 "Women customers next big opportunity for banks, NBFCs")
Today’s India is witnessing rapid economic strides and is often looked by the world with marvel. What is more heartening is that this progress is not just restricted to a few people, but the standard of living of majority of population has improved over a period of time.
While Government of India, through its many schemes has taken the right step towards the same, it may be noted that “financial independence” of women is the next area where our policymakers need to think really hard.
While Government of India, through its many schemes has taken the right step towards the same, it may be noted that “financial independence” of women is the next area where our policymakers need to think really hard.
Take housing as an example. Along with food and shelter, housing, has long been identified as one of the basic necessities of life. Housing is one of the biggest investments of any person’s life. It may seem strange but most of the women, across the spectrum, are not being able to get the finance from the financial institutions towards purchase of their home on their own.
In most of the cases, they have to depend on their male counterparts to apply jointly towards availing housing finance. Situation is more difficult for single, separated, divorced and widowed women. Women in low income segment are also negatively impacted as they are often always underserved.
In most of the cases, they have to depend on their male counterparts to apply jointly towards availing housing finance. Situation is more difficult for single, separated, divorced and widowed women. Women in low income segment are also negatively impacted as they are often always underserved.
The problem then spills over to other aspects of finance like loans for emergencies in life, credit cards, insurance, etc. In fact, opening a bank account itself has remained a big challenge for women from poor families. Poor women fare the worst as any attempt towards including them in the ambit of finance itself gets thwarted in the first attempt which precludes them from getting introduced to the world of savings, investments and other sound banking habits.
Financial institutions on the whole, it seems need to be jolted out of this prejudice that arises from serving/tapping a woman customer. Financial independence is biggest missing piece in the entire scheme of things which can work wonders to the women of this country.
Financial institutions need to be cognizant of the fact that today many large Indian corporations including banks are more efficiently run by women as their bosses and if this fact cannot be ignored, then finance must be made available to a woman customer solely on the basis of merit and devoid of any discrimination.
Financial institutions need to be cognizant of the fact that today many large Indian corporations including banks are more efficiently run by women as their bosses and if this fact cannot be ignored, then finance must be made available to a woman customer solely on the basis of merit and devoid of any discrimination.
“A woman customer” is the single largest emerging customer segment which needs to be catered to and represents a big business opportunity. What is needed is to serve them without any preconceived notions just like what is done in case of male customers.
Having said above, we as industry practitioners see future with renewed hope and enthusiasm that many institutions are now having financial products that are designed exclusively for women.
For instance, many banks and housing finance companies encourage home ownership within women by offering them lower rates for their home loans. While it is important for credit providers to change their mindset, it is equally important for women to come forward and take benefit of such schemes.
The writer is MD & CEO of Aspire Home Finance Corporation Limited
Having said above, we as industry practitioners see future with renewed hope and enthusiasm that many institutions are now having financial products that are designed exclusively for women.
For instance, many banks and housing finance companies encourage home ownership within women by offering them lower rates for their home loans. While it is important for credit providers to change their mindset, it is equally important for women to come forward and take benefit of such schemes.
The writer is MD & CEO of Aspire Home Finance Corporation Limited