INTERVIEW
Overcoming biases to succeed in the banking industry
Tan shares how she strikes the balance between leading 7,000 people and her personal life.
U
SINGAPORE
nspoken expectations and unconscious biases often weigh down on women building up a career for themselves, noted UOB’s Jacquelyn Tan. “I have witnessed how unconscious bias such as societal and cultural stereotypes can impact someone’s career, especially for women in the finance industry. During the early days of my career, there were only a handful of women in leadership and senior management roles in the industry,” Tan, who is UOB’s Head of Group Personal Financial Services, recounted to Asian Banking & Finance. “Thankfully, this has since changed in the banking industry. But there is still an unspoken expectation of the multifaceted role of women in Singapore, to juggle our careers whilst ensuring our responsibility to our families are fulfilled.” Tan added that it is important to acknowledge these challenges that women continue to face so that leaders could create a work culture that supports all employees fairly in their personal and professional lives. Being a woman in the banking industry If anyone would know the struggles of a woman juggling both career success and her personal life, it would be Tan. At work, she is head of over 2,000 people in Singapore and 7,000 staff in total across the region. She leads the bank’s consumer banking business and is responsible for serving the financial and lifestyle needs of UOB’s clients across the wealth continuum spanning from Personal Banking to Wealth and Privilege Banking—and delivering tailored and progressive solutions to meet consumer’s savings, spending, borrowing, investing, protection and legacy planning needs. Before that, Tan spent over 20 years in the banking business, serving in roles across treasury, consumer finance, wealth management, payments, and marketing to build up her career. “I’ve always had an interest in finance and am comfortable dealing with numbers, so joining the banking industry was a natural progression from my studies.” Outside of the office, Tan sees her family as her life, calling her family her critical support system, but never fails to make space for “me-time” “They are my first priority, and I am a firm believer that when your family and home are taken care of, you can truly be your best at work,” Tan said, sharing that she makes sure she never misses the important moments, such as her daughter’s recitals, swimming competitions, first days at school, and birthdays. “It’s important to build our own support systems and ecosystems, and I’m thankful that my team also recognises my personal priorities and gives me the space to put them first,” Tan said.
14 ASIAN BANKING & FINANCE | Q2 2023
People are the reason for any success (Photo: Jacquelyn Tan, Head of Group Personal Financial Services, UOB)
The key to growth in our industry is to bring diverse perspectives and experiences to the table
You lead a team of over 7,000 people across the region. How does one manage such a large number of people and maintain unity and camaraderie within your team? I would say that genuine and authentic leadership is important. People are the reason for any success, and so I place a great emphasis and investment in our people and culture. The key to growth in our industry where change is a constant is to bring diverse perspectives and experiences to the table. I make a conscious effort to have a good mix of genders, experiences, and backgrounds, on any project, where I can draw out each member’s views and inspire confidence in them. Some may be too afraid to speak up, and this often comes from unconscious biases, where some tend to underrepresent themselves. For these colleagues, I spend more time mentoring and coaching them, catering to their needs that may be unspoken. I also do regular talks with UOB employees, and these are additional platforms for me to share my personal story with fellow colleagues, and to use my own journey to provide inspiration for women who are just starting out in this industry, or who have been with the bank for the long haul. To drive leadership, especially in consumer banking, where women represent a growing economic power, it is important that we get diverse consumer insights. In designing our CVP, we adopt the customer-centricity
