Banco Popular de Puerto Rico

The travel industry was hit extremely hard by the coronavirus pandemic. WEX, a payments processing and financial technology solutions organization with offerings for corporate travelers, felt the shockwave first hand.

In today's complex regulatory environment, a diversity of perspective is more important than ever, says Citi's Elinor Hoover. And the world over, women are wielding the power of the wallet — or the purse, so to speak — in a way that the banking industry can't ignore.

The banking industry needs women to polish its tarnished image, insists Jill Castilla, the CEO at Citizens Bank of Edmond (Okla.).

Well, only if you want to optimize solutions, says Michele Trolli, the chief information officer at M&T Bank Corp. And what bank doesn't want to do that?

Given the customer base in the banking industry, success depends on embracing diversity, says Grace Huebscher, who heads multifamily finance for Capital One.

Three of the most powerful women in banking go beyond the balance sheet.

Jane Fraser, the British-born head of Citigroup's consumer and commercial bank, shares a lesson she's learned from her 13-year-old son that has helped her adapt to her new role. She also talks about making a scary transition to a job overseeing U.S. mortgages and training yourself to overcome fear and take on "stretch assignments" at work. "You just have to be 'all in' — mind, heart, guts, hours," says Fraser, the No. 1 Woman to Watch, in her speech at the Most Powerful Women in Banking and Finance awards gala.

HSBC's Irene Dorner reflects on her 30-year banking career and offers this parting thought to her industry colleagues: "Do the right thing in all circumstances." She also calls for more emphasis on diversity in the banking industry and offers regulators some advice on achieving positive outcomes in her speech at the Most Powerful Women in Banking and Finance awards gala, where she accepted a Lifetime Achievement award.

C-suites will remain overwhelmingly male unless women in senior roles make it a priority to "lift up" their younger female colleagues, says Beth Mooney, the Most Powerful Woman in Banking. "The importance of mentoring, coaching and sponsorship cannot be overstated," she said.