Nilpa Shah, Santander: Focus on you, focus on your journey – everything else is out of your control

Females continue to smash the glass ceiling, and within the financial services industry, the journey has been slow but powerful for many. Women in the financial services industry continue to be underrepresented, despite making up nearly half of all employees, women only hold 25% of leadership roles and 10.8% of Chief Financial Officer positions in Fortune 500 companies. We have been watching the world of financial services evolve in their product and service offerings, to cater to wider proportions of the populations through the use of technology. However, the industry has lagged behind in its advancements of gender diversity, which remains a strong topic of conversation. Numerous incentives have been launched to draw women into the industry, which is supported by the active development of female colleagues and experts. In our latest volume of Female Voices, Nilpa Shah discusses her experience in the world of banking and finance, looking at her experience as a senior leader and particularly as a woman of colour. This inspiring conversation brings a wealth of knowledge around progression and motivation in the workplace and the positioning of women as influential employees.

Could you please start us off with an introduction of your career journey thus far, and what a day in the life is like for you now as the Team Lead in Risk Control? 

My name’s Nilpa, and I work for Santander in the Risk Control team as a Team Leader. I’ve been with Santander for 17 years, joining when I was a teenager which in turn means that I didn’t go to university. In my career I worked my way up from the very bottom where I was inputting data, and said yes to any tasks that would give me experience to progress. Now, as a team leader I try to make a difference where I can, not just with the bank but even with the people that I work with. 

A day in the life of the risk team, and particularly my role, changes rapidly. The world of finance isn’t simple, so each day is different because things are constantly evolving. And this doesn’t just apply to me, as my team also has to move along with our work. This is really important in terms of risk controls, and making sure that we are looking at the risks that are presently impacting us, the way they are changing and working with how they can potentially emerge. It can be hectic, but it’s exciting as I’m working on projects alongside managing my team. Generally, each day includes project calls, supporting my team with direction and input and then doing my own work and managerial elements.

You’ve veered away from the once traditional route of studying to higher education level before entering work, how was that pathway? And what did you learn that would benefit generations considering their options?

Yes, so not going to university felt like the right choice for me, because I didn’t want to do it for the sake of just going. It was hard being an Indian woman and having to have this open conversation with my parents, because there is a stigma that says we should all go to university before getting a job. Funnily enough, I had agreed that I would have a gap year and then figure out what I wanted to do with my education but in reality I’ve always been working, even part-time at the age of 16. So I had that drive in me from a young age, and I entered the finance industry, starting as a cashier and I left after 9 months to really work out what I wanted to do with my career. 

It wasn’t a simple path because working out what you want to do can be tough, but I realised that I prefer learning on the job and tackling challenges through my own experiences. Of course, for some roles and industries you can’t avoid further education, but even that is always supported by experience. For me, I ended up working at Santander and focused on my commitment to working my way up because I didn’t have the mindset to spend 3 years at university. I would say that the most important learning is to identify what you want to do, because a professional career in areas such as dentistry and medicine will require degrees. If you have chosen a path that doesn’t require essential education; be willing and prepared to work your way up. And remember that it’s okay to take a different path, because a lot of skills come from experience and it’s about getting your foot in the door. I’m proof of that, and it worked out really well for me. 

As a woman, and a woman of colour, how do you assert your presence in the room as a team leader? And on days you feel less confident, how do you uplift yourself? 

One of the ways I focus on leadership is by removing the elements of my identity – e.g. woman and woman of colour, and instead focusing on my capabilities. Being in our industry, we don’t see enough women in positions of seniority and we definitely don’t see enough ethnic diversity in either genders. 

In my view, the balance is getting better, and at Santander we have had a number of senior women join, but there is still a clear lack of diversity in race across the industry. 

Assertion comes from believing in yourself, and believing that you deserve to be in the position that you are in. You have to have faith that you know your role and you know what you are doing, so that when you walk into a room you can represent yourself. It’s not easy, I understand how it feels to walk into a room and be the only woman or person of colour, but I remain assertive by placing less focus on that so I’m not distracted by why I am there. You will see that once you display that confidence, people will listen to you more and acknowledge you. It’s a journey for learning about yourself, and a way to support yourself is by using the right language, such as “we should” rather than “I think”. 

And for days that I feel less confident, I use tools that help me get through the day which include focusing on breaking down tasks, meditation, breathing exercises and yoga. These give me some time away, which is important to help you de-stress. These tools may not work for everyone, but I would encourage others to find what works for them to uplift, support and relax them.

What advice would you give to a woman newly entering or aspiring to management level? How can they combat the stigma of women not being taken seriously?

Career progression is great and requires hard work, so I would give the advice to take the time to know your role, and have an understanding of what you need to be doing to achieve your goals. This is key to your development, and people can’t blag their way through life. Acknowledging areas that you need to improve on doesn’t take away from your capabilities as a person, and it will help you to fill gaps in your career which can uplift you. But don’t forget that it’s not just about having a role for the sake of it; too many people work through a career pathway as a tick box exercise, rather than embracing the experience. So to summarise the advice on aspiring to managerial level – understand your role, be clear with your direction and have the confidence that you know what you’re doing. 

In terms of stigma around women in business, it’s tough because it’s always going to be there. By following the confidence steps I mentioned above, you can work on knowing your worth so you are less influenced by the views and opinions around you. Personally, I have worked within my capabilities and powers to push towards roles that I think I deserve, but when faced with rejection I try to remain logical and see what I could do to make myself a better candidate for the role.  Unfortunately the stigma we face as women is hard to shift because it is a mentality, and unless you are the type of person to stand and shout at the top of your lungs, change has to occur slowly. And by focusing on yourself you can not only be taken more seriously, but also reach new levels in your career. 

Women face hardship and have been seen to be suppressed into roles below a certain level, and it is more prominent for women of colour. How do you think the financial world can create a more inclusive space that engages, supports and promotes women at work? 

Fortunately in my experience at Santander, I am given the space needed to show my experience and leadership. As mentioned earlier, I have been here for 17 years, in which I have had the opportunity to grow and have been promoted. But I still recognise that as an industry, we need to recognise women a lot more, and ethnicity. Shouting about the successes of colleagues who have done a good job and demonstrated aptitude is a great way to engage with teams and encourage continual development. We need to recognise the work of others a lot more! 

I’m proof that education isn’t essential, and being given the opportunity is also inclusion. And when looking at opportunities and supporting others, I like to reach out to lots of women from all demographics, such as women who had children at a much younger age, to provide them with support and access to opportunities. By doing this, people are able to come and try learning the basics and work their way up. And the financial world desperately needs that sense of inclusivity and support, which can be done by sending a message out to say that they are willing to give people a chance at the right levels. Yes, it may mean you start in a more junior role, but when you apply yourself and work hard, you will see the promotions. 

Another area for the financial world to focus on is stakeholder management, and promoting networking. It’s so important for our development, new opportunities, and finding a group of people who offer support to us professionally. For businesses, it will bring in new talent and support continual growth in workforces. And, I think that networking is such a fundamental part of life now, not only just career but hobbies, passions, and just about every area of life. These are great examples of how you can bring diversity at work, and support a stronger female presence in the financial world. 

In your experience of the finance world, what risks do you see increasing in the world of finance, and how would you anticipate that they’ll evolve in the next 5 years? 

Given where we are currently, the biggest risk I believe will have an impact is going to be climate change. Risks are constantly there in the world, which is why we’re helping our businesses in terms of making a difference, meeting targets, knowledge sharing, etc. And with financial institutions having tools and insights, they will be able to create tools that can be shared with businesses to offer support. I believe that knowledge is power, and it’s extremely important here. 

I think in the next 5 years, we will see more knowledge sharing between companies to help support each other and meet requirements that will be set by other institutions. This will particularly apply to cybersecurity, because cyber criminals’ abilities to learn rapidly is a growing concern and the world that we’re living in makes it easier for hackers. It will be interesting to see how banks respond to these threats, and how they will support more vulnerable people against cyberattacks. 

And finally, another risk I think we should keep an eye on is the cost of living crisis. It’s happening right now, but the impact can be long lasting. And so how the financial world responds to supporting people and businesses will be key. Undoubtedly, I think that we will see more incentives and support to customers as costs continue to rise and increasing interest rates show no signs of coming down. 

What technologies are you excited to see from the world of fintech that are (or could) support traditional financial institutions, like banks?

I’m not the most knowledgeable of the capabilities of technology, but I probably am not fully aware of what our capabilities are and how far we can go in terms of technology. But when we look at the risks, there are technologies that are combating these, such as with cybersecurity we are seeing that technologies that use AI and better security measures are emerging. And I imagine that it will get to the point where we may not need to use our cards when paying with our cards. So partnership between banks and fintechs will make paying easier, and definitely at a quicker rate. 

Technologies like fingerprint recognition will be important for security measures too. But how it will be implemented and used will come in time. It’ll be very interesting to see how we evolve as banks. And I think like much like the previous question where you were talking about the fact that these risks are increasing, where fintechs and different technologies are bringing in these solutions of verification or two factor authentication, and just like blockchain technologies and things to help identify these different risks and help mitigate them, which will help protect our financial institutions, like banks.