Improving Financial Services for Women
Early 2020 a new report by Cornerstone Advisors and Acxiom has been published. The author of the report Ron Shevlin interviewed me for this report. The key takeaways of the report as well as the reason why the answer to the question below is YES and what financial institutions can do to serve female clients better, you'll find in this article.
Is it still needed that financial institutions improve the delivery of financial services to women?
On one hand, women control
two-third of consumer spending
hold 40% of total global wealth
account for 40% entrepreneurs worldwide
On the other hand, women
have 30% to 40% lower retirement account balance than man
30% less likely to have sufficient access to funding for their entrepreneurial effort
are more likely to switch to a job with lower pay after becoming a parent
And women manage their financial lives - and their financial attitudes, behaviors and preferences - differently to men.
So the key question to address is:
What can - and should - financial institutions do to improve the delivery of financial services to women?
Simply improving 'marketing to women' won't do the trick. It requires creating and improving customer experience with:
Confidence: improve financial confidence - versus financial literacy.
Convenience: understand the realities of many women's lifestyles and tailor service delivery to these needs.
Communication: most women aren't very comfortable discussing their finances with their providers. Financial institutions need to address the communication gap that is causing this discrepancy.
Collaboration: enable better collaboration in the management of women's financial lives.