Diversity, equity & inclusion has been a significant headline these last few years. Often it’s focused on recruitment and building diverse teams. EWPN’s Research Network found that companies also need to create and consider financial products and services through a gender-diverse lens. But isn’t money “gender-neutral”?
Regina Lau (EWPN Board) hosts a panel discussion with industry experts from Bank Cler (Maya Salzmann, Board Member), Unblu, Inc. (Luc Haldimann, Cofounder & CEO) and Witty Works (Lukas Kahwe Smith, Cofounder & CTO). These companies have been innovating, researching and providing products and services for women. Learn how they’re tapping into this $700 billion market opportunity.
- Diversity and inclusion has two sides – justice and innovation. It’s fair for everyone to participate. Create a culture so people feel heard and welcomed. Broader perspectives ensure that you truly serve your customers. Remember that your customers are not all the same.
- Money is not gender neutral – it means something different to everyone. Although today women may get involved or manage money later in life, that’s changing. An increasing number of women are making more money now and taking care of it earlier in life. And with women already making or influencing 80% of financial decisions, it’s really important to understand how to reach female customers.
- Women are not necessarily more risk averse. Since products often do not fit their needs, they ask questions to better understand them. This pays off – women’s investments yield 2% higher ROI.
- It’s unsurprising the companies (that specifically serve women) are founded and led by women. Founders solve problems; that’s what these female founders are doing.
- Some simple steps to tap into the market opportunity – companies may not need to change all their products & services, but it’s important to not create simple “t-shirt sizes”. Make sure you offer advice/advisory services, support and remove unconscious bias.
*Special thanks to our partners Keen Innovation and Bank Cler for supporting this research. “Female Finance in Figures” (March 2021) is a follow up to our first research report “Female Finance: Digital, Mobile, Networked” (June 2020).
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