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The female economy is the world’s largest, fastest-growing market.
They’re influencing most household purchasing decisions, including where to bank and invest.
They’re creating and controlling more of their own wealth.
They’re starting and growing businesses at significant rates.
The female economy is a bigger growth market than China and India combined. But the financial services industry is still only beginning to unlock its full value.
Most aren’t satisfied with the quality of financial services they receive.
• 73% are unsatisfied with their financial services providers (BCG)
• 71% are dissatisfied with service they receive from investment, insurance and credit card providers (BCG)
• 70% believe wealth managers should tailor their approach to women (BCG)
• 80% believe investment marketers don’t understand their needs (Deloitte)
And some don’t have access to financial services at all.
• 15% lower likelihood than men to have a bank account at a formal financial institution (Findex)
• 20% lower likelihood than men to have borrowed formally from a financial institution (World Bank)
• US$1.7 trillion finance gap for women-owned micro, small and medium enterprises (World Bank)
• 68% of women-owned SMEs with credit needs are unserved or underserved (IFC)
Financial institutions can grow their profits by accelerating women’s financial power.
They’re providing financial institutions with a reliable source of liquidity.
– Women are 16% more likely than men to save for future expenses (World Bank).
– Women in the UK keep 41% of their annual wages in savings, compared to 23% for men (Halifax UK).
– The number of savings accounts owned by women in Chile has grown at more than 3x the rate of men’s over the past decade (Chilean government).
They’re more likely to only borrow what they can repay.
– Members report 67% more non-performing small business loans for men (Financial Alliance for Women).
– Overall, women’s non-performing loans are 53% lower than men’s (Financial Alliance for Women).
– The average profit margin for SME loans to women is 15% higher than for men (BLC Bank).
They stick with institutions that treat them well. And they recommend them to others.
– Women value personal relationships highly and are more loyal than men to service providers (American Marketing Association).
– Women consistently give Alliance member Westpac higher Net Promoter Scores compared to men across all bank segments (Westpac).
– If a woman is satisfied with her banking experience she tells 9 other people about it (Westpac).
– Women are 4x more likely than men to tell others about a negative service experience (Marti Barletta).
of an Alliance member’s retail and business banking revenue comes from women-centered financial offerings.
of private sector leaders see profits rise as a result of advancing women’s financial power.
average non-performing loan rate for our members’ female clients across all segments — 53% lower than the rate for men.
of customers at our member organizations are women — indicating room for growth.
