Hena Mehta, who has an MBA from The Wharton School, and a Computer Science Engineering degree from the University of Pennsylvania has over a decade of experience in the FinTech industry which was instrumental in starting ‘Basis’ to empowering women in taking financial decisions.
Mehta is co-founder and CEO of Basis.
With Basis, financial services is finally speaking to millions of Indian women, who are changing their financial behaviour and, in turn, changing their lives for the better, all at their fingertips on the phone, she said in an interview with Moneycontrol’s Kshitij Anand.
Q) This is a unique concept and a relevant one in this time and age as well? What is the kind of change you have seen over a period of time with respect to how women are now approaching their finances?
A) Yes, this is a unique concept, and highly relevant now with relevancy only set to increase in the years to come. General social trends indicate that women are looking for options to be independent: financially and otherwise.
Women are choosing to live independently, prioritising income generation, choosing to delay marriage, and starting more enterprises.
As part of our journey researching the space, we’ve seen that incumbents are failing to cater to the unique financial needs of women.
Even though there is a strong intent to save and invest money, and make financial decisions independently – women tend to get left out of financial services.
With Basis, we are turning these latent users into active, informed customers – thereby growing the pie for financial services overall.
Q) How are you enabling financial independence for women through engaged communities?
A) Our engaged communities are core to the Basis offering. By being part of cohesive communities that are supportive spaces to voice queries and share learnings, women are able to overcome the trust gap that is often a barrier to acting on money-related decisions.
We’ve seen women be actively engaged in our communities and community activities. From “how do I negotiate for better pay at work?”, to “what’s a good maternity insurance plan?” – we see money discussions across a spectrum of topics.
Our communities also have experts: financial advisors, CAs, HR leaders, lawyers, seasoned entrepreneurs, etc. that assist with queries and drive discussions – so we ensure quality and accuracy of the advice that women are receiving.
With Basis, financial services is finally speaking to millions of Indian women, who are changing their financial behaviours and, in turn, changing their lives for the better, all at their fingertips on the phone.
Other than communities, the viral mobile app of Basis features:
(1) The Knowledge Boosters came out of the need for jargon-free information that was relevant to women, so a woman doesn’t have to sift through scores of dense and overwhelming information to arrive at what she wanted.
(2) The Advisory Section offers