Big bank eyes female dollar

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.

By InvestSMART · 14 Oct 2011

By InvestSMART ·
14 Oct 2011

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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.

Ms Riemer, who was this week speaking at the Global Banking Alliance for Women summit, said Westpac first launched a project to position itself as the bank of choice for women 15 years ago.

"But what really upsets me is it's not moving, women are still not taking control of their super. Whether they see Westpac or anyone else, we need to wake women up to the fact that you really need to take control, no one else is going to come along and wave the magic wand."

Westpac's new ad campaign comes as Suncorp steps up promotion of its Million Dollar Woman insurance company, established this year to appeal to women. Million Dollar Woman has been releasing research reports to the media recently.

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Frequently Asked Questions about this Article…

What is Westpac's new ad campaign targeting women about?

Westpac has launched an ongoing multimillion-dollar marketing campaign focused on women’s financial issues. The rollout starts with superannuation TV ads this month and will be supported by a large print campaign, with different themes timed to address the financial concerns women face at relevant times of the year.

Why is Westpac focusing on women customers and the female economy?

Westpac’s director of the women’s market, Larke Riemer, says the global female economy is a massive opportunity. The bank believes that understanding women’s needs, speaking to them in ways they prefer, and supporting their networks can win business and restore reputation for banks that cater well to women.

What concerning superannuation statistics does Westpac highlight for women?

Westpac’s ads highlight that about 50% of women don’t know how much is in their superannuation, and the campaign cites a statistic that four in five women retire with no super — underscoring the need for greater awareness and action on retirement savings.

What is Westpac’s Ruby Connection and how does it help women investors?

Ruby Connection is a Westpac-run website relaunched this year that offers financial information, networking opportunities, profiles of successful businesswomen and a question-and-answer forum designed to help women access resources and advice on money and careers.

Who at Westpac is driving the bank’s push to be the bank of choice for women?

Larke Riemer, Westpac’s director of the women’s market, is leading the marketing push, and the effort is supported at the top level — the article notes CEO Gail Kelly’s role in the bank’s focus on making a difference for women.

How will Westpac tailor its marketing to address women’s financial needs throughout the year?

Westpac says the campaign will focus on different financial issues facing women at relevant times of the year, using TV ads supported by a broad print campaign to raise awareness and prompt action on topics like superannuation and other money matters.

Are other Australian banks also targeting women customers?

Yes. The article notes Suncorp has stepped up promotion of its Million Dollar Woman insurance company, established this year to appeal to women. Westpac, however, claims no major bank has previously targeted women in the same way it is doing.

What action does Westpac encourage women to take about their superannuation?

Westpac urges women to 'take control' of their superannuation rather than assume someone else will. Larke Riemer stresses the need for women to check their super balances and actively manage their retirement savings.