Achieving Internal Alignment
This panel discussed the range of levers that must be pulled in order to embed a WMP in the bank, from Board Room buy-in to having the right WMP team, the appointment of Ambassadors and Champions, the creation of branding materials and branch-level events, internal communications, staff training and modifying employee incentive systems.
- Top-level sponsorship is key – ideally from the CEO – as is ensuring a strong link to corporate strategy.
- You have to have the ability to put in the right people and include senior people on the WMP team.
- Focus on the business case from the outset. Start with a high-level, top-down strategy first, and as the Customer Value Proposition is developed, iterate it.
- It is very important to have high-quality market research, almost taking an anthropological approach. With the data, get a cross-functional team in for ideation.
- Do not ignore the front line. Ultimately, women customers are dealing with the branch. It is essential to ensure that the program is included in the Branch Manager KPIs. If it gets buried in volume targets, it will not succeed.
- If a bank can get an early win with even a single product that targets women, it can make a big difference to management’s seeing the opportunity in the Women’s Market.
- In socially conservative societies, it is critical to work on internal diversity & inclusion while working on delivering a WMP; otherwise, buy-in will not be there.