Since 1987 when Congress passed Public Law 100-9, March has been recognized as Women’s History Month to celebrate every historical accomplishment honoring the work and dedication of women. Women have — and continue to — make history, including in the banking industry.
Where we are currently
A 2021 Deloitte Insights article reported the proportion of women in leadership roles within the banking and financial services industry is 24% and projected to grow to 28% by 2030. Very much below the parity line, Texas Security Bank noted this gap and took it as a call-to-action to recognize the contribution of women in leadership within their bank through an ad in D Magazine. Craig Scheef, the bank’s CEO, said they are “proud to be an organization with so many valued women leaders at the helm, helping us shape the future of our bank.”
The Deloitte Insights article also reported that for every woman added to the C-suite in the banking and financial services sector, three women rise to senior leadership roles — referred to as the multiplier effect. When one woman finds herself at the table, she creates a space for more women to be at the table, too.
One Texas woman banker, Lauren Sparks, had a vision to create a first-of-its-kind bank — a space where the seats at the table were a majority of women. Sparks opened the first minority depository institution-chartered bank-owned and led by women in the U.S. The bank, Agility Bank located in Houston, is based off the idea to promote financial parity for women; a place where women can take control of their dreams to own or start a small- to mid-size business, that in sum, will help grow the Texas economy. With Texas being the ninth largest economy in the world, it’s no surprise the passion and willpower of Texas women bankers is as big as the state.
Moving forward
The banking and financial industries sector is becoming more diverse and inclusive, moving away from being a male-only dominated industry. This shift is characterized by increased representation and opportunities for women, people of color and other underrepresented groups in leadership positions and throughout the workforce. The industry is recognizing the benefits of diversity, including improved decision-making, innovation and customer satisfaction. Banks are implementing initiatives to foster a more diverse and inclusive work environment, and they are also actively seeking out and promoting underrepresented talent. This evolution toward a more diverse and equitable banking and financial sector is beneficial for both employees and customers.
Our role in supporting women
TBA decided there could be a better way to support Texas women bankers. In 2018 this thought evolved into hosting a Women in Banking Conference, which has now become an annual event. The conference is designed to encourage, support and inspire women to maximize their banking career. This year the fourth annual Women in Banking Conference was held March 2-3, in Galveston.
If you have an idea or suggestion on how TBA can better support Texas women bankers, please contact [email protected].