The Global Banking Alliance for Women, with the support of McKinsey & Company, has released a report revealing the common misconceptions bank leaders have about serving female customers. 30 senior bankers from around the world were interviewed as part of the study, and from those conversations, four commonly believed myths about the female economy emerged: Myth 1: Male and female customers are the same, Myth 2: All banks need is “feminized” products, Myth 3: There is no business case for serving women, and Myth 4: There is no data on gender.
The data that dispels these misconceptions, presented in the report, underscores the tremendous untapped potential that economically empowering women represents for financial institutions. At a time when banks are growing at just 3 percent annually in their core businesses, the study argues it is time to truly focus on this multi-trillion dollar opportunity. More detail