Ensuring women’s access to finance is one of La Pietra Coalition’s central goals, as women’s economic empowerment depends upon it. Historically, banks and financial institutions have not targeted women specifically, and instead much of women’s financial inclusion has been limited to informal sectors of the economy. However, as more and more reports highlight the potential economic gains of focusing on women’s financial inclusion, banks have begun to realize their growth depends on targeting women.
Read about Westpac, one of Australia’s leading banks, and why it has turned its attention to the “female dollar.” Support Westpac’s new campaign, and sign La Pietra Coalition’s petition to make female financial inclusion a priority of the G20.
Credit: Sydney Morning Herald
“WOMEN customers, the business they bring and their networking abilities will restore the reputation of banks that cater for them well, according to the head of women’s banking for Westpac.
As Westpac launched an ongoing multimillion-dollar ad campaign targeting women, the bank’s director of women’s market, Larke Riemer, said the female economy globally was a massive opportunity. To succeed, banks had to recognise women’s needs and speak to them the way they wanted to be spoken to.
Westpac will, for the first time, roll out ads targeting women’s financial issues, beginning with this month’s superannuation ads. The ads highlight some alarming statistics for women, including that about 50 per cent of women don’t know how much is in their super, and four in five women retire with no super.
Ms Riemer said the campaign would focus on different financial issues facing women at relevant times of the year and the TV ads would be supported by a large print campaign.
”We’ve always been at the forefront of doing things for women but this is a first, having a marketing campaign for women with TV ads and a big promotion. Banking as a sector realises that if we’re going to be any good at what we do you have to understand your customers.”
Westpac also this year relaunched its four-year-old Ruby Connection, a website for women, which features financial information, networking opportunities, profiles of successful businesswomen and a question and answer forum.
”No major bank has ever gone out and targeted women like we have. With Gail Kelly as our CEO we really want to make a difference for women,” she said.”
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