‘Banks do not give women what they really want’
“Archaic IT” is denying women access to specially tailored bank products and services, and the banks are losing out on potentially the most profitable market in the country.
These are the conclusions of a study from Accenture, one of the UK’s largest advisers to the UK banking sector, and they are set to provoke a strong reaction in the banking field as out-of-date technology and old-fashioned marketing practices are slammed.
More than half of the respondents (55%) have UK current accounts and other products from at least two banks, and 52% said they would be likely to switch providers “if the bank was proposing tailored financial products for a woman’s different life stages” (eg. marriage, having children, divorce and so on).
The report’s author, Natasha Miller, 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 the right advice at the same 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 US, indicates strong demand for bank offerings tailored for women.”