![]() What was striking for me was how the poll results flipped when we asked about the longer term impact of coronavirus. An earlier edition of the Women in Financial Services report identified that not only were this group more likely to leave the industry than their male counterparts, but they were 20-30 percent more likely to leave their employer than their peers in other industries. We know this is a specific pain point for our industry. Women in mid-career– often sandwiched between child and elder care, even more so after the pandemic– are likely to be particularly disadvantaged. These leaders also noted that women seem to be returning to physical workplaces at a lower rate than men and believe this will impact women’s career progression. This echoed numerous conversations I’ve had in recent months with women who say they are shouldering much more family responsibility than male colleagues. ![]() While there are glimmers of hope, structural solutions are needed.Ī recent poll we conducted didn’t surprise me: in the short term, the majority thought the pandemic would be negative for gender balance. With growth in short supply, women represent arguably the largest growth segment, a $700 billion opportunity.ĬOVID-19 is negatively impacting women as employees. The reverse is not true, however: when products are designed with women’s distinctive needs, the data shows that they are often better for men too.Īs the pandemic fades, organizations should use digitization to ramp up education, simplify interfaces, and increase direct marketing to get out on the front-foot of redesigning offerings with simplicity at their core – a key demand of women. What they mostly don’t recognize is that “neutral” products were often designed with men’s needs in mind - and unintentionally put women off. Women’s World Banking notes that many financial firms think their products and services are “gender-neutral”. “Our economic, political, and commercial systems are tailored to the needs of men as a default” said Naveed. In a low-margin and low-growth world, designing for women is a huge opportunity. Also, as business owners, women often rely on in-person sales that are hard to move online and they feel less adept at managing additional transaction requirements such as cyber security.įact is, financial services in its current state does not work for most women. We know that women are more likely to be digitally excluded – for example in the over-70 age group, where there are 20 percent more women than men. The rapid migration to digital has been powerful: Mastercard saw more customers move to online services during the first 10 weeks of lockdown than it had seen during the previous five years, said Ann. Women are also more likely to be impacted economically by the pandemic, and more likely to work in sectors impacted by job losses, such as retail and hospitality. “Underplanned and undersaved” said Amanda, noting that 60 percent of women have never calculated if they can afford to retire, compared with 45 percent for men. ![]() Women are already underserved, typically making up roughly 30 to 40 percent of the overall customer portfolio. They made clear that things have got tougher for women in financial services since the pandemic - as customers, employees, leaders and in society more broadly - but that the way the pandemic has accelerated and reset provides a golden opportunity to keep the positives we never thought possible.įemale customers are more likely to be vulnerable and demand simplicity now more than ever. Our speakers are at the forefront of driving gender balance in their organisations and more broadly. Inez Murray – Chief Executive Officer, Financial Alliance for Women.Naveed Sultan – Managing Director & Chairman, ICG, Citi.Ann Cairns – 30% Club, Global Chair Executive Vice Chair, Mastercard.We brought together some of the industry’s leading executives, responsible for steering businesses out of this crisis and embedding inclusion principles into this journey: In collaboration with the 30% Club, we hosted a discussion on how COVID-19 has affected women as both customers and employees of financial services institutions, exploring practical steps organizations are taking. Since Oliver Wyman launched its third Women in Financial Services report in early 2020, the COVID-19 pandemic has created significant threats to gender balance in financial services as well as some silver linings in the longer term. ![]()
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