25 Years of Progress: How gender diversity in banking and finance has evolved

The banking and finance sector has undergone a profound transformation over the last 25 years. Once a male-dominated industry, banking and finance has seen a steady increase in female representation at all levels. However, while progress is evident in certain sector, challenges remain in others, and the journey towards true equity is far from over according to Women in Banking and Finance (WiBF) CEO Stephanie Girard.

WiBF, a not-for-profit membership association dedicated to boosting the presence of women in leadership roles within the banking and finance sector and beyond, is proud to celebrate its 25th anniversary in 2025.

The organisation has been at the forefront of driving change in the industry for 25 years. Through targeted educational programs, networking opportunities, and mentoring initiatives, WiBF has provided thousands of individuals with the tools and connections to advance their careers.

The shift in gender diversity
Until the 1880s, bank employees were exclusively men in Australia. However, the establishment of new administrative departments operating behind the scenes without direct customer interaction led to the first hiring of women in major banking and financial institutions .

Today, female representation has increased, though there is still progressed to be made.
According to Deloitte’s 2021 report, women held 19% of C-suite roles in banking and financial services institutions worldwide.
Female board representation has more than doubled in the past two decades, reaching an average of 36% across major banks in Australia according to the Australian Institute of Company Directors’ (AICD) Gender Diversity Progress Report, 2023.
The gender pay gap in banking and financial services has narrowed but still exists, with women earning 22% less than their male counterparts in leadership roles according to Workplace Gender Equality Agency data from 2024.

Strategies for organisations to improve gender & culture diversity
For organisations looking to further their diversity and inclusion efforts, there are tangible steps that can drive meaningful impact:
One key strategy could be to embed gender diversity in leadership pipelines. This means organisations could attend WiBF’s training specifically designed for this purpose or create their own programs that specifically target individuals to equip them with the skills and experience necessary for senior roles and future leadership positions.
Other strategies include implementing equitable policies that support flexible work arrangements, parental leave equity, and pay transparency in order to eliminate systemic barriers that hinder professional’s advancement.

Regular training programs can also help challenge unconscious biases that may exist in recruitment, promotions, and decision-making processes, leading to fairer outcomes.
Organisations can also establish clear metrics to track gender representation, set diversity targets, and regularly report on their progress to ensure accountability and drive continuous improvement.

Breaking new barriers in 2025
As WiBF looks ahead, the organisation’s focus remains on tackling emerging challenges including bridging the AI and digital gender gap, enhancing financial wellbeing for all professionals and advancing intersectional inclusion.

“With the increasing role of AI in banking and finance, access to digital leadership opportunities is crucial for our members,” Stephanie said.
WiBF is also tackling the superannuation and investment gaps that disproportionately affect professionals by offering educational webinars on the topic and engaging corporate members in the sector to contribute to the conversation and drive meaningful change that ensure diversity efforts extend beyond gender to include race, disability, and socio-economic background.

WiBF’s role in advancing gender diversity
WiBF’s mentoring initiatives have supported hundreds of emerging leaders, providing them with guidance from senior executives and industry pioneers. Initiatives such as the Workplace Wellbeing & Flourishing Leadership Program and the AI & Digital Academy empower professionals with critical skills in leadership, innovation, and digital transformation.
WiBF events and education programs are open to all participants irrespective of gender. Through bespoke education programs and customised events, WiBF supports member organisations to open up professional development opportunities, share insights and thought leadership on a range of topics, and facilitate networking and knowledge transfer at educational events and learning forums.

Join the Movement
In 2025, WiBF is proud to celebrate 25 years of championing all individuals in banking and finance and beyond! WiBF invites professionals of all genders to continue this journey by participating in its programs, advocating for change, and leading by example.
To find out more, head to www.wibf.org.au