Making the case for a gender-intelligent business model
Following the 2014 report, How Banks Can Profit from the Multi-Trillion Dollar Female Economy, this report reveals the implicit problems with gender-neutral banking. Assuming that gender differences that exist in the world outside the bank disappear when people walk through the door has resulted in high levels of dissatisfaction from one of the world’s most powerful economic forces: women. By presenting successful customer value propositions (CVPs) developed by Global Banking Alliance for Women (GBA) members through careful gender-based research, this report illustrates the need for a gender-intelligent business model.
The way for banks to reach women and keep women customers is not to treat them the same as men, but to integrate their specific financial needs, preferences, attitudes and behaviors into business models and CVPs. The research revealed that five criteria are core to a successful women’s strategy:
Positioning products as solutions to problems;
Positioning information, education and networking as core products;
Building the financial capability of women customers;
Establishing an intelligent, no “pink marketing” zone; and
Training staff to listen to women rather than sell to them, creating a relationship-based business model that sustains their loyalty.