Source: TheDrum
According to a new study by Kantar, Winning over Women, financial institutions in the UK are losing £130bn due to their failure to connect with female customers. The study found that a failure to engage through advertising was compounded by a failure to communicate ‘trustworthiness’, ‘understanding’, ‘dependability’, and ‘accessibility’ to potential female customers – with advertising instead geared toward soliciting positive responses from men.
Kantar used facial recognition, investigating responses by men and women presented with same ads, and have found that 65% of women identify as having low financial confidence versus just 55% for men.
It is estimated that if this gap were closed, an additional £133bn could be directed toward savings and investments.
Bart Michels, UK country leader for Kantar commented: “Financial institutions are focusing their efforts on the confident, rather than the competent. In failing to develop client experiences rooted in men and women’s fundamentally different perspectives on finance, financial services institutions are missing a very significant business opportunity.”
With the study, Kantar effectively called financial institutions to invest in dedicated campaigns that would target women.
