Diversity in FinTech
Miranda McLean, Global Head of Marketing Banking Circle for EWPN, shares her opinion on the increasing diversity in the FinTech industry, the effect of disruptors on the market and her perspective on the future.
The European Women in Payments Network (EWPN) is the first and only pan- European not-for-profit organisation for women working in the Cards, Payments and FinTech industries in Europe.
EWPN provides a platform that inspires, empowers and mentors women in financial services to help them realise their full potential and position themselves for greater personal success whilst continuing to develop and contribute to their industry.
EWPN is the first European-wide platform-specific to women working in Banking, FinTech, and Payments irrespective of the level they have attained in their careers, striving to achieve diversity in FinTech.
EWPN’s primary objective is to champion diversity and inclusion (not just gender) in the financial sector.
We recently spoke with Miranda McLean, Global Head of Marketing for Banking Circle, and Executive board member of the EWPN to get her thoughts on the current state of the industry.
Miranda has built a considerable reputation for developing and executing successful marketing strategies for a wide range of financial services businesses over more than two decades. She has held senior positions at Reuters, Standard and Poor’s, LexisNexis, Equifax, and Ukash.
The payments start-up, Banking Circle (then known as Saxo Payments), appointed her in 2015 to create the brand identity and marketing strategy which has taken the cross border financial utility to a multi-million-dollar business in less than three years.
As a highly motivated marketer, Miranda believes barriers to opportunity only exist if vision is blinkered. She has committed to self-development and improvement at every stage of her career to build a wealth of experience in global and European brand development, execution and management. She is utilising her experience in the field of marketing to hone the messages and extend both the reach and influence of the EWPN.
What is the most exciting thing about FinTech for you personally?
The opportunities. With the constant development of new tech, the market is rapidly moving and broadening its reach. New developments offer opportunities for companies and financial institutions to work together and deliver solutions that meet the needs of both consumers and businesses in more sustainable and efficient ways than ever before.
More and more people of all ages and backgrounds are entering the FinTech industry, bringing diversity and unique experience which enables the rest of the market to truly flourish. This is an extremely exciting time to be in FinTech; it will only be limited by the imagination – or lack of it – of those in the industry.
To date, in your view, what disruptors have caused the most innovation in the industry?
I believe that innovation in this industry has come, not from any single disruptor but from the impact of the change in approach driven by the combined forces of the huge variety of FinTechs and banks now operating in the sector.
The shifting tide away from each financial institution seeking to provide solutions to meet every financial need of their consumer and business customer, towards an ecosystem model where providers work together with third parties to provide the best solutions, has had a significant impact and this will continue to gain momentum. No longer are smaller banks and FinTechs at a disadvantage due to lack of marketing budget and a smaller customer base. Working with other companies they can compete against incumbents. In fact, they can even work with those incumbents to take traditional propositions into the new world. As such, incumbents are no longer restrained by legacy systems.
Instead, they are working with third parties to deliver tailored, purpose-built, efficient and cost-effective banking solutions without having to commit huge amounts of in-house time and investment in building, running and maintaining new products and solutions. With this burden removed from their shoulders, incumbents can focus their resources on the all-important customer relationship, safe in the knowledge that their customers have access to the best banking solutions available.
Financial utilities, like Banking Circle, are fundamental to this change, building and managing non-core functions such as cross border payments and lending.
What does EWPN hope to see more of in the industry?
The members of EWPN commit to increasing the diversity in FinTech and creating an inclusive industry that celebrates and supports women’s achievements across the payments ecosystem and inspires future generations of girls into the sector. Furthermore, we believe this is vital for ensuring the sector remains disruptive for the wider good of society. It is therefore extremely encouraging to see more women than ever launching new FinTechs in 2019. This increase in gender diversity in FinTech is a topic we look forward to raising through our EWPN partnerships as well as at our own events.
Find this article and similar materials in the PaymentGenes’ FinTech Magazine.
You might also want to read our blog on Digitalisation And The Future of Payments