The Global Banking Alliance for Women (GBA) is proud to announce a partnership with the Inter-American Development Bank (IDB) and Data2X to expand the collection and use of financial data on women in economies around the world. The commitment was announced this morning at an event in New York headlined by speakers Secretary Hillary Rodham Clinton and Michael R. Bloomberg, during a panel moderated by Chelsea Clinton. The initiative aims to close the gender data gap in the banking sector, leading to greater financial inclusion and empowerment of women.
Women around the world face a large access gap when it comes to the financial sector. There is an estimated $300 billion credit shortfall for women-owned micro-, small- and medium-sized enterprises (SMEs) in emerging economies (McKinsey), largely due to a lack of quality data on the female economy. Increasing access to and use of sex-disaggregated data will solidify the business case for serving women, creating a commonsense business incentive for banks to target women as a market.
The GBA, an international consortium of financial institutions focused on building women's wealth worldwide, is the industry leader in the promotion of Women's Market data in the financial services sector. The organization is partnering with the IDB and Data2X to develop an approach to data collection that will further increase adoption and use of sex-disaggregated data by financial institutions. The initiative will begin in early 2015 with a Data Working Group made up of experts from key stakeholder bodies, including banks, regulators, development finance institutions and others involved in promoting full financial inclusion for women.