Last week, the financial services world converged in Las Vegas for Money 20/20, known as the “Superbowl of Fintech,” where the hottest topic on everyone’s mind was unmistakably AI (Artificial Intelligence). Like all industries, financial services has seen an explosion of interest in all things AI, and an unprecedented level of adoption for this technology. That is backed by data in a new report from Acrew Capital and Money20/20 launched in conjunction with conference, revealing a surge in AI adoption within financial services. A shift that marks an unprecedented leap in technical agility for an industry typically constrained by regulation.
‘ALL IN ON AI: Financial Services Adoption Index 2024′
The report contains a number of key findings relating to the rapid ascent of AI across the sector. The top level points include:
- 76% of Financial Services companies have launched AI initiatives
- AI is focused on both cost reduction and revenue growth
- Traditional Wall Street firms are investing heavily in developing their own proprietary LLMs
- There remains ample opportunity in this space for new entrants, particularly to create solutions in high risk areas such as fraud prevention and wealth management.
The Future Face of Finance
Yet like many industries a key risk for fintech in this bullish AI race is representation. That is, the rapid rollout of AI within an industry that is predominantly male led. While women currently make up close to half of entry-level financial services positions, fewer than 19% currently occupy C-suite roles. A key question we need to ask is whether AI will play a role in bridging or widening this gap. Will this industry remain driven by a narrow demographic, or will we see more women at the forefront of this tech revolution than ever before?
I sat down with the the two women behind this report, Lauren Kolodny, founding partner at Acrew Capital and Money20/20 Chief Strategy and Growth Officer, Scarlett Sieber, to discuss the findings of this report, why AI means the stakes are higher for women than ever before and their mission to ensure the future of finance is more and not less female.
AI Index-The Gender Gap
For Lauren Kolodny, gender diversity isn’t just a social issue, it’s a business one – especially when creating technology that serves diverse and global customer bases. As co-founder of a VC firm with 1.7 Billion under management and member of the Forbes 2024 Midas list, this former Google product marketer led Neobank Chime’s series A funding round in 2016, which reached a $25 billion valuation five years later. The daughter of a female non-profit founder herself, Kolodny – whose team at Acrew Capital comprises 70% women and/or people of color – has been very intentional about her quest for gender balance. A mission she equates solely to commercial logic, as “teams with unique perspectives build the best businesses,” she explains.
This worry is furthered by findings that despite fintech advancements, a notable gender gap in AI usage remains. Gen Z men are 25% more likely to use AI tools than women, and 41% of women view AI as a threat to job mobility, compared to 29% of men. However, Kolodny wants to avoid getting caught up in debates over perceptions, believing they’ve already caused sufficient harm. Her view is that we can waste time lamenting the past and worrying about the future, or, we can try to shape it – and she is all in on the latter. She wants to talk about change and how to create it, and not tomorrow but today.
“Naturally headlines like this create inertia keeping women from the conversation at a time when their input is more critical than ever,” she shares, “The fintech industry has a role to play in shifting this perception, by presenting AI as a powerful tool for enhancing roles instead of erasing them. We need to collectively create an industry where women can thrive and innovate.”
AI Takes Centre Stage But You Have To See It To Be It
For Sieber, the first and most critical step in leveraging AI for an equal future is equal representation in the present. “The only way that this is going to move forward is if we help normalize this, so that people feel empowered and inspired to start getting involved,” she emphasizes, “by ensuring women are visible in leadership, companies can foster a more welcoming environment for future female talent”.
This is why the leadership team at Money 20/20 have taken a very intentional approach to gender representation for speaker slots. “In 2016 11% of speakers across the stages were women,” she continues, “Our female president Tracey Davies made it her mandate to change that. This year we are at 50%”.
Efforts like these – alongside tangible industry shifts toward promoting women in executive roles and leadership positions – are essential, but women face an uphill battle. If we look at the top five companies highlighted in this report—Block, J.P. Morgan, Intuit, Chime, and Stripe— all are led by male CEOs. Block has three out of nine female board members, Intuit four of thirteen, Stripe two of seven, and Chime four of thirteen in leadership.
Yet these companies are still ahead of an industry average, where the past decade, saw a mere 10%, growth in gender split with women reaching 21% across executive and board positions. There is no denying change has been slow, but worryingly, it is now alarmingly out of pace with the rapid ascension of AI. This presents a real risk that in the AI race, models are being built perpetuating narrow perspectives, missing opportunities for broader, more inclusive innovation.
AI- The Future If We Automate The Present?
So, faced with these realities, how can we build a more inclusive future using AI by essentially automating a divided present? For Kolodny and Sieber, one age old strategy that this industry knows well, is to make it about the money. Data shows that there is commercial gain for companies where diversity is made a central aspect of their investment and development practices. As Kolodny points out, “investing in gender-diverse teams isn’t just about inclusivity; it’s about creating the best possible outcomes for customers to serve the widest possible audiences, reflecting the true diversity your consumer base.”
The impact of diversity in fintech AI is evident in this report through companies like Chime and Klarna, where AI enhances customer service by handling routine tasks and freeing staff for complex issues. Diverse teams, particularly with female leaders, are critical for developing fair, unbiased AI models, essential in an industry where many women view AI as a job risk. The words we use around AI matter as well. As Kolodny notes, “are we launching AI to eliminate jobs, or are we launching AI to make our teams better?”
This is a question that needs critical insight, as truly diverse leadership shapes not only AI’s functionality but its guiding ethos. Kolodny and Sieber argue that the time is nigh to reframe AI as an open dialogue around career development and inclusivity. A critical step in fostering an industry that values diverse perspectives, and views AI as an essential tool for both future-proofing and closing gender gaps in innovation.
As the financial services industry accelerates its embrace of AI, Money20/20’s AI report spotlights a critical inflection point—the power to redefine finance and potentially bridge persistent gender gaps. However, leaders like Lauren Kolodny and Scarlett Sieber stress that true innovation requires diversity at every level, from boardrooms to product development. They argue that building a more inclusive industry is not only about equity; it’s a smart business strategy, investing in a future where technology is as inclusive and dynamic as the market it serves.