Wednesday 11th April 2007
Women are not being targeted effectually by the banking sector, according to a study by Accenture, which believes that females could be the most profitable market for retail banks.
According to the research, 55 per cent of women have financial products with at least two banking institutions. Moreover, 52 per cent revealed that they would probably switch providers if a bank was offering tailored products to fit in with women's different life stages, such as getting married, having children and becoming widowed.
Natasha Miller, a senior executive in Accenture's Banking Industry Practice, said: "Our research found that UK banks could create sizeable sales opportunities with women if the institutions were better able to target this demographic with the right products, and advice at the right time.
"Lifestyles have changed dramatically in the past 20 years leading to greater financial independence for women, but the financial services industry has not kept pace. Experience with overseas banks, particularly the United States, indicates strong demand for bank offerings tailored to women."
Ms Miller added: "Rather than simply slapping on 'pink branding,' the key is delivering carefully crafted products supported by clear, targeted and timely advice utilising both the Internet and well-informed advisers, which is something very much within the ability of banks to deliver."
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