With many areas of financial services still dominated by men, role models in FinTech are more important than ever. Without sufficient women to look up to, young women and girls may not consider FinTech to be an option for them. That’s why we regularly spotlight the career paths of women in the industry – how they got there, where they find support and what advice they’d give those considering a career in FinTech.
This week, we caught up with Clare Pearson, Director in the Open Banking & Payments sector at EPAM.
What’s your role?
I am a Director for EPAM Systems, Inc., in the Open Banking & Payments sector. So, what does that mean? I help our financial services clients globally providing solutions for them by drawing on my in-depth knowledge of the Cards, Payments, Digital and Open Banking domains.
I articulate clients’ existing and intended strategic positions and oversee the design and implementation of solutions. I use my consulting ability combined with operational experience and have a natural tendency to take the initiative in seeing an initial opportunity with the ability to carry it through to completion.
My knowledge of the current trends in the Payments and Banking world is thorough and I have a strong personal network in this field. EPAM gets its work done through individuals who not only self-start, but also sustain initiatives globally, forming in-company clusters of staff and capability which enables successful execution of EPAM’s end-to-end delivery. With our world class software engineering resource putting clear blue water between EPAM and its immediate competitors, we plan the expansion of existing success through increased revenue-build driven by our thinking and design.
How did you get into the FinTech space?
There was a natural shift for me, the Cards, Payments and banking sector is focused on solving issues for clients and has a thirst for innovation, so I found my career followed the same path. From running Global financial, operational teams to heading up a product team there was always a technical element involved.
I am very end-to-end, curious and have a desire to understand the whole piece of a solution, not just the part I have responsibility for. Technology is integral to so many things, efficiencies, optimisation, innovation, speed to market with products etc and I had managed legacy tech previously so given an opportunity to improve, solve and resolve issues was an attractive pull to work for a business that provides those resolutions and exciting changes for clients. I am proud to say I am that person that considers all of the flow, from the UX/UI design on the customer side to the financial updates and connections on the general ledger, I have a very unique position in being the conduit into tech. Of course, having a background in Finance & Audit has helped this.
Why do you think there remains such a gender imbalance in FinTech?
Historically the sector has been seen as less attractive for girls and I think there is a misconstrued idea that technology is very logical and analytical so therefore suits certain minds, whilst there are roles in tech that are like this, my work I do within the groups I am part of, is to spread the understanding of different roles within the tech sector.
From a design aspect, to experience coding, to product roles, there are so many opportunities for any gender or background and for me it’s about the skills and enthusiasm an individual brings to that role.
Part of the school STEM educational talks I do now are to promote this thinking, so the future generations can see tech as a great career, not just a male dominated place.
What is being done to correct this and what would you like to see?
I would like to see more on promoting diversity within tech for gender and backgrounds as I feel the less diversity there is within leadership and management teams, the more minority tech professionals will struggle with inspiration, mentorship, and representation, often to the detriment of their career progression. There remains huge differences in salary and compensation and in order to be a more inclusive organisation tech firms need to address this.
Why do you think having a more diverse range of people working in FinTech is important – how will it impact the products and services that are developed in the future?
For me an inclusive organisation enables a company to stay relevant with customers and win at innovation whilst remaining competitive and the most diverse organisations are more likely to outperform their less diverse peers.
Collaboration is key with different views and opinions on products and services, how can we ensure we build effectively and not disadvantage certain backgrounds unless we harness personal experience? For example, how do we ensure those without access to a bank account have the same ability to be able to effectively manage their finances and interact with those products we build.
I think it was the McKinsey report that showed companies with the highest quartile for diversity in the C suite were 15% more likely to have above average profits.
In a fierce talent market the opportunity to increase diversity is there we just need to act on it.
What’s the biggest challenge you’re dealing with currently in your career?
Time, balance of family life and acceptance as an equal. I have a teenage stepdaughter (15) and I foster, so another little girl (12) who is long term matched until the age of 18. So, my time is precious, I have to be super organised with all of the usual family routines.
The acceptance as an equal is sadly not there yet for Women in leadership too, sometimes I feel unheard or overridden and that saddens me.
I take this as a challenge in a positive way and try to make a difference, as part of this I mentor young people in their career journey and give them the safe space to share what they feel they can’t always in fear of career limitation. I see myself as a role model that can inspire the women around me and the young women coming through the next generation of Fintech.
Where do you find support in the FinTech world?
I am active in a number of groups for women, so we often whatsapp each other with issues work related or not! There are some random messages sometimes but it’s all supportive and super helpful. The men in there are advocates for women and I do believe they have a part to play in changing things for women. A man who gives credit for a woman’s contributions is a great ally to have.
What advice would you give other women who want to work in FinTech?
I would say be curious, there is so much to learn and so many exciting changes in technology happening at once. I love to hear different countries and cultures perspectives that we can learn from. I would also say be authentic, I once had a mentor that told me to “lose the accent” (being from Liverpool that is kind of difficult) and it didn’t feel right, like I was faking it. So go with your gut feeling, even if someone tells you not to, you know yourself best. Ps also choose your mentor or multiple mentors carefully, I have had two at once, one from a corporate background, one from a Fintech start up as I wanted to hear different perspectives and approach topics a different way.
