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In many cases, the services of banks and financial advisers are not adapted to the specific needs of women. This is the conclusion of a Dutch study carried out by ABN Amro and the consultant McKinsey.
The study focused on different categories: cash-strapped women, women with high incomes or significant family assets, as well as women entrepreneurs or women who demonstrate great professional ambitions. In each case, the survey revealed that financial services and products are too often more suited to men.
Personal advice
“We find that women from all walks of life, regardless of income level, face similar barriers. The lack of personalized advice is experienced as a shortcoming by several women’s groups,” said Chantal Korteweg, Director of Inclusive Banking at ABN Amro. “Our research shows that many women do not feel sufficiently understood by their bank or financial advisor. It is therefore important that our services are better adapted to the needs of women at different stages of their lives. »
Some examples :
- Women with financial concerns are more likely than men to work part-time and take on family responsibilities. They can therefore offer fewer guarantees than men. Only 27% of women surveyed in this category expect their bank to help them put their finances in order.
- Wealthy women are mainly looking for financial products that protect their family’s future wealth and also place more importance on building up a pension. They also need a longer investment horizon and investments with a positive social impact, which they request more often than men.
- Interviews with women entrepreneurs show that many of them find it more difficult than men to find capital and feel misunderstood by their bank or banker.
First president for a major Belgian bank
The report was presented on Wednesday to the Queen of the Netherlands, Máxima, who works on “inclusive finance” for the United Nations. It follows earlier international research by consulting group Oliver Wyman, which identified women as “the largest group of underserved customers in financial services”.
In Belgium, De Standaard announced that Hilde Laga will be the new president of ING Belgium. The famous business lawyer would thus become the very first woman to chair a large Belgian bank.
