Q&A: CIBC’s Shruti Awasthi reveals the lessons learned on the way to becoming a leader

Shruti Awasthi, director, Open Banking strategy at CIBC, explains why her approach to leadership is rooted in transparency and empowerment, and the role of mentorship in nurturing talent.

1. What does your role at CIBC entail?

I lead the Open Banking strategy at CIBC, focusing on advocacy and policy development in collaboration with government entities, industry partners, and our internal leadership team.

My team is dedicated to facilitating the infrastructure necessary for secure data sharing across financial institutions, ensuring that we remain at the forefront of innovation and customer-centric solutions.

2. How would you describe your approach to leadership?

My approach to leadership is rooted in transparency and empowerment. I believe that fostering an open environment where team members feel valued and informed is essential for driving collaboration and innovation.

By encouraging accountability and trust, I aim to create a culture where individuals are motivated to take the initiative and contribute their unique perspectives.

3. What are some of the biggest lessons you’ve learned on your way to becoming a leader?

Throughout my journey of becoming a leader, I have learned several invaluable lessons from some of the best leaders across the globe.

The power of listening: Effective leadership begins with understanding the needs and perspectives of others. Actively listening to my team fosters trust and encourages open communication.

Embracing vulnerability: Acknowledging my own limitations and being open about challenges has strengthened my relationships with my team. It creates a culture where everyone feels safe to share their thoughts and ideas.

Adaptability is key: The ability to pivot and adjust strategies in response to changing circumstances is crucial. Flexibility allows for innovation and responsiveness in a dynamic environment.

Empowerment drives success: Empowering team members to take ownership of their work not only boosts morale but also leads to higher levels of engagement and productivity.

Continuous learning: Leadership is a journey, not a destination. Committing to lifelong learning and seeking feedback has been essential in refining my leadership skills and adapting to new challenges.

4. Who are the mentors and/or role models who have shaped your leadership journey?

A child’s first mentor is their mother, and in my life, she is my greatest inspiration. Her unwavering love and guidance have been the foundation of my journey. She embodies the strength, grace, and resilience that I aspire to reflect in my own leadership. The lessons she imparted—about kindness, perseverance, and the importance of staying true to oneself—are treasures I carry with me every day.

Beyond her, I have been blessed to encounter remarkable mentors who have shaped my path. Each has left an indelible mark on my leadership style, offering wisdom and encouragement that continue to inspire me as I navigate my journey, naming a few wouldn’t do justice to the army of well-wishers and mentors I have been blessed with.

5. How important are role models and mentoring schemes in encouraging the next generation of women in Open Banking in Canada?

Role models and mentoring schemes are essential in encouraging the next generation of women in Open Banking in Canada, especially given the current underrepresentation of women in STEM fields. By identifying and nurturing talent early on, we can build a robust pipeline of future leaders who are equipped to navigate the complexities of the financial landscape.

Mentorship provides invaluable support, offering guidance, encouragement, and insights that help young women develop their skills and confidence.

Role models serve as living examples of what is possible, inspiring the next generation to pursue careers in Open Banking and related fields. These initiatives foster a sense of community and belonging, allowing aspiring leaders to connect with experienced professionals who can share their journeys and lessons learned. By investing in mentorship and promoting strong role models, we can empower women to take on leadership positions and drive innovation in the Open Banking sector.

Shruti Awasthi is director, Open Banking strategy at CIBC

Shruti is speaking at Open Banking Expo Canada on June 17, in Toronto – find out more about the agenda and register to attend here.