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Hi, fintech fam! 💜

I can't believe this is my final newsletter for 2023.

In the past 2 years, I've written over 200 newsletters, and our community has grown to over 54,000 readers.

We've achieved a lot this year, with Fintech Is Femme going independent, speaking at events worldwide, recording hundreds of podcasts, and even having our logo in Times Square.

We've made stronger connections. We're rewriting the narrative with female perspectives. Fintech Is Femme is now a top 50 influencer in fintech. My goal for 2024 is to see more women, especially in the US, on this list.

And the biggest announcement is *drum roll* 🥁🥁🥁

I'm writing a book!

That’s right — I've signed my first book deal with Wiley.

So, in today's newsletter, I'll discuss the top 3 fintech trends of the year, my predictions for 2024, and why it's the perfect time to write a book about fintech and feminism.

Let’s go!

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TRENDS OF THE YEAR

Fintech Feminists: Coming Fall 2024

"You can’t cover women and fintech. You have to choose one.”

Ah, the sage direction of an old editor. 

It was 2020, and I found myself navigating the tumultuous seas of fintech reporting at a time when pandemic-induced boredom ushered society into investing and finance apps. 

Meanwhile, the industry basked in the glaring spotlight of wealth inequality—an issue dominating societal and economic discourse. 

And then came the mandate from an editor: pick a lane, either fintech or women. 

The front page of an online publication couldn’t accommodate both, apparently.

The narrative of women was already predestined to be buried in 'women' or 'diversity' sections. 

But standing at this crossroads, I, a biracial Asian American woman, never had the luxury of choosing a single side.

As a journalist, I've imbibed the wisdom of extraordinary women who've taught me that stories are never as simple as two sides of a coin. 

Women like Gloria Steinem, who so aptly puts it, there's a multitude of perspectives, a dozen or more waiting to be unveiled.

So when confronted with the ultimatum of "choosing one"—to be a fintech reporter or a woman reporter—I didn't just scoff. 

I met my editor's gaze and declared, "Watch me do both." 

And so, Fintech Is Femme is born, ushering a new narrative where women rightfully claim their place on the front page of fintech chronicles.

My belief solidified that fintech and feminism are unequivocally intertwined. 

Fintech is designed to make financial services accessible, aligning with feminist political, social, and economic equity principles.

Fast forward to 2023, where the major trends shaping the fintech landscape actually set the stage for my debut book, Fintech Feminists.

Let’s break them down and what all this means for 2024. 

#1 Open Banking & Consumer Trust

2023 marked a pivotal moment as trust and transparency took center stage. 

The Consumer Financial Protection Bureau unveiled an open banking rule before Money20/20 in Las Vegas in October, solidifying this trajectory.

Open banking emerged as the VIP pass to financial transparency and consumer trust. 

As a beacon for customers navigating the complex seas of financial services, it gained momentum through the rise of startup and investing culture, fueled further by financial educators like Vivian Tu (Your Rich BFF) and Tori Dunlap (her first $100K). 

In this era, customers not only cared about their financial affairs but actively sought control without the burden of managing multiple apps.

With open banking, third-party developers became maestros in the financial sandbox, orchestrating apps and services that enhanced consumers' financial lives. 

The spotlight was on open banking API integrations, poised to be the rockstars of the fintech scene in the upcoming year.

Why It Matters:

Open banking wasn't just about convenience; it unlocked the door to comprehending data ownership. 

The market's projection from $20.6 billion in 2022 to $164.8 billion by 2032 underscored its transformative impact. 

Industry giants like Apple and Amazon recognized its potential, embedding payment solutions using open banking frameworks in the UK.

Yet, with great power came great responsibility, and open banking raised concerns about data privacy and cybersecurity. 

The pandemic acted as a catalyst, propelling financial institutions into an API-driven future, embracing contactless payments faster than one could say "contactless."

Europe stands at the helm of the open banking world, but North America is gearing up, and the Asia-Pacific region is at the forefront of the fintech revolution.

As the doors of open banking swing wide open, it's not just about reshaping financial experiences or fostering competition. 

It's a feminist stride towards empowerment, an invitation for women to control their financial destinies in a realm once dictated by a select few. 

Open banking, with its transparent and inclusive ethos, is a testament to the fintech industry's commitment to dismantling barriers and embracing a future where everyone has a voice and a stake in the financial narrative.

#2 Generative AI & Closing Wealth Gaps

Reshma Saujani, the force behind Girls Who Code and Moms First, declared a crucial distinction: 

The next generation of AI has the power to close inequality gaps if we shift our focus from fearing its potential to widening them. 

As I delved into the varied use cases of AI enhancing financial lives, 60% of Americans anticipated an AI revolution in financial services within five years.

Fintech companies are leveraging AI and ML to reshape the market, from streamlining banking processes to bolstering fraud detection and enhancing overall customer experiences. 

AI chatbots and virtual assistants are becoming efficient alternatives to human customer service, providing round-the-clock support and instant responses.

Why It Matters

AI in fintech can only be fully realized with addressing the profound issue of access. 

To ensure that everyone can contribute to and benefit from these technological advancements, access must be extended to everyone—women, people of color, young individuals, and low-income communities alike. 

Collaboration across sectors, industries, and political parties is imperative to prioritize people and guarantee ethical AI development.

Saujani said, "Our AI is only as good as we are." 

By embracing inclusivity and prioritizing ethical considerations, we not only unlock the potential of AI to revolutionize the fintech landscape but also uphold the principles of feminism, ensuring that all share the benefits of innovation.

#3 Embedded Finance & the Battle for Attention 

The battle for attention in today's world goes beyond competition among rivals; it extends to integrating financial services into non-financial platforms – also known as embedded finance, set to take off in 2024. 

Imagine conducting your banking affairs while casually scrolling through social media; that is the future that awaits us.

In 2021, the United States witnessed a staggering $20 billion in revenues from embedded finance alone, as reported by McKinsey. 

Anticipated to surge even further in the coming years, this financial paradigm shift is driven by a growing recognition of its potential and the escalating demand for digital financial tools among consumers.

The strategic adoption of embedded finance enables companies to craft products and services that offer enhanced convenience and value to customers.

It is a gateway for companies to establish a competitive edge in the market, surpassing other fintech players. 

However, capitalizing on the growth of embedded finance necessitates a diversified workforce, emphasizing the pivotal role of women in leadership positions. 

In light of this, investors and businesses are presented with a compelling incentive to ensure that embedded finance becomes a catalyst for funding opportunities for female founders.

Dispelling misconceptions and biases within venture capital is crucial to breaking the cycles of exclusion perpetuated in the fintech industry.

Why It Matters:

Examining the broader technological landscape reveals palpable issues in the fintech realm. 

Social media prioritizes connectivity at the cost of mental health, especially for women and young girls. 

Tech giants like Amazon offer accessibility to goods but often exploit human workers and the environment. 

The rise of AI introduces unforeseen consequences, perpetuating cycles of inequities unless leadership diversifies.

Embedded finance emerges as a golden opportunity for female entrepreneurs to venture into fintech without traditional Wall Street credentials and ensure that products are built with everyone in mind. 

It is key to providing financial services to a broader audience, but the industry demands a serious diversity overhaul. 

Venture capitalists play a crucial role in this transformation.

Less than 3% of fintech founders are women and people of color, resulting in a landscape where fintech tools are predominantly designed by a select few, leaving the majority underserved. 

Addressing the Issues

My book, 'Fintech Feminists', advocates for more than just women in fintech – it champions feminists who disrupt the status quo. 

It's not merely about gender; it's about uplifting everyone.

As we approach the close of 2023, I am thrilled to unveil a powerful blueprint that has guided me on my remarkable journey towards becoming a Fintech Feminist.

This blueprint, my friends, is not just a mere guide but a transformative force that has the potential to inspire and ignite change within every one of you.

Step 1:

Immerse yourself in the captivating stories of women. Their voices, often unheard and overlooked, hold immense power.

We must amplify these voices, ensuring that their stories resonate loudly and clearly, even on the front pages of news outlets.

Step 2:

Embrace the power of sharing blueprints.

When women courageously share their personal stories and the strategies that have led them to success, they become beacons of inspiration and motivation for others to embark on their entrepreneurial journeys.

Step 3:

Forge an unbreakable community. Unite with like-minded individuals who share your passion and vision.

Together, we can create a network that fosters personal and professional growth.

Sharing stories and blueprints can foster a supportive environment that promotes and celebrates business success.

Mark your calendars for Fall 2024

That’s when 'Fintech Feminists' will grace the shelves of bookstores.

Within its pages, you will not only find yourself captivated by the awe-inspiring stories of women shaping the future of global finance, but you will also discover actionable strategies and invaluable insights to navigate the intricate world of fintech.

This book is more than just a roadmap; it is tangible evidence that women in fintech — past, present, and future — are innovating the financial landscape.

This book is for us. I am so excited to continue this journey with you.

Happy New Year!

_{PODCAST OF THE YEAR}

The Fintech Is Femme Table Talk Live at Money20/20 USA

During Money20/20 USA, I hosted a podcast with badass women in fintech, discussing why it's a worthwhile industry for women and entrepreneurship.

Sasha Pilch, Emma Zhang, and Kathryn Petralia joined me to discuss female representation and building in fintech.

With women making up less than 30% of the workforce and only 8% in leadership roles, change is needed — and these women are at the forefront.

These inspiring leaders share their experiences and insights on breaking barriers and creating a more inclusive industry.

The discussion covers:

1. Power of Storytelling

2. Owning Your Confidence

3. Female VCs and Securing Funding

4. Advice for Founders

5. Male allies and sponsors

It’s one of my favorite conversations of 2023. Listen to it here.

_{EVENT OF THE YEAR}

In April, we sold out the Rise by Barclays venue for New York Fintech Week with Fintech Is Femme's storytelling event.

The event is grounded in one fundamental belief: Women are the key to unlocking a better financial future.

That’s why we cover the stories of women innovating in fintech with a mindful approach.

We focus on impact, not funding — we value leaders and companies that serve those in need.

'Femme' embraces inclusivity, nurturing, nuance, and emotional intelligence.

Building Fintech Is Femme has been a whirlwind, but I've learned that vulnerability, sensitivity, femininity, and authenticity are powerful.

Take a page from Lule Demmissie’s book, a queer Black immigrant woman who has prevailed in a space that was never made for her.

Or Dani Fava, one of the few brilliant minds that make up only 4% of female innovation leaders.

Or Sarah Levy, who switched gears from global leader in media entertainment to fintech CEO.

And Sallie Krawcheck, who looked around Wall Street — said enough was enough — and chose to build the first fintech company for women, by women.

Their stories are ours.

I am excited to return this event to Rise by Barclays in 2024.

_{FINTUNES OF THE YEAR}

🎵 Paint The Town Red - DOJA CAT

I am ending 2023 on a high note with the undisputed song of the year (at least in my playlist).

This absolute banger from the incredibly talented Doja Cat is nothing short of a revolutionary anthem for women today.

It's been a delight witnessing this empowering masterpiece dominate our social media feeds.

And mark my words; we won't stop voicing our unfiltered thoughts, creating seismic waves, and focusing on our damn success as we construct our empires.

Here's to an extraordinary 2024 because, trust me, we're just getting started.

That’s all for now! Stay safe, everyone. Hug your loved ones. See you next year!

Love,

Nicole