Do Women in BFSI Still Need to ‘Prove’ Themselves More Than Men?

Are women in the BFSI sector still fighting for equal recognition? Let’s explore the subtle biases, persistent expectations, and double standards women face—even after proving their worth. Discover insights, real experiences, and what's truly changing in the industry.

Breaking Barriers, Battling Bias & Reimagining Leadership in the Financial Sector

Despite decades of progress and policies focused on diversity and inclusion, a lingering question still haunts boardrooms, trading floors, and leadership meetings across the BFSI sector:

Do women still need to work twice as hard to be seen as half as good?

While more women are entering banking, financial services, and insurance (BFSI) than ever before, the glass ceiling hasn’t quite shattered—it’s just become more opaque. From unconscious bias to performance scrutiny, women often find themselves navigating a tougher path to leadership.

The Numbers Don’t Lie: Underrepresentation at the Top

While women constitute a significant part of the BFSI workforce, their presence thins as we move up the ladder. According to recent industry data:

• Women make up over 25% of the BFSI workforce in India but hold less than 10% of C-suite positions.
• According to various reports and studies across the web it has been found that women in financial services are 30% more likely than men to feel the need to “overperform” to gain credibility.

Bias Beneath the Surface

• The ‘Prove-It-Again’ Bias: Women often face the “prove-it-again” phenomenon—where their past achievements are forgotten or discounted, requiring them to repeatedly validate their expertise, especially in high-stakes roles like investment banking, asset management, or insurance underwriting.
• Double Standards in Performance Reviews: Performance feedback for women tends to focus more on communication and leadership “style,” while for men, it centres on outcomes and strategic thinking. This subtle but impactful bias often delays promotions and reduces confidence in decision-making roles.

Client and Investor Perceptions: A Gendered Lens

Many women leaders report that client-facing roles still carry gendered expectations, especially in wealth management, venture capital, or institutional banking. There’s often a subconscious preference for male advisors in high-value transactions. This can impact:

• Deal closures.
• Credibility with stakeholders.
• Trust building with CXO clients.

Cultural Shifts: Are We Seeing Positive Change?

Yes—and No.

While many forward-thinking BFSI firms are implementing DE&I initiatives, mentoring programs, and returnship platforms, progress remains uneven. Women-led fintech startups are challenging old norms, but traditional banking and insurance still lag in true inclusion.

Companies Leading the Change:

• Kotak Mahindra Bank and HDFC Life have launched women-centric leadership pipelines.
• Global firms like JP Morgan and HSBC are doubling down on flexible leadership programs tailored for women returning from career breaks.

So, What Needs to Change?

• Equity in Evaluation: Build structured, bias-free performance management systems.
• Leadership Visibility: Actively promote women leaders as role models.
• Mentorship & Sponsorship: Create strong internal ecosystems that champion women’s growth.
• Allyship: Men in leadership need to step up as active allies—not just passive observers.

Final Thought: The Journey from Proving to Leading

It’s time the BFSI sector evolves from asking women to prove their worth to enabling them to lead with confidence, not caution.

Breaking the cycle of over-scrutiny isn’t just a gender issue—it’s a business imperative. Diverse leadership drives better governance, customer understanding, and sustainable profits.

Until true equality is achieved, the answer to the question— “Do women still need to prove themselves more than men?”—will sadly remain yes in many places. But with awareness, action, and accountability, that answer can—and must—change.

 

Disclaimer: The mention of companies such as Kotak Mahindra Bank, HDFC Life, JP Morgan, and HSBC is intended purely for informational and illustrative purposes. References to these organisations do not imply endorsement, partnership, or official representation. The insights shared are based on publicly available information at the time of publication and are subject to change.