INDUSTRY FOCUS A SIGN of the TIMES How the finance industry is embracing STEM professionals BY AMY MEADOWS I n recent years, the finance industry has been transformed by technol-ogy. Gone are the days of simple banking and com-mercial transactions. “Fintech” innovations have become the norm, and information technol-ogy has taken center stage for financial companies of all types and sizes. STEM professionals have become an integral part of the workforce in the finance are-na, and they do everything from develop software and applica-tions to provide data analytics. In fact, many finance companies no longer even consider themselves to be finance companies — they have become tech companies that provide financial services. The shift in focus has created an array of new opportunities for STEM professionals who are seeking employment, as doors open at companies that have not been part of the equation before. According to an essay written by Michael Bodson, president and CEO of financial services com-pany The Depository Trust & Clearing Corporation (DTCC), “Industry research says that jobs in banking and finance requir-ing STEM skills will increase by 21 percent in the next 10 years, while all other jobs will increase by only 18 percent.” Change the Equation, a coalition of corpo-rate members that is dedicated to promoting STEM literacy in schools and communities, notes that jobs in computing will increase by 14 percent and opportunities in engineering will climb 7 percent by 2027. While this seems to be a hugely beneficial situation for those in STEM fields, there are still challenges regarding the level of diversity found among the individuals who are being recruited and hired into those coveted positions, particularly in the finance industry. “Finding diversity in STEM is the biggest challenge as it relates to hiring,” explains Amy Zimmerman, head of people for Kabbage Inc., a burgeoning global fintech company that provides funding to small busi-nesses through an automated lending platform. While jobs are available, companies in this sphere have to work diligently to recruit and retain a truly diverse group of individuals. They have to be creative in how they ap-proach the process, and they must endeavor to retain the tal-ent they find. Fortunately, many firms have taken proactive steps to ensure that their STEM-based staffs not only include women, 24 Diversity in Action | JULY/AUGUST 2017