The strategy: It’s Women’s History Month—a good reminder for banks to reprioritize building stronger ties with female customers.
Why that’s important: A significant portion of US household assets will pass to women during the great wealth transfer. And women already control one-third of household assets, per McKinsey. Financial institutions (FIs) that build stronger relationships with women now could have a competitive advantage when that transfer is underway.
Currently, 40% of women have felt ignored or dismissed by their family’s financial advisor, and 62% feel their advisor doesn’t understand their needs. This highlights a gap in treating women as banking priorities.