Nancy Lee, General Manager of the IDB’s Multilateral Investment Fund, and Inez Murray of the GBA recapped the Summit’s key discussion points during the closing remarks.
- There is a disconnect between what we know and what we do – between what makes sense for business in terms of the behavior of women as clients (higher loyalty, higher PPC, lower NPLs, higher deposits, etc.) and what some senior leaders feel about women’s distinct needs. This has been made clear by the GBA-McKinsey report.
- Leadership and role modeling have a critical role to play.
- Some challenges lie in leadership rotation and the short-term thinking often found at senior levels of banks.
- Gender lens investing has the potential power to catalyze greater gender balance within the leadership teams of banks.
- Data can transform strategy and practices of banks, development finance institutions and other ecosystem actors.
- Customer networks offer a very effective way to build a brand.
- There is an emerging understanding of what it really takes to support business growth, including embedding capability in the front line and offering mentoring, business advice and events to share knowledge and encourage networking.
- We are achieving new depths of insight into what makes women different and how best to understand this market opportunity.
- Accelerators, angel networks and banks all have their own roles to play in supporting high-growth women entrepreneurs.
- In order to lend to small but growing women-owned businesses, we need to be able to stretch the definition of collateral, integrate new data sources and support the creation of credit histories – for example, through the provision of specialized, low-cost credit cards.
- Building basic underwriting capabilities is also important to reaching small but growing women-owned businesses.
- Development Banks have a special role to play in addressing some of the obstacles that hold both banks and women back – including assisting with first-mover risks and costs, skill gaps, information shortages, problems in accessing markets, and suboptimal policy and regulation.
- Peer learning is an extremely powerful tool.