In an effort to better understand how banks think about the Women’s Market, GBA embarked on a research study, with the support of McKinsey & Co., to understand what supply side actions might enable banks to participate more actively in the women’s market. A total of 30 senior bankers from around the world were interviewed — including both members and non-members from developed and emerging markets, and those whose institutions have no women’s program, early-stage programs and mature programs.
From those conversations, several commonly held beliefs emerged about the female economy, many of which can be dispelled based on current data. These include a lack of demand, a shortage of gender-specific data, no apparent business case, and no clear difference between women and men in terms of preferences for financial products and services.
As our research progressed, it became apparent that these beliefs were not so much barriers as distractions, debunked by banks with successful women’s programs. The report is structured around the commonly held myths and the key insights that refute these myths.
This report, which many of you have already participated in, will also generate fresh insights into how banks can more effectively serve the Women’s Market. The full study will be shared at the GBA’s 2014 Annual Summit, held at the Inter-American Development Bank’s headquarters in Washington, D.C., Sept. 17-19.
