The battle for inclusive leadership in SA's financial services sector

WHAT does it say about South Afri-cas financial services sector when, in searching for a CEO for one of the country’s top investment firms, only 14% of the candidates are women, and even fewer are black?

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Despite two decades of transformation policy, the female leadership pipeline remains worryingly thin. And while the gender imbalance is not new, the urgency has intensified. Succession challenges, the emergence of new banks, and a rapidly evolving consumer landscape have created a real scramble for leadership talent...and the pool is not deep enough.

This is not just a gender issue, it's a broader talent crisis. Over the past five years, South Africa's financial services sector has undergone a quiet but significant shift in how it sources and evaluates leadership. The traditional pipeline, once dominated by finance-specific experience, is now expanding to include candidates from telecoms, consumer goods, and digital-first sectors. This convergence is reshaping the skills profile of future banking leaders.

What's driving this change? A growing need for customer-centricity. Banks are no longer just financial institutions, they’re service platforms competing for consumer attention. As a result, candidates with experience in consumer goods, particularly in telecom or financial services divisions, are increasingly sought after. Strategic partnerships, innovation, and customer experience are now central to leadership mandates.