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How banks can profit from the multi-trillion dollar female economy

How banks can profit from the multi-trillion dollar female economy

The Global Banking Alliance for Women (GBA) today unveiled a groundbreaking new study that reveals four common misconceptions bank leaders have about serving female customers. GBA is discussing the study and other themes related to scaling women's wealth creation at its 13th Annual Summit, held Sept. 18 and 19 at the headquarters of the Inter-American Development Bank (IDB) in Washington.

The $20 trillion female economy is increasingly an engine of economic growth, yet it remains underserved by financial institutions globally. In an effort to better understand how bankers view the Women's Market, GBA commissioned a report, supported by McKinsey & Company, to explore the choices bankers make around growth strategies and the thought processes that drive those decisions. 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.
  • Myth 4: There is no data on gender.

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