LAS VEGAS–Two female executives in fields that are predominantly male—banking and fintech—said they see some progress being made and in the process some lessons are also being learned, as well.
Stephanie Cohen, global head of Goldman Sachs Platform Solutions, and Samantha Ku, COO with Square Financial Services, appeared as part of separate panel discussions during the Fintech Meetup event, but both were asked about the lack of women and diversity in the field.
“The way that I think about it is that diversity and inclusion are absolutely strategic and business imperatives, and you have to talk about it in the same meetings that you talk about market share and revenue growth, because it's critical to running your business,” said Cohen. “Your end-customers and your end-clients are diverse and you need diverse perspectives at the table in order to make the best decisions.”
A Company Priority
Cohen said that is the reason Goldman Sachs has made a priority of investing in diverse company founders and investment managers.
“While I felt very strongly that it was the right thing to do, the answer is that it was the right business thing to do,” she said. “If you actually look at the data, diverse managers outperform because they bring diverse perspectives to the table. And, by the way, we think about diversity in the broadest sense of the word, which is really diversity of thought.”
Fitting a Mold
Separately, Ku said she has also gained a perspective on the issue of women in fintech and financial services, and what she has earned isn’t just limited to one gender.
“Thisis not just for women. Who has felt like they had a mold to fit into when joining traditional institutions?” Ku asked. “I think there's the maker culture of showing no emotion, understanding your rank and hierarchy and wearing the Patagonia vest. I had a very hard time doing this, especially the hierarchy part. I look good in a vest, so that helps, but truly I was I was often called ‘bossy,’ which is one of the worst things you can call a woman.
“But as I became a leader of teams and organizations and just overall matured in my confidence. I started to redefine that as being direct, and when I didn’t take things personally I moved faster and overall I was just more confident in my convictions.”
A ‘Turning Point’
Ku said a turning point for her was being able to walk into a room and be able to say something “completely wrong” and still walk out of that room feeling like she could do her job.
“To gain confidence, the fastest path is to find allies and to find mentors who are just there to give you that extra support or that extra year, people who don't have egos about it, who can tell you about the 50 times they failed and not just the times they succeeded,” Ku said.
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