BankBazaar data shows 126% increase in financial decisions online by women


Increasing female literacy (including financial literacy), growing economic pressures (cost of living per family), and the desire for economic and social independence are pushing womenfolk to earn and secure their earnings by being part of the formal banking system.

Over the last few years, there has been a significant increase in the number of women utilizing banking services. According to FII data, after PMJDY, the rate of financial inclusion for Indian women increased by 24% between 2014 and 2015.
The percentage of adult women who are active bank account holders has gone up to 35% in 2016 compared to 18% in 2013. Also according to Intermedia, a global consultancy, as many as 358 million Indian women (61%) have bank accounts, up from 281 million (48%) in 2014, the biggest jump for “banked” women among eight South Asian and African countries.

Technology, also has played a significant role in bringing about this change by solving the problem of accessibility. Today, banking services are available online, and facilitate everything from opening a savings account to getting a loan over the mobile phone. Moreover, many financial institutions and service providers share educational content related to their services online.

These trends are reflected in the way BankBazaar has seen an appreciable increase in the number of women visiting and transacting on the website in the last two years. Between FY 2014-15 and FY2015-16, there has been a 126% increase in the overall unique visitors (female).

The highest percentage increase has been in the category of car loans, which saw a 34% rise in unique visitors (female). If you read this along with the fact that the number of women purchasing their own cars have doubled from 6% to 12% in the last five years, it is evident that women are no longer just influencers when it comes to buying automobiles.

More and more women are also resorting to personal loans to fund their expenses – whether personal or business – instead of depending on other family members to help out. The site has seen a 32% rise in unique visitors (female) looking for personal loans between FY 2014-15 and FY2015-16. This increase is seen even in very high-value purchases such as realty. With increase in the number of women employed in high-income and stable jobs, and more couples realizing the tax benefits of taking a joint loan, more women are looking to fund their own homes through a home loan.

(Image credits: ICICI Bank)