Empowering women in finance: Experts discuss the opportunities and challenges in smart banking

A bank account is the first stepping stone in an individual's financial journey. Banks open the doors to the concept of money spending, saving, and of course borrowing for hundreds of thousands of their customers.

In many cases, banks eventually end up becoming the gateway to the idea of investing in wealth management for a lot of investors — especially younger investors, and new investors. So the question is, have women mastered the art and the science of smart banking?

CNBC-TV18 engaged in a discussion with prominent financial experts, Arundhati Bhattacharya, Chairperson & CEO of Salesforce India; Rajiv Anand, Deputy MD of Axis Bank; and Keki Mistry, Former CEO of HDFC. The conversation revolved around enabling women to take charge of their finances and how banks can onboard more female clients.

According to reports from the Association of Mutual Funds in India (AMFI), women in the age group of 18 to 24 have witnessed a significant surge in investment activities, with the number of investors in this age group quadrupling between 2019 and 2022. This demonstrates an annualised growth rate of an impressive 63%.

Arundhati Bhattacharya pointed out, "There are reports indicating that 33% of women have never invested in their lives, and 22% of women are unaware that investments are held in their name. This suggests that many women have merely signed documents where family members directed them. This is concerning. While we have made progress, we still have a long way to go."

Keki Mistry, however, offered a different perspective, saying, "I don't entirely agree that women don't have a role in finance. Women play a crucial role in finance, especially in managing household budgets. They learn to save money from the household budget and allocate it for essential family needs. With more women in the workforce, they also manage their personal finances. It's not just a gender issue; it's about educating people, whether they are men or women, on personal finance."