Empowering Change: The Impact of Women in Banking Leadership Roles
Nada Mohamed, the Chief Technology and Transformation Officer of CrediMax shares her thoughts on the advantages of women in leadership roles, the importance of gender diversity and the digital transformation and emerging trends in the financing and payment industry.
What, in your opinion, are the advantages of having women in leadership roles?
Luckily, gender diversity in leadership has become an increasingly important topic in today’s business. In order to build inclusive and prosperous companies, it is essential to acknowledge the unique perspectives and the positive impact that women contribute to decision-making, team collaboration, talent attraction, customer understanding, and mentorship opportunities.
In my opinion, a woman brings a different outlook to the workforce. This is simple genetics, and as women come with distinct experiences and insights, they can enrich the decision-making process and challenge conventional thinking. Many believe that to achieve a leadership role, one must display a tough exterior with harsh decision-making skills. However, that is not always the case. Women have the ability to be both rational and competent while possessing strong interpersonal skills and emotional intelligence, which in turn brings a unique skill that creates positive team dynamics and enhances collaboration.
Women in leadership positions serve as role models and inspire other women to pursue their career aspirations. Having women in leadership positions also provides organisations with a deeper understanding of their target markets, customer preferences, and specific needs. By leveraging the unique perspectives of women leaders, organisations can build stronger connections with their customers and gain a competitive edge.
The advantages of having women in leadership roles are numerous and impactful. Women leaders not only contribute to organisational success but also serve as mentors and catalysts for change.
What do you think are the unique challenges and opportunities for women in the banking sector today, compared to when you started your career?
In the banking sector, women face a unique set of challenges, particularly when it comes to work-life balance. Compared to previous years, the demanding nature of the banking industry, characterised by long working hours and high-pressure environments, can present significant hurdles for women seeking to balance their professional and personal lives.
However, there are also opportunities for advancement. The Government of Bahrain has taken steps to promote gender equality and women’s empowerment, implementing initiatives and policies to support women in leadership positions and in the board rooms. Additionally, the Supreme Council for Women (SCW) was established to strengthen the status of Bahraini women and support them towards progress at all levels and in various sectors, including banking.
Moreover, banks are actively promoting a culture of diversity and inclusion. By fostering an inclusive culture, banks are attracting and retaining talented women, ensuring their representation at all levels of the organisation.
What are some of the biggest lessons you’ve learned on your way to your current leadership position at CrediMax?
On my journey to my current leadership position at CrediMax, I have learned several valuable lessons that have shaped my perspective and approach. One of the most significant lessons is the importance of consistency and persistence in achieving success. I have come to understand that true accomplishments are not isolated milestones but rather the result of continuous effort and dedication.
Moreover, I have realised that success is a continuous process that requires ongoing learning, improvement, and adaptation. As a leader, I understand that growth is essential not only for myself but also for my team and organisation. I strive to foster a culture that embraces a growth mindset and encourages continuous development. Success is not achieved by standing still but by constantly evolving, innovating, and embracing change.
In your opinion, what are the most critical skills for emerging female leaders in the banking industry to develop?
There are several critical skills to develop in order to succeed and make a significant impact. Firstly, strong leadership skills are essential. As leaders, women should be able to inspire and motivate others, foster collaboration, and effectively communicate their vision and goals. Developing skills in decision-making, problem-solving, and strategic thinking is also crucial to navigating the dynamic and complex nature of the banking industry.
Additionally, financial expertise and industry knowledge are vital for credibility and informed decision-making. Understanding financial markets, regulations, and emerging trends allows female leaders to make sound judgements and seize opportunities.
Furthermore, building strong interpersonal and networking skills is equally important. Developing relationships, both within and outside the organisation, facilitates collaboration, mentorship, and access to opportunities. Finally, being open to new ideas, seeking feedback, and actively pursuing personal and professional development enables emerging female leaders to stay ahead and drive innovation.
Looking towards the future, what changes or innovations in the banking sector are you most excited about, and how do you plan to adapt to or contribute to these advancements at CrediMax.
Looking to the future, I am particularly excited about the ongoing digital transformation and emerging trends in the financing and payment industry. The rapid adoption of digital technologies, such as artificial intelligence, machine learning, the internet of things, and open banking, presents enormous opportunities for innovation and disruption. At CrediMax, I am committed to harnessing these advancements to enhance our customer experience, streamline processes, and offer innovative financial solutions. By embracing digital transformation, we can stay ahead of the curve, adapt to changing customer preferences, and remain competitive in the evolving landscape of the financing and payment industry.
