Friday 13th September 2013
Here are some of the key takeaways discussed during the XII Summit. For full overviews of each panel, speaker presentations (available to members only), photos, videos, and other materials of the event, visit the Summit page.
The Female Economy and Business Case for Serving the Women’s Market
Women’s economic influence is rising rapidly throughout the world, and cultural expectations of women’s roles are in flux. These demographic and societal trends mean that serving the women’s market is the smart thing for banks to do. Leaders within GBA banks shared their institution’s rationale for having a women’s market program including key proof points-metrics and results-and benefits such as brand building.
Customer Segmentation and Defining the Customer Value Proposition
Women are not a homogeneous block. Panelists representing the geographic spread of the Alliance shared how they segment the women’s market including women-owned SMEs and women as consumers. They also discussed their bank’s value proposition for each segment.
“We heard from women: please take us seriously as customers”. Karyl Akilian, Head of Brand Management, BLC Bank
Effective Marketing Strategies and Performance Measurement
While no women’s market program is identical, key elements of program design are universal. Panelists shared their program’s marketing strategies (products/services, promotion, channels including on-line and mobile), KPIs, team structures and lessons learned.
“We don’t have specific products for women customers – women want to be treated equally. We have off-the-shelf products and market them in different mediums through the eyes of women.” Larke Riemer, Director, Women’s Markets, Westpac Banking Corporation.
Defining the External Value Proposition
Women need access to information, education, networking opportunities and markets if they are to grow their businesses and become increasingly valuable customers for banks. This panel showcased best practice examples of programs offered by Alliance members that support women owned SMEs’ bankability and business growth.
“Women need funding, training, and encouragement. Even if Costa Rica is a very equal country, we need to encourage them.” Maria Aminta Quirce, Directora General, Banca Mujer, Banco Nacional de Costa Rica
Building Internal Alignment
This final Best Practice panel discussed the knotty topic of building internal buy-in from the boardroom to front-line staff. Panelists discussed what worked and what did not during their journey to program success, and they shared their winning formula for determining where (the marketing department? SME? Retail banking?) the Women’s Market Program sits in the bank.
“Setting targets really works but not all by themselves. You need leadership programs, you need training to help people overcome unconscious bias.” Rachel Slade, General Manager, Transformation and Delivery, Westpac Group