Advancing Your Black Talent In Fintech And Beyond

Despite the widespread call for diversity in fintech, little progress has been made. When considering the support of Black talent across all financial services, in some cases the sector is moving backwards. KPMG reported that in the UK insurance sector Ethnic Minority representation was moving down from “10% in 2019, to 9% in 2021.” McKinsey shared that Black talent represent 12% of the US workforce in 2022, but only 8% in technology jobs and only 3% of technology executives are Black. Their research suggested that whilst jobs in technology are set to grow, opportunities for Black talent in those roles will lag. Many big banks have been able to put together impressive campaigns to elevate and support their Black talent. These initiatives look to improve retention, growth and promotion. Barclays published their targets in their ‘Race at Work Impact Report.’ They stated that “a myriad of evidence” shows that diverse companies “perform better” and achieve “better business outcomes.”

In talks with several people across the fintech space, they shared what any business can do to drive better Black talent equity, equality, and workplace inclusion.