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Banks target new generation of women entrepreneurs

Date 2 May 2007
Author The Editor

The increase in female entrepreneurs and millionaires has led to focused efforts by banks to target women clients, new research suggests. The wealth gap between men and women is narrowing rapidly, according to the analyst organisation Datamonitor, which claims the gap has decreased by 30% in less than a decade.

In 1998 the average male millionaire was worth £2,713,829 while the female equivalent owned £1,276,188. By 2006 the average male millionaire had £2,963,423 compared to the woman’s £1,969,618. The report suggests that high street and private banks alike are ‘turning to innovative, client-centric methods to attract new clients, and this approach is nowhere more clear than in the race to attract female clients’.

Some banks have tried to attract female clientele through services such as websites or newsletters, according to the report, while some have gone as far as launching a bank service specifically aimed at women.

Lauren McAughtry, author of the report, said: “The ‘champagne and chocolate’ approach won’t work. Women are looking for more from their private bank than a spa discount and a pink website. “Unfortunately many banks don't yet have a specific budget to research the segment, so instead are having to focus on tactics rather than long-term goals. This lack of strategic thought is resulting in opportunities being missed, and leaves a potential gap in the market.”

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