Leadership & Resilience: The Women Driving Change in BFSI | Neha Plasterwala | Director- Head of Marketing and Communications| Lockton India

Women have been major contributors to the banking sector for decades, and their representation in leadership in the BFSI sector has progressively grown over the years to match their contributions. Women are rewriting the narrative of banking—one bold step, one innovative idea, and one leadership role at a time.

Women have succeeded in the BFSI industry and significantly contributed to the banks they work for. Their contributions have helped India grow and raised financial inclusivity through multiple roles as bank CEOs, presidential officers of consumer banking, advisors, managing directors, and other superior roles.

For instance, Insurance companies now have over 25% female representation at leadership levels in the banking, financial services, and insurance industries. In comparison, over 15% of key divisions of customer service, learning and development, recruitment, and branding are led by female representatives. Traditionally, BFSI is one of the few sectors with higher female representation than many others, and the presence only increases.

No better evidence is required when our Finance minister, Nirmala Sitharaman, graciously presented her 8th consecutive Union Budget as a woman. This milestone makes her the first woman and the second person after Morarji Desai to achieve this success. India’s finance minister has significantly influenced many women employees, especially in developing leaders in the banking and financial sectors. They serve as trailblazers, paving the way for the next generation and a more dynamic and financially empowered future.

Breaking Internal and External Barriers
Today, every woman wears multiple hats to fulfil different goals in life. She is a daughter, sister, wife, and a leader. She trains herself daily to contribute only the best to these roles. While women have flourished in taking up senior roles in the BFSI industry, only one or no woman exists in a boardroom meeting full of men. But that has never restricted the willingness of many women to contribute to business decisions.

Women assiduously motivate their male and female colleagues to continue with the same stride every day. Barriers may arise in such a world, including lack of confidence, shying away from being firm in decision-making, or not having a voice of one’s own. Each barrier must be overcome, eventually one thing at a time.

In the last 50 years, women have overcome multiple professional, personal, and even cultural hurdles. This is proof that overcoming hurdles for women is not new. Women have overcome barriers gracefully in the past and will continue to do so elegantly in the future.

The Changing Landscape: Progress in BFSI
BFSI has seen quite a change in the last few years. Most of these changes have been brought into action because of the diversity of perception. Women’s perspectives bring many experiences, backgrounds, and expertise. This can help uncover blind spots and challenge assumptions. It can also lead to more robust and well-informed decision-making processes and diverse perspectives.

Women have come a long way by symbolising growth and effectively multitasking. They take leadership roles from the IT industry, followed by BFSI and nearly 20 other sectors across manufacturing, pharma, healthcare, media & entertainment, hospitality, etc. With these listed sectors, women as marketing directors have strived through the power of communication. They’ve used the incredible power of communication to market financial industries to serve their purpose at their best. Such awe-inspiring leadership should eventually streamline many roles for women.

Empowering Women Through Financial Literacy
Women leaders think of their kind as a priority and, in return, educate women across levels, all age groups, and all classes. They are keen on educating women to access banking technology and understand financial services and their products.

The future of BFSI is definitely in good hands. As industries see a shift in improving female representation within the BFSI sector, continuous effort is needed to overcome existing challenges and ensure that women are present and thriving at all levels of the industry.