Devie Mohan grew up in Trivandrum, Kerala and was always interested in technology. She took up computer engineering at a time when the course itself was very new and computers not available easily in homes. She then went on to study MBA in IIM Ahmedabad, before moving to the US, Sweden and then the UK. She has also done executive and short programmes at the University of California Berkeley, IMD Lausanne and Boston University School of Management. Mohan spoke to Asian Voice about women in fintech and India @ 75.
What does the job of a fintech influencer entail?
Fintech influencers are relatively new in the financial services industry - I think I received my first ever mention as one in 2014. It's an amalgamation of several different roles - writing, advising, mentoring, speaking and creating thought leadership - all with the aim of influencing and guiding the general direction of fintech as an industry (which is still in the early stages of development). I spend a lot of my time speaking at global events and writing or blogging; I use these channels to be a fintech evangelist and ultimately guide the strategies of all players in the fintech ecosystem - be it banks, or financial services institutions, fintech, regulators and tech providers.
In your research and insights that you derive from fintech, how promising does the data look like when it comes to a) investments and economy in general and b) what does it say about women in fintech?
Investments in fintech have grown tremendously. Just in 2021, we have seen investments of over $100billion in fintech globally, which is a 200% increase from 2020. To put this in context - the first year I tracked fintech investments (2014), it was just $9billion had gone into the industry. The growth has been a pleasure to watch.
Women are still an under-represented group in fintech as it's a subsection of the wider financial services industry. There are very famous and successful women founders, but they only consist of 20% of the fintech founder group; they also tend to raise less investment on average.
How do you think more south Asian women can pursue a career like yours? What kind of fundamental approach and perspective must they have?
The biggest advantage I had in fintech, ironically, is the fact that I had dabbled in multiple industries over time. I did not follow a 'typical' career path but chose to take on jobs and roles that appealed to me and challenged me the best. I had worked in investment banking, finance, IT, consulting and non-profit industries before I landed in fintech and this multi-disciplinarian approach and skillset helped me considerably in finding a foothold in a rapidly evolving industry. Industries like fintech don't work in isolation - they use multi-industry data and expertise, and this is where generalists like me have a big advantage. The fundamental approach I would recommend is one based on learning - as long as we are willing to learn quickly, get our hands dirty with everything from administrative to strategic tasks and adapt to changing environments, we can find success in any field.
Where according to you does India stand in terms of the evolution of fintech in the last 75 years of Independence?
India is already a top 5 country in terms of fintech investments, startups founded and workforce size. I think it will have a huge role to play in the future and several UK fintech are now eyeing India as a market for its next phase of growth and scale. Especially with a recession looming, several global players will be looking to India to plug in the workforce/skillset gap as well as to offer a larger market play.
