Despite the growing recognition of the value of the female economy, many banks have yet to see the Women’s Market as a business opportunity. GBA commissioned McKinsey to understand how bankers make strategic choices about growing their business and what actions need to be taken to persuade them to unlock the power of the purse.

KEY POINTS

• There’s been a lot of research in terms of the demand/need of services for the female economy, but a little less on the supply side: Why don’t banks go after the female economy, and what might be done to ensure that more banks are aware of and proactively go after the opportunity?
• The GBA, with the support of McKinsey & Company, interviewed 30 banks, including a mix of banks from across the globe, plus banks that do and do not have programs. These banks add up to 20% of the global banking revenue pool.
• The research found that there are 4 myths preventing banks from capturing the Women’s Market:
  • Myth 1: Men and women are the same.
  • Myth 2: All we need is products that are feminized.
  • Myth 3: There is no business case.
  • Myth 4: There is no data on gender.
• The research found that the reality is:
  • Men and women have different attitudes toward finance.
  • Serving women is about tailoring value propositions to suit each sub-segment within a holistic view of their needs.
  • The Women’s Market offers banks a profitable opportunity.
  • Banks often have better data than they realize.