Modern Marketing

Financial services industry losing out on the potential of women investors

  • A new report quantifies the power of women investors.
  • There is a big opportunity for financial services to service women better.
close

Email a Friend

Financial services industry losing out on the potential of women investors

It appears financial services firms are missing the mark when it comes to their relationship with women. This comes out of a report from marketing data and consulting firm Kantar entitled Winning Over Women released this week. The report highlights an estimated $782 billion in investable assets lost by firms via their poor relationships with women.

When compared to men, women are less confident about their financial future, less risk tolerant, and have lower engagement in investing than their male counterparts. The report points to several ways to increase customer experience, such as improved retail environments and enhanced communication, as methods of more effectively engaging women.

According to Anita Watkins, global head of qualitative, Kantar, “Financial institutions need to build trust and invite women to engage. They need to involve women as customers and not confuse confidence with competence. And most importantly they need to empower women, not diminish them. Banks and advisers need to get to know their female customer as a person.”

In order to better engage women, the report makes several suggestions for financial institutions, including:

  • Conduct better research to understand female customers and their financial life cycle
  • Build authentic communication via understanding of a diverse customer base
  • Learn from other brands which connect with women beyond marketing
  • Always deliver to the female customer as promised

These findings come on the heels of a report earlier in the year which estimated retail banks are losing out on $15 billion in revenue as a result in flawed marketing toward women.

Tearsheet’s Take: The growing wealth of women in the global economy continues to increase significantly. As such, financial firms are now forced to rethink how their businesses are not satisfying the needs of a growing client base with increasing financial power. Additionally, the Kantar report notes the propensity for women to be more loyal customers, making it more important than ever for financial firms to build services for women and retain their growing business.

0 comments on “Financial services industry losing out on the potential of women investors”

Member Exclusive, Modern Marketing

‘Say goodbye to these relics’: Ally’s new campaign positions going to the bank as a thing of the past

Michael Deleon | September 02, 2020
Member Exclusive, Modern Marketing

“Live United”: Truist and United Way use poetry to spread message of unity

  • The pandemic challenges financial institutions to step up to the new role they play in communiities.
  • United Way and Truist Financial have partnered on a new ad campaign focused on a message of unity.
Zoe Murphy | August 10, 2020
Modern Marketing

Splitit refreshes brand, targets the 70 percent of people who don’t use all the credit on their cards

  • Splitit enables consumers to make installment payments on their purchases without taking on new debt.
  • The company recently introduced a new brand identity as it competes in a crowded US market.
Zoe Murphy | May 22, 2020
Modern Marketing

Truist releases first COVID-19 TV campaign

  • The sixth largest bank in the U.S. is the first out with a TV commercial addressing COVID-19.
  • The slot includes Truist's commitment to get through this trying time together with its customers.
Zachary Miller | April 14, 2020
Modern Marketing

‘Leading with purpose’: Behind Truist’s Super Bowl advertising campaign

  • Truist's new campaign targeted Miami residents and sports fans in town for the big game.
  • The merger of SunTrust and BB&T, Truist is working to build brand awareness for the new entity.
Michael Deleon | February 05, 2020
More Articles