You are here: Home - Saving & Banking - News -

‘Banks do not give women what they really want’

Written by:

“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UK’s largest advisers to the UK banking sector, and they are set to provoke a strong reaction in the banking field as out-of-date technology and old-fashioned marketing practices are slammed.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.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Rate rises putting the lid on soaring house prices

The recent interest rate rises could at last be having an effect on soaring house prices, according to Nationwide Building...