Financial products have generally been marketed to men in India over the years. However, the trend may be changing steadily with more women choosing to take investment decisions themselves and formulating their own personal investment strategies. There has been an approximate increase in the number of women who are taking their own investment decisions to 52% in 2016 from 37% in 2013 as per reports. This trend is quite visible in almost all leading digital platforms that are offering alternatives to the traditional banking and finance channel.
BankBazaar, the well-known online platform where prospective borrowers can get quotes on financial products, has already witnessed an increase to the tune of 183% in the number of female visitors last year and this increase is also forecasted for 2017 by the company. Even 5nance.com, an online investment portal, has stated that women account for more than one quarter of total investors and this is expected to increase in the near future according to the company.
Even today, experts feel that financial products are mostly tailored to men. This can be attributed to the conventional plank where most financial decisions have been taken by men and women have had decisions taken for them by their husbands/fathers/friends/brothers. However, they also feel that women make for better decision takers as compared to men since they have mastered the art of investing, saving and managing money right from childhood.
If women are encouraged to take financial decisions by their families and are also guided accordingly, they should certainly become the biggest target market for financial products according to the experts. Several FMCG brands are already driving this change and it looks like the banking and financial services sector should also witness the same over the next few years as per the current trends!