Why gender diversity matters for financial services

Harriet Guevara, Chief Savings Officer at Nottingham Building Society, sets out why gender diversity is a commercial imperative for financial services as women increasingly drive household financial decisions. She highlights the role of representation in building trust, strengthening governance and improving innovation, while calling for clearer progression routes, inclusive hiring and development pathways to attract and retain more women across the sector.

International Women’s Day often brings a lot of well-meaning commentary about representation. But for financial services, gender diversity is a business issue.

Many financial services businesses are built on trust and long-standing relationships. And the reality is that for many households across the UK, women are increasingly the financial decision makers, so they look to their banks, building societies, or advice firms for representation.

For me, diversity of thought is essential in financial services, and gender diversity plays a key role. Bringing together people with different experiences sparks new ideas and drives innovation. In an industry where trust and long-term relationships matter, these benefits directly translate into better outcomes for the customers and members we serve.

Attracting and retaining talented women remains a challenge across the sector. Financial services can still feel daunting to enter, especially for those at the beginning of their careers. I started out in investment banking – a fast-paced, high-performance environment that required resilience and adaptability. It taught me the importance of clarity, confidence and continuous development.

I joined Nottingham Building Society nearly nine years ago, starting in finance and treasury before moving into strategic, business-focused roles. That journey showed me that careers in financial services are rarely linear, and they shouldn’t have to be. When organisations actively support internal mobility and broaden access to opportunities, they unlock potential that might otherwise go untapped.

That idea is central to how I lead. Talent exists everywhere but opportunity doesn’t always. If we want more talented young women to enter and thrive in financial services, we need to be intentional about removing barriers and creating visible routes to progression.

The Building Societies Diversity Report shows that, in 2025, 39% of our industry’s board roles were held by women, up from 36% in 2024 – bringing us closer to the 40% target set out by the FTSE Women Leaders Review.¹ Similarly, women held 45% of senior management positions.

Numbers alone don’t define culture, but representation at the top does matter. When women are visibly shaping strategy, risk, product development, and distribution, it sends a clear message that ambition is recognised and progression is possible. This visibility is particularly important when you consider that in the wider sector, women hold just 14% of CEO roles and 12% of CFO roles, indicating that progress at the very top remains uneven and requires sustained focus.

For advisory firms in particular, this has practical implications. As more women take primary responsibility for household finances and inherit wealth, firms that reflect that shift will be better placed to navigate sensitive conversations and build trust. A range of perspectives also improves challenge, governance and resilience in a complex regulatory environment. And this extends beyond gender. The 2025 report shows that only 7.7% of board members across the sector come from ethnic minority backgrounds, and LGBTQ+ representation sits at just 1.4% – clear reminders that representation across all dimensions matters for long-term trust.

Getting more young women into the profession takes action on multiple fronts. We need to show that financial services offers a wide range of careers, from advice and underwriting to risk, technology, and strategy. Mentoring and sponsorship programmes should sit alongside clear development pathways. Recruitment should actively reach diverse candidates. And flexible, inclusive working practices shouldn’t be seen as concessions. They’re enablers of high performance and long-term retention.

At Nottingham Building Society, we’re focused on unlocking diverse talent through inclusive hiring, leadership development, and internal mobility. For mutuals in particular, there’s a real opportunity to demonstrate that you can build a high-performance culture, without losing sight of purpose and community. Giving colleagues the confidence and space to explore different career paths strengthens both individual careers and the organisation as a whole.

International Women’s Day is a great moment to reflect on progress, but meaningful change comes from sustained effort. If we commit, as leaders and as an industry, to creating environments where talented young women can see a future and reach their potential, we’ll build a financial services sector that’s more innovative, more representative and better equipped to serve the communities who rely on us.

By Harriet Guevara, Chief Savings Officer at Nottingham Building Society