A bank that supports women
There is plenty of research that indicates current bank offerings are not designed to meet women's needs. Whether it's access to financial services or the lack of consideration for specific needs such as financial literacy, the opportunity is massive. Deloitte states that 80% of household purchasing decisions, including where to bank and invest, are made by women. Furthermore, women are starting and growing businesses at significant rates. The female economy is a growth market, and the financial services industry is just beginning to tap into it.
One way to create value for the female financial ecosystem is to provide easy access to financial services, education, information and networks. Banks are well-positioned to meet this need, but as of now, no bank has signalled a clear intention to do so. Imagine if a bank had a clear mission to support women across the world to:
- Become financially independent
- Become financially and business literate
- Join successful business and social networks
How could it work?
While still a bank, this trusted platform could educate local communities, using knowledge to inspire and implement solutions to global women’s issues. It could be part of an ecosystem with NGOs, women organizations, and other financial institutions. It could address needs such as financial management, financial literacy, business literacy, and giving back to the community in small but meaningful ways. Products would be similar to those of regular banks but specifically tailored to meet the needs of women.