Introduction
Assesses the best ways in which to attract more women into the private banking
customer base, and to attract more women as Relationship Managers.
Scope
- Analysis into the reasons behind the growth of women both as private
bankers and as private banking clients
- Assesses the nature of the relationship between private banks and their
female customers
- Offers opinions and information collated from extensive interviews with
leading industry figures
- Details the competitive landscape for current and new entrants into the
market
Report Highlights
Women in Private Banking 2007 is an in-depth study on the best ways in which
to attract more women into private banking. The report focuses on two sectors;
attracting women into the private banking customer base, and recruiting women
into private banking as relationship managers.
The report discusses the methods which banks are using to attract female
clients, and evaluates the reasons behind their interest. It profiles some of
the leading competitors in the market, and evaluates some of the more
innovative offerings for women that have recently developed;
It goes on the evaluate the growth of women as wealth managers, how and why
they are being actively recruited, and the reasons why they are succeeding.
Reasons to Purchase
- Identify the key reasons women are a target for private banks, and the
most successful methods of attracting their custom
- Understand the reasons behind the current increase in female private
bankers, and the potential reasons behind banks' interest in the segment
- Gain a comprehensive insight into the competitive environment and the
strategies individual private banks are using to attract women.
Table of Contents
- Overview
- Catalyst
- Summary
- Methodology
- Executive Summary
- Women in Private Banking
- The private banking sector has historically catered to male clients;
therefore the private wealth management arena has also traditionally been
dominated by men. However, there are a growing number of reasons why banks
are seeing the advantages of attracting women, both as clients and as
employees;
- Women are living longer than men, with life expectancy in the UK at
its highest level ever;
- Women are controlling a greater proportion of wealth; by 2025 women
will hold 60% of UK wealth and by 2010 women will control $22 trillion in
the USA;
- Women are increasing their wealth around the world, particularly in
regions such as Hong Kong and the Middle East;
- Women are gaining wealth from several different sources, including
inheritance and divorce; banks are also seeing a rise in female clients as
wives take a bigger role in controlling household finances;
- Corporate executives are a growing segment of the female wealth
market, and female entrepreneurship is growing;
- Banks are recognizing this trend and making attempts to attract and
support female business.
- Client Strategies
- Banks are trying to attract more female clients;
- Women are worth more than they were in 1998, and their wealth is
growing;
- Not all banks are making the effort, and there is a gap in the
market which some private companies are taking advantage of;
- Banks are launching services to try to attract female clients;
- New female-focused businesses are appearing, such as Bramdiva and
Independent Women;
- The US is the clear leader for innovative ways to attract and serve
wealthy women; the UK needs to catch up;
- Banks are focusing on tactics rather than strategy.
- Women as Private Bankers
- Banks are employing active recruitment strategies;
- Several banks are leading the field, including Barclays Wealth,
Deutsche Bank, Merrill Lynch, and Citigroup;
- The number of female bankers have risen in recent years;
- Some believe that women have qualities which give them a competitive
advantage in private banking;
- The rise of female bankers is not just down to political
correctness, and a shortage of skills in the financial services industry
is leading to increased opportunities;
- Affirmative action is not the way forward; private bankers should be
hired for their talent not their gender.
- CHAPTER ONE WOMEN IN PRIVATE BANKING: WHY THE CURRENT FOCUS?
- Introduction
- Women are living longer than men
- Women are controlling a greater proportion of wealth
- Women are increasing their wealth around the world
- Women are gaining wealth from several different sources
- Banks are recognizing this trend
- CHAPTER TWO CLIENT STRATEGIES
- Introduction
- Key findings
- Banks are trying to attract more female clients
- New, female-focused businesses are entering the market
- Some see the new services as offering marketing tricks instead of real
service
- Banks in the UK are focusing on tactics rather than strategy
- The US is leading in innovations to attract wealthy women
- CHAPTER THREE WOMEN AS WEALTH MANAGERS
- Introduction
- Key findings
- Banks are employing active recruitment strategies
- Women are succeeding as private bankers
- Some believe that women have qualities which give them a competitive
advantage
- The rise of female bankers is not just down to political correctness
- Affirmative action is not the way forward
- APPENDIX
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- Table of figures
- Figure 1: Life expectancy for women is increasing
- Figure 2: Girls live longer than boys
- Figure 3: Self employment in the UK by region, 2004/2005
- CHAPTER ONE WOMEN IN PRIVATE BANKING: WHY THE CURRENT FOCUS?
- Introduction
- Women are living longer than men
- Life expectancy in the UK is at its highest level ever
- Women are controlling a greater proportion of wealth
- By 2025 women are predicted to hold 60% of UK wealth
- Women will control $22 trillion in the USA by 2010
- Women are increasing their wealth around the world
- There are several other regions apart from the UK and USA in which
women are controlling considerable proportions of wealth
- Women are gaining wealth from several different sources
- Inheritance is still the primary source
- Divorce is a growing market
- Wives are controlling more of the family money
- Corporate executives are a growing segment of the female wealth market
- There is still a pay gap, but successful women are seeing salaries
rise
- Female entrepreneurship is growing
- Banks are recognizing this trend
- Banks are making attempts to attract and support female business
- CHAPTER TWO CLIENT STRATEGIES
- Introduction
- Key findings
- Banks are trying to attract more female clients
- Not all banks are making the effort
- Some private companies are arriving to take advantage of the market
gap
- Banks are launching female-friendly new services
- Coutts Woman aims for style over content
- Lloyds TSB: Diamonds and chocolate appeal to men as well as women!
- New, female-focused businesses are entering the market
- Bramdiva has generated high levels of publicity
- Citibank Women & Co is designed to address the specific needs of
women
- Independent Women offers a comprehensive range of services
- Frauenbank is the world' s first bank for women
- TAIB is one of the oldest private banks in the Middle East
- Some see the new services as offering marketing tricks instead of real
service
- Style over substance: are current UK offerings patronizing?
- Banks in the UK are focusing on tactics rather than strategy
- The US is leading in innovations to attract wealthy women
- Women are taking matters into their own hands
- CHAPTER THREE WOMEN AS WEALTH MANAGERS
- Introduction
- Key findings
- Banks are employing active recruitment strategies
- Several banks are leading the field
- Barclays Wealth leads in the UK
- Deutsche Bank specializes in global networks
- Merrill Lynch has a supportive global partnership for women
- Citigroup Difference is a company-wide diversity support network
- Women are succeeding as private bankers
- The number of female bankers have risen significantly in recent years
- What attracts women to private banking?
- Some believe that women have qualities which give them a competitive
advantage
- Many banks believe hiring more women will enable them to serve women
better
- The rise of female bankers is not just down to political correctness
- There is a general skills shortage in the financial services arena
- Affirmative action is not the way forward
- APPENDIX
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Figures
- Figure 1: Life expectancy for women is increasing
- Figure 2: Girls live longer than boys
- Figure 3: Self employment in the UK by region, 2004/2005
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