friends and team. Simply because we have to stay really strong, happy and healthy to keep building our businesses.
Kalia: It’s essential to follow your personal values when establishing businesses. Go for what you believe in and work with partners who share your commitment and entrepreneurial vision. This will ensure that you get the right support in place and bring the people on board who will make things happen for you. I’m fortunate enough to have had some great mentors during my time in Neyber who have emphasized that there are no shortcuts in business, it’s all about hard work.
Sighinolfi: I was recently in Washington DC for the Annual Meeting of the World Bank and IMF and I heard Christine Lagarde making a comment on this point that I found extremely valuable. She said not to threaten men, and this applies to any context, not only related to gender. Make sure you’re not building enemies for yourself. Find role models and allies both among women as well as among men. Focus on your talent and passions and bring them forward: be vocal about these, not about the fact that you’re a woman. If you’ve something interesting to say and you say it in the right way by involving your audience, people will listen. If you build a constructive dialogue people will engage, regardless of your gender. We don’t need to be women-managers or women-leaders. We can be managers, leaders and women.
Meyerowitz Singh: Commit yourself fully to your vision. Be relentless in driving forward.
Mohring: You are the only person responsible for your happiness and what that means to you, only you can define. Not your partner, boss, mentor, family. Just you. It’s incredibly empowering when you realize and act on this. Find out the true cause/love/core of why you’re doing what you do; and, when the storms hit (and they inevitably do), always hold tight to this true core.
Mavadiya: Who is your role model?
Crosswell: Amelia Earhart - we should never forget that this was unthinkable at the time.
Bialaszewski: This one is easy. I’ve already called out the amazing role models in fintech and at Lloyds Banking Group, but my true hero is my Mum. There’s no one else I would rather be and her example of thinking of others, encouraging my brother, sister and I to think anything is possible has made us who we are today. She is a combination of patience and determination I rarely see and she pushes me to really reflect on who I am, what I’ve achieved and who I could be.
Rabener: I wouldn’t say she’s a role model in the sense that I would look to her for a ‘recipe for success’, but someone I find very inspiring is Coco Chanel. She came from a very poor background and made it in a line of business that was extremely male-dominated at the time, without any family money to back her. It was so much harder to be a female entrepreneur in the 40s and 50s and she was just so incredibly tenacious and independent. I find it admirable what she achieved. She once said that “in order to be irreplaceable one must always be different.” I think these are very wise words, and they also apply to what we’re trying to achieve at Scalable Capital.
Scott: I have many but three key role models in my business life are: Joo Hee Lee, who is an inspiring woman, advisor, mentor and a lead investor in TAINA; Vin Murria, who is an inspiring woman technology entrepreneur in the UK and Chris Gladwin, who has a phenomenal track record of building businesses and has been a really important mentor in building TAINA. I am a non-tech founder and so his advice on our technology-related decisions is particularly valuable.
Kalia: I don't have one single role model but I am fortunate that a number of people have and continue to have a positive influence in my life. My parents for example, who moved to the UK from India with nothing in the 1960s and established a successful family business, demonstrated to me that there is no substitute for hard-work. They had high expectations of us as children in terms of academics but I never felt that my Dad viewed me or my sister differently to my brother in terms of what we could achieve.
Sighinolfi: I have a number of role models, both women and men. I had the chance to listen to a fireside chat between Arianna Huffington, now Founder & CEO of Thrive Global, and Kristin Lemkau, CMO of JP Morgan. They spoke about many things related to being a woman in business, but I particularly loved the part when they talked about an initiative that JP Morgan implemented in collaboration with Thrive Global. All JP Morgan employees had the chance for a month to focus on and improve a well-being area promoted by Thrive Global, for instance sleep, mindfulness or unplugging. These are the typical things that might sound “womanly”, right? The initiative was fully supported by JP Morgan's CEO Jamie Dimon because living a healthy life is gender-less, it’s important for women and men alike. These are the types of leaders who I admire and consider role models. The ones who are able to look at the big picture and bring humanity forward. Being a leader is gender-less, it’s about engaging people on the right things to do for the collective interest.
Meyerowitz Singh: William Rosenzweig. Delivering change and innovation, and having an impact on society.
Mohring: Game changers, rule breakers, and futurists who want the world to be better – taking whatever gifts they have and sharing them through kindness, equality, generosity.
