Monday 13th October 2014
The GBA is launching its Case Study series, examining the successes and challenges of Alliance members with well-established programs targeting the female economy, with a profile on GBA founding member and sponsor Westpac.
The Westpac Group is the first Australian bank to have a female customer, a female branch manager and a female chief executive. Westpac has had a dedicated Women’s Markets unit for 15 years, and the bank views the program as a key differentiator that is critical to its sustainability.
“I see becoming the Bank of Choice for Women as a long-term strategy integral to our core business, not just an add-on,” said Larke Riemer, Director of Women’s Markets at Westpac and Chair of the GBA.
The Case Study takes an in-depth look at how Westpac has achieved the success it has today with the female economy, with 2.1 million women customers as primary account holders and $1.4 billion in revenues. The study offers up the top 12 insights Westpac has learned from its 15 years of research on the Women’s Markets, as well as the top 3 lessons other banks can use to avoid some of the pitfalls. It also provides information on how Westpac successfully embedded the program throughout the institution — from achieving internal alignment through cultivating Women’s Markets champions to launching a dedicated sub-brand, to establishing a robust Diversity & Inclusion agenda.
These insights and many more make the Westpac Case Study a valuable tool for any bank targeting the female economy — regardless of whether the program is new or established. Click here for the full report.