Females failed by UK banks
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."
Share this..
Related stories
Have you made plans for your pension?
With changes to the UK pension system inevitably the future the focus is now falling upon private pension schemes and employee pension schemes. However, when you consider that the vast majority of final salary pension schemes are either closed to new members or closing down, the situation for the future is fairly simple - arrange your own personal pension plan
Read More
Home purchase mortgages double in 12 months
The British Bankers Association (BBA) has today confirmed that 42,238 mortgages were approved in October against 42,073 the previous month. These mortgages are specifically house purchase mortgages, which do not include redemptions and repayments, and show a 98% increase compared to the same period last year. So what exactly does this mean? While there is no doubt that the UK mortgage market an...
Read MoreBarclays hints at Account Charges
Plans from one of the UK’s leading banks, Barclays, to start charging customers for the privilege of banking with them has sparked fury among customers. Sir David Walker, new boss of the bank after being made chairman in early August, said the plans to charge customer and get rid of free banking were ‘in principle’. This will no doubt come as a blow to many families, who have already had...
Read MoreMarks & Spencer and the £15 million man
Marc Bolland, the former chief executive of Morrisons, the new chief executive of Marks & Spencer has announced a deal which could peak at £15 million in his first year in office! On top of a basic salary of £975,000 a year the new chief executive will be line for bonuses which could hit £6.3 million as well as a £7.5 million cash compensation payment covering performance related pay he gav...
Read MoreSunday Times Rich list set to be revealed
As we await confirmation of the Sunday Times Rich list it has been confirmed that the richest 1000 people in Britain have seen over £150 billion wiped from their overall wealth. Over the last few days, in the run up to the official release of the Rich list, we have seen a number of details revealed about the significant fall in fortunes of the rich and famous. Many people appear to have entered t...
Read More