Creating Female-Friendly Financial Services: Strategies, Opportunities and Lessons Product Code: VR0837MR Published Date: August, 2012 TABLE OF CONTENTS 1 Executive Summary .............................................................................................................................. 7 2 Introduction ............................................................................................................................................ 9 2.1 The Global Market ................................................................................................................................... 9 2.2 Local Market Snapshots ........................................................................................................................ 10 2.3 Financial Advisers and Women ............................................................................................................. 11 2.4 Female Entrepreneurs ........................................................................................................................... 11 2.5 The Business Case for Targeting Financial Services at Women .......................................................... 11 2.6 Female Business Case Snapshot ......................................................................................................... 13 3 Financial Education for Women ......................................................................................................... 15 3.1 The US ................................................................................................................................................... 16 3.2 South-East Asia ..................................................................................................................................... 16 3.3 The UK ................................................................................................................................................... 17 3.4 Europe ................................................................................................................................................... 18 3.5 Australia ................................................................................................................................................. 18 4 Strategies and Best Practices ............................................................................................................ 19 4.1 Case Study: The y not Credit Card – Bank of China Credit Card International .................................... 19 4.2 Case Study: Massachusetts Mutual Life Insurance Co (Massmutual), the US ..................................... 24 5 The US .................................................................................................................................................. 27 5.1 Economy and Demographics ................................................................................................................ 27 5.2 Retail Personal Banking ........................................................................................................................ 28 5.2.1 Case study: Women & Company .......................................................................................................... 28 5.2.2 Case study: Women‘s Financial Group ................................................................................................. 32 5.3 Retail Business Banking ........................................................................................................................ 35 5.3.1 Case study: Wells Fargo Bank .............................................................................................................. 38 5.3.2 Case study: Keybank ............................................................................................................................. 40 5.3.3 Case study: PNC Bank .......................................................................................................................... 42 5.4 Insurance ............................................................................................................................................... 44 5.4.1 Case study: Prudential Financial ........................................................................................................... 44 5.5 Retirement ............................................................................................................................................. 46 5.5.1 Case study: OppenheimerFunds ........................................................................................................... 46 6 China ..................................................................................................................................................... 49 6.1 Economy and Demographics ................................................................................................................ 49 6.2 Case Study: Hua Xia Bank ................................................................................................................... 50 6.3 Case Study: JCB (Japan) ...................................................................................................................... 52 6.4 Case Study: China Construction Bank (CCB) ....................................................................................... 53 7 Singapore ............................................................................................................................................. 54 7.1 Economy and Demographics ................................................................................................................ 54 7.2 Case Study: United Overseas Bank (UOB) ........................................................................................... 55 8 India ...................................................................................................................................................... 57 8.1 Economy and Demographics ................................................................................................................ 57 8.2 Case Study: HDFC Bank ....................................................................................................................... 59 8.3 Case Study: Mann Deshi Mahila Bank (MDMB) ................................................................................... 60 8.4 Case Study: Bank of Baroda ................................................................................................................. 61 9 Canada .................................................................................................................................................. 62 9.1 Economy and Demographics ................................................................................................................ 62 9.2 Case study: Royal Bank of Canada....................................................................................................... 63 9.3 Case Study: Bank of Montreal ............................................................................................................... 65 10 The UK .................................................................................................................................................. 66 10.1 Economy and Demographics ................................................................................................................ 66 10.2 Retail Personal Banking ........................................................................................................................ 67 10.2.1 Products and services ........................................................................................................................... 67 10.2.2 Supermarket banks ............................................................................................................................... 67 10.3 Retail Business Banking ........................................................................................................................ 68 10.4 Private Banking...................................................................................................................................... 68 10.4.1 Barclays Wealth ..................................................................................................................................... 68 10.5 Insurance ............................................................................................................................................... 69 10.5.1 Motor insurance ..................................................................................................................................... 69 10.5.2 Diamond Car Insurance ......................................................................................................................... 69 10.5.3 Case study: Sheilas‘ Wheels ................................................................................................................. 70 10.5.4 The Fawcett report................................................................................................................................. 71 10.6 Pensions ................................................................................................................................................ 72 10.6.1 Scottish Widows reports ........................................................................................................................ 72 10.6.2 Women‘s pension expectations: Investec Bank ...................................................................................