This year is the 50th anniversary of the Equal Credit Opportunity Act in the US, which made it possible for women to open credit cards in their own name (instead of requiring a man to be the card holder). But, there is still a lot of work to be done—both in the US and worldwide—to support women's access to financial tools. 3 examples of IDEO x Last Mile Money's work to ditch male defaults are shared below, plus access to an updated Financial Confidence Playbook. https://lnkd.in/gENGg8fn #EqualCreditOpportunity #FinancialInclusion #WomenEmpowerment #FinancialTools #GenderEquality
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Male defaults aren't just bad for women, they're bad for business. Over the last five years, we’ve brought together gender experts, banks, institutions, and fintechs to co-design what women-centric financial products should look like. Together, we’ve uncovered male-default design patterns and developed design principles to disrupt them. Here are three key shifts that can help companies build products designed for women 👇
Ditching Male Defaults
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Ditching Male Defaults 💙🩵 This IDEO article on making finance work better for women, particularly the most underserved is quite good. (Thank you to the UNITY™ Programship at Females and Finance Executive Advisor, Peggy Haslach, CFP®,CLU® of Planning for Good, LLC, for sharing.) "Male defaults reflect biases deeply ingrained in our society. They allow institutions to build products to fit the way men inhabit the world: the kinds of jobs they have; how they use phones; their available free time; and even their ability to move around in public. At best, this hinders women's access to financial systems, forcing them to jump over extra hurdles. Often, it means low-income women must rely on men as proxies, having to ask a husband to save money in his bank account, and then needing his permission to access that money. At worst, it excludes women from the financial system, robbing them of opportunities entirely." This is a highly-recommended read: https://lnkd.in/gKmdcByx and exactly what Jeff Thomas of Swan Global Investments and Executive Advisor of the Male Ally Network™ Programship at Females and Finance is working through with other allies. We encourage you to join us at our next meeting on September 10th at 12pm CT (1pm ET) as we figure out next steps in finance for individuals and organizations in helping make the invisible more visible. Register Here: https://lnkd.in/gZhkrWYX
Ditching Male Defaults
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“Male defaults reflect biases deeply ingrained in our society. They allow institutions to build products to fit the way men inhabit the world: the kinds of jobs they have; how they use phones; their available free time; and even their ability to move around in public.” With gender-intentional design, IDEO Last Mile Money is pushing back against these practices, and challenging the reign of male defaults. Today, we are launching a new section on our Financial Confidence Playbook, dedicated to women and finance, with examples of products, features, and best practices for designing for underserved women. Read more about some of these proven design interventions that can help companies build products made for women—especially those at the last mile: https://lnkd.in/gKmdcByx
Ditching Male Defaults
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Ditching Male Defaults. Co-creating the #GenderEvaluationFramework with the IDEO Last Mile Money team and supporting this work on the #WomenXFinance playbook has been so motivating because it gets to really concrete principles and examples which is what makes toolkits applicable. It shows that designing with and for women is possible! I drew a lot of inspiration from our Women-Centric Design (also launched this week) toolkit to support this work, link in comments.
“Male defaults reflect biases deeply ingrained in our society. They allow institutions to build products to fit the way men inhabit the world: the kinds of jobs they have; how they use phones; their available free time; and even their ability to move around in public.” With gender-intentional design, IDEO Last Mile Money is pushing back against these practices, and challenging the reign of male defaults. Today, we are launching a new section on our Financial Confidence Playbook, dedicated to women and finance, with examples of products, features, and best practices for designing for underserved women. Read more about some of these proven design interventions that can help companies build products made for women—especially those at the last mile: https://lnkd.in/gKmdcByx
Ditching Male Defaults
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At the Finovate Spring 2024 conference in San Francisco, FinTech Futures sat down with Kristy Duncan, CEO and founder of Women in Payments, to discuss the key challenges for women when looking to enter the fintech industry and how enterprises can look to retain their female talent. Watch the video to discover: ⛔ The barriers facing women trying to work in fintech. 🌱 The initiatives that Women in Payments have implemented to support women’s career development. 🏃♀️ The significant factors that have changed the way women can work in the industry. ⏩ Duncan’s goals for Women in Payments going forward. 📺 Watch the video here ➡️ http://spr.ly/6042g6vdE #Banking #FinancialServices #Finserv #Payments #BankingTech #FinTech #PayTech
Video: Women in Payments at FinovateSpring 2024 – The obstacles women encounter when pursuing careers in fintech - FinTech Futures: Fintech news
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"We expect women to be workers as if they don’t have children and to be mothers as if they are not working." - Caroline Ericsson This is just some of the powerful insights shared in the final session of Fintech Week London, "Women of FinTech," by far the best session of the event! Even more impressive was that this panel of women came together at such short notice—only the night before, Lucy Heavens was asked to moderate and find women to join her. This truly showcases the value a community can bring. These incredible women shared their insights and experiences in the fintech industry, highlighting the importance of change, innovation, and support for women in the field. Tiffany Nana Afua Appiah (who I must say is just amazing) emphasised the need for meaningful change: "I needed to be part of change; I like the idea of innovation. If I am going to do something that is part of change, it has to do good." She also shared empowering advice on leveraging available resources and seeking mentorship: "Within the blink of an eye, you have everything accessible—make use of it. Put yourself out there. If you are lacking, get mentors and talk to people. Don’t be afraid to admit you are missing something but then commit to getting better." Alexandra C. about the power of inspiration and representation: "Being inspired by other women allows you to be in the room where it happens." Caroline Ericsson also touched on the importance of advocacy and inclusion: "If women are underrepresented, make no mistake that black women are too. We need specific strategies and actions to ensure black women are included." Nitika Vyas, CFA, founder of Aila Money, shared her journey to fintech, highlighting the challenges and opportunities for women: "Coming from a low-income background, I didn’t know about finances or saving. Entering finance, I saw just how male-dominated it was. It made me question if I wanted to be the 'alpha woman' to get to the top." She found her mission in closing the wealth gap: "Financial stress is the second biggest stressor. My mission is to close the wealth gap and help people achieve life goals through financial literacy." They encouraged tapping into networks: "Women in fintech, please join and sign up. If there’s one network worth your time, it’s these women." Overall, the session was simply fantastic and one to remember! These women highlighted the transformative potential of fintech, the importance of mentorship and networks, and the unique challenges women face in balancing professional and personal roles. #womenoffintech #fintech #women #inclusion #community #networking #fintechweek
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New research from the Cherie Blair Foundation for Women, in partnership with Intuit, highlights the key experiences, challenges and opportunities from 1,100 women entrepreneurs in low-and-middle-income countries, focusing on digital, AI, networks, online gender-based violence, and access to finance. In this new blog, the Foundation’s CEO, Dhivya O'Connor, sheds light on what needs to be done to advance digital access of women entrepreneurs in order to boost their financial inclusion. Read more 👉🏽https://lnkd.in/d4fmTgDw #FinancialInclusion #DigitalInclusion Lulu Nunn
Bridging the Divide: Boosting Women Entrepreneurs’ Digital Access for Financial Inclusion
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The future is bright, and it's powered by women! Explore our blog post to see how women are making a significant impact in the world of technology. #WomenEmpowerment #Innovation
We’ve seen the future and it’s powered by Women
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"Today, more than half of the world’s 1.4 billion unbanked adults are women. At IDEO Last Mile Money, we believe the solution to filling this enormous gap in financial agency and social equity lies in better design, with products and systems made for and with women, not just adapted after the fact." IDEO has identified 3 key shifts to help companies build products designed for women. See what they are 👇 https://lnkd.in/efdvyzqU
Ditching Male Defaults
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Forbes showcases 17 FinTechs founded by women. The types of issues that these businesses aim to address demonstrate that - whether managing a household budget, building a business, or investing for the future - women think about money in different ways and appreciate services designed specifically for them. The evidence suggests that tailored services like this generate impressive brand loyalty. This demonstrates why diversity, equity and inclusivity can help a company to drive profit and customer retention by meeting the needs of different market segments. Contact Healy Hunt for expert support with your diverse hiring initiatives. #dei #wibf #diversity #financialservices #fintech https://lnkd.in/dMAMf_cV
17 Fintech Apps Created By Women, For Women
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