Annapoorna Venkataramanan is an Accomplished Banker, with 23 years of experience predominantly in a Foreign Bank. A Gold Medalist in both CA and CFA & Alumni of Harvard Business School, Annapoorna’s work profile specializes in Treasury and Financial Markets, international corridor engagement, and cross-border digital innovation.
In a conversation with Women Entrepreneur India Magazine, Annapoorna shares her views and thoughts on empowering women in financial services.
In your opinion, what are the unique challenges and opportunities for women in leadership positions within the financial services sector, and how do you address them?
I have a background in Treasury in Banking, having worked for nearly two decades in the dealing room of a large Foreign Bank. The dealing room is perceived to be a “boy’s dominated club”.
Women are traditionally under-represented in leadership roles in dealing rooms. This tends to feed into a vicious cycle – limited networking opportunities, mentorship, and access to important career-building experiences. Aspects like the gender pay gap, while largely being addressed over the years, continue to be a sticky point. Conscious recruitment of women at entry level in dealing rooms & mentoring has proven to be effective in overcoming the challenges.
In the larger ambit of Financial Services, outside the dealing room, women have gained significant leadership roles in Financial Services, especially in India over the last decade. Women possess strong interpersonal and communication skills, highly valued in leadership roles. Deal-making requires trust-building, strong client-facing skills, and above all patience. Women are well suited for these opportunities.
How can we promote D&I in the team or organization, and what strategies are effective in encouraging more women to pursue leadership roles in finance?
Whether in a Finance role or otherwise, promoting D&I in the workplace requires a multi-faceted approach, I would say, it needs to start right at the top, i.e. a D&I lead, reporting directly to the CEO. Set specific, measurable, time-bound D&I goals, including targets for Females in Senior Management & time-line for Gender-Pay Parity. Offer flexible work arrangements to support work-life balance for both men and women. This can make leadership roles more accessible to women who may have caregiving responsibilities. Hiring Managers could insist on getting an equal number of female candidate CVs in every job interview, and implement inclusive recruitment practices such as gender-blind CV reviews.
I was co-chair of the Gender ERG in my workplace, and the ERG has proven to be very effective in providing interventions like Mentoring, Buddy-ship, and leadership-oriented skills training to name a few.
D&I in the workplace requires long-term effort with constant check-ins. As more women are encouraged and supported in pursuing leadership roles, the finance industry can benefit from a wider talent pool and diverse perspectives, ultimately contributing to better decision-making and innovation.
In your view, what strategies are employed to build and lead high-performing teams in the financial services industry?
I would say it starts with the hiring process. A deal-making requires an extensive amount of collaboration and teamwork, When the firm gains a deal, the entire team benefits. Hence, apart from the technical skills required for the job, it’s very important to look for collaborative and positive attitude skills. Teams are high-performing when their expertise complements the other. We try to catch them young, consistently recruit graduates from campus, and train and nurture a pool of talent to combat the employee turnover that this industry undergoes.
The finance industry is changing very fast, and digital disruption is seen everywhere. High-performing teams in Financial Services tend to skill themselves regularly on Gen-AI, data analytics, blockchain, and new payment methods in areas such as underwriting, portfolio monitoring, and client intelligence for marketing research to name a few. Many companies have done away with the bell-curve approach to Rating, and rather provide continuous year-round feedback to employees, against their measurable stretch goals. Above all, leaders lead by example, portraying strong ethical values and integrity within a larger sphere of “Purpose”.
What role will technology and innovation play in the future of financial services and how will they adapt and lead in this evolving landscape?
To start with, AI and Digital tech in general, are meant to take away the routine/repetitive tasks in Financial Services. Generative AI can streamline compliance processes, reducing the administrative burden on employees. This allows finance professionals to focus on strategic initiatives and fosters a culture of innovation. Adopting AI-driven robot advisors and chatbots for customer service can provide clients with efficient, 24/7 support. AI-powered investment algorithms provide clients with personalized investment recommendations based on their financial goals and risk tolerance. Likewise, the tool can be used to predict currency movements, using economic indicators and geo-political factors. Banks can develop more robust strategies using AI for fraud prevention and credit risk management. Intelligent customer data analytics can aid in marketing, and be used in the preparation of pitch books the list is endless. In general, I would view AI as a useful tool, that secures data confidentiality and privacy, as the financial services industry can positively embrace AI to enhance their value provision and generate a better bottom line. The risk of not embracing AI is very high for banks.
In a rapidly changing financial landscape, what strategies are used to stay up-to-date with industry trends and ensure that the team is well-prepared to adapt to these changes?
Keeping pace with industry trends is a continuous process, and it's hard to call a success too soon. Continuous learning and professional re-skilling of employees is essential. The financial services compete & partner today with the Google, Amazon, and Apple of the World. Cross-functional training, intelligent data analytics, and continuous spending in innovation and tech are useful strategies. Certain banks have incorporated exploration cells with a high level of autonomy and senior sponsorship, which aims to truly transform the businesses into future-state-ready. The Financial Services industry is highly regulated, and strategies by firms to closely engage with the regulator in policy-making, bridging the distance between the regulator and the customer, can foster policy innovation as well.
