There’s no question that, historically, the mortgage industry has been male-dominated, and that’s been particularly true of certain areas of specialist finance. Thankfully, however, that is changing.
Provide Finance is certainly not the only business in our industry founded and run on a day-to-day basis by a woman, and that’s a welcomed development.
It’s not easy to quantify the level of improvement when it comes to the number of women in senior roles within our industry, but from our dealings with lenders and brokers alike, it’s clear that there are more female voices around the table.
Representation is enormously important. You can’t be what you can’t see, and unless the next generation of talented women can see that there will be opportunities for them within the property finance sector, then they are unlikely to pursue a career in this industry. That’s why it’s crucial for firms to encourage their female staff to take up senior roles within the business, and to give them the same sort of spotlight that their male peers might enjoy.
Fresh talent means new ideas, and if we can make the specialist finance sector one that is particularly welcoming to young women, then the whole industry will benefit. The mortgage industry is ripe for innovation. Anyone who has spent any time in this sector will know that there are significant parts of the mortgage journey which have been largely unchanged for years, if not decades. The contrast is stark with other areas of financial services, which have been more open to the improvements that technology can bring.
It’s what we are committed to doing at Provide Finance, identifying ways where technology can make the process faster and more efficient. By opening doors to women, further innovations will follow, which can deliver tangible improvements not only to those of us working within property finance, but ultimately our customers as well.
This doesn’t happen by accident, nor does it happen overnight. Instead, it’s incumbent on those of us in senior roles to act as both ambassadors and mentors to young women interested in a career in our industry. First and foremost, women are more likely to consider property finance if they see high profile women in place; if they can understand that there is a route open to them should they wish to pursue a senior role.
The work cannot stop there, though. Attracting more women into the specialist mortgage sector can only be the start; once we have them through the door, it’s important to ensure they are adequately supported and able to reach their full potential.
The reality is that women will face different challenges from their male colleagues. It’s not always easy for women to ensure that their voices are heard, or their opinions are being taken on board. However, by establishing some level of support network, whether that’s internally within a specific business or across the industry, then we can help correct that.
There has already been important progress on this front through measures like the Women in Finance charter, but it’s not just these sorts of formal steps which will make a difference. Providing that support on an informal and individual basis, whether that’s a supportive ear or lending the value of your own experience, will help more women establish themselves in positions across specialist finance where they can deliver change.
We all have a role to play.
Are you a woman in the financial services industry keen to get your voice heard? Contact press@medianett.co.uk — we would love to chat!
