The world of finance has traditionally been a male domain but Indian women are smashing through the glass ceiling to emerge as leaders, especially in banking. This management revolution is happening at a time when fintech, or financial technology, is rapidly changing India’s financial ecosystem.
Some of India’s leading banks are headed by women such as Arundhati Bhattacharya (SBI), Chanda Kochhar (ICICI), Shikha Sharma (Axis Bank), Usha Ananthasubramanian (Punjab National Bank), Naina Lal Kidwai (HSBC) and Kaku Nakhate (Bank of America Merrill Lynch India), among others.
This trend is indeed ground-breaking indicating that India is at par, if not ahead, of many countries when it comes to gender equality in banking.
A report in The Quint suggested that some of the reasons why women have made such an impact include their ability to be natural team players, multi-taskers and flexible managers while adding that “women also traditionally tend to be more careful with money”.
Taking an international view beyond banking, a recent study by the Centre for Financial Research at the University of Cologne indicated how women approach financial management. The study indicated that female fund managers switched around their portfolios less than their male colleagues. An analysis on Investopedia offers further insight on “the unique ways women approach finance”.
With women heading some of India’s top banks coupled with the growing impact of fintech, it should be no surprise if the country is heading for a financial revolution. A recent report by KPMG India titled “Fintech in India” states that “the traditionally cash-driven Indian economy has responded well to the fintech opportunity, primarily triggered by a surge in e-commerce, and smartphone penetration.” The transaction value for the Indian fintech sector is estimated to be approximately US$ 33 billion in 2016 and is projected to reach US$ 73 billion in 2020 growing at a five year CAGR of 22 percent.
With banks targeting the millennial audience – India has the world’s youngest population with over 350 million people below the age of 24 – fintech is expected to play a major role in attracting this crucial demographic. Moreover, with 277 million internet users, India has just overtaken the U.S. to emerge as the world’s second largest internet user after China.
In other words, fintech powered with female leadership can give India a unique standing in the global financial market while giving you, the consumer, better options on how to manage your money.