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BANKING ON CHANGE: DRIVING DIVERSITY AND DIGITAL TRANSFORMATION IN FINANCE
Improving the representation of women in finance is not just about meeting diversity goals. It leads to innovation, better decisions, stronger financial results and ultimately contributes to successful digital transformation.
Yet, women remain underrepresented in many areas, particularly in senior leadership and technical roles. In the UK, women make up only 35% of senior management positions in the financial workforce and face unique challenges, such as cultural biases, fewer mentorship opportunities, and a lasting gender pay gap.
That’s why Code First Girls is proud to have partnered with some of the biggest names in finance to tackle these challenges head-on. Our partnerships have established diverse, entry-level talent pipelines that result in software engineer, developer, and business analyst roles at major banks. We’ve also launched upskilling programmes that empower women to step into mid-level roles.
Together, we are removing barriers and creating real chances for women at the start and mid-level of their careers.
THE PROBLEM
Digital Transformation in Finance Leaving Women Behind
The financial sector faces significant challenges in diversifying its technology teams. Gender disparities begin early, with fewer women pursuing tech-related degrees. For example, in the UK women make up only 19% of applicants to computing and engineering degree programs. This number has only increased by 1% in the past year.
These issues are clearer in financial services. Longstanding gender stereotypes and cultural barriers make it hard to hire women for technical roles. For example, women make up 43% of the UK financial services workforce, however they only represent 15% of finance directors in FTSE 100 companies.
The Treasury’s Women in Finance Charter has raised the number of women in leadership from 27% to 35% from 2016 to 2022. However, we still need more focused efforts to attract, retain, and promote women in tech.
THE SOLUTION
Step 1: Building scalable talent pipelines in finance
Opening pathways into tech is vital for closing the gender gap and supporting digital transformation in finance. In the Code First Girls community, 53% of learners are changing careers or returning to tech. This demonstrates a strong need for flexible ways to enter the tech field, and consequently financial institutions must prioritise skills-based hiring and alternative entry points.
Code First Girls teamed up with NatWest to help 130 women switch to tech jobs as well as with Admiral to train over 1,500 women in Wales and West England with digital skills. Half of these women received promotions or a new role after completing their Code First Girls training.
Looking beyond the UK, Experian’s international programme with Code First Girls had nearly 30 times more applicants than expected which highlights the global appetite for women wanting to join the finance industry. These initiatives are driving real change towards a more inclusive tech workforce in finance.
Step 2: Lowering barriers to entry for women in finance
Code First Girls provides free education to women at the start and mid-level of their career which helps reduce financial barriers and build strong career paths. Flexible course times help women learn new skills while managing full-time jobs or other responsibilities, and Code First Girls’ partnerships with over 100 universities in the UK also increase access.
These programs are showing good results where, at Starling Bank, 100% of hires were not currently in a technical role. In fact, 80% of the Code First Girls community comes from a non-computer science background which demonstrates that diverse tech talent is available if alternative learning pathways are invested in.
Step 3: Upskill women to boost retention in finance
Investing in learning and development is crucial for business success, especially as the rapid digital transformation in finance intensifies the demand for tech talent and deepens the skills gap. Companies with strong learning cultures experience 30-50% higher retention rates and a 24% increase in profit margins. For women in tech, targeted support is crucial. Half will leave by age 35 and only 5% reach leadership roles, subsequently leading to persistent gender representation and pay gap issues.
Code First Girls programmes with NatWest and Capital One show clear benefits. NatWest experienced a 95% retention rate over 2.5 years with Code First Girls recruits. Meanwhile, Capital One had all participants earn distinction grades – contributing to significant progression in their careers. By focusing on upskilling and career growth, financial institutions can create spaces where women succeed, ultimately leading to innovation and long-term success.
THE RESULTS
We spoke with Lauren Noakes, former Talent Acquisition Manager at Fidelity, to find out how collaborating with Code First Girls has supported their mission to diversify tech teams within the financial services sector;
How did Code First Girls help you attract diverse talent?
Our final candidate selection of women that we went on to hire into full-time employment included 92% underrepresented ethnicities, 83% non-computer science as a field of study and 67% as career switchers.
How did Code First Girls help close the tech skills gap in your tech team?
The partnership was particularly successful across Enterprise Technology Services as we were able to hire multiple women into a variety of roles, such as Cloud Engineers, Data Analysts, Network Engineers and App Developers.
What success stands out the most from working with Code First Girls?
We were delighted to have our successful candidates join the industry, particularly in the fields of Cloud and DevOps, where female representation historically lags at just 14%. One hire accepted a DevOps role that had remained unfilled for almost a year, which attests to the success of this programme.
WHY CHOOSE CODE FIRST GIRLS
Companies around the world trust Code First Girls to:
- Enable diversity in leadership by providing skills and opportunities for career progression.
- Close the digital skills gap within tech teams by providing comprehensive education across in-demand technical skills.
- Break down barriers and create non-traditional pathways into tech.
Why not find out for yourself? Speak to our experts here. 👇