Empower Women. Adapt Financial Services to Their Needs
As March reaches its halfway point, I find myself thinking about the struggles, victories, and resilience of female leaders. I find inspiration in the trailblazers who paved the way, demonstrating that leadership knows no gender bounds.
Here are seven women to celebrate this month.
1840: Catherine Elizabeth Benson Brewer - the first women to receive a university diploma from the Georgia Female College (now Wesleyan College)
1910: Madam C.J. Walker - born to former slaves, the first Black female millionaire who revolutionized textured hair care
1916: Jeannette Rankin - the first woman to be elected to the US Congress, a Montana Republican
1933-1945: Frances Perkins - the first woman to hold a Cabinet position in the US under President FDR between 1933-1945
1972: Katharine Graham - the first woman to be CEO of a Fortune 500 company, The Washington Post
2003: Oprah Winfrey - the first Black female billionaire (at age 49)
2021: Jane Fraser - the first woman CEO to lead a major US bank, Citigroup
These women had goals and aspirations, they followed their hearts, they hustled, they rallied supporters, and they undoubtedly faced persistent challenges. They had partners for support in life as in work, just as men do, but we don’t even know their partners. It was the women who accomplished these incredible firsts.
Can you imagine their early interactions with bankers or financial advisors? (NOTE: I’ll refer to “banker” for simplicity.) Who did the banker address? Who did he (I’m fairly confident it was a he) lock eyes with? Did the banker assume that these women wanted involvement in the management of their financial affairs? Did these women demand to be involved? I like to imagine that they did (and certainly those that are still living absolutely do and always have).
I like to imagine that these women didn’t (don’t) tolerate bullsh^&.
Was the banker taken aback? Was he uncertain how to support a woman who knows her priorities, goals, and values? Was he frequently held accountable to the direction she provided? Did the banker caution these women to avoid jumping into entrepreneurship and investing money into themselves? Did the banker caution them away from contributing to philanthropic causes? Did the banker allocate these women’s portfolios (before some of them had their own family offices) without detailed direction about which companies these women did or did not want to invest in? Did these women call out their banker when false assumptions about their desires took their money off track?
I like to believe that they were involved in the management of their money, of course they were! I’m sure they let the banker know exactly how they wanted their money to be handled in order to achieve their goals, their way, within their own comfort zones. I’m quite certain they understood their own attitudes about risk and the importance of aligning financial decisions with their values.
This month, we have an opportunity to reflect on the contributions, achievements, and struggles of women worldwide and be inspired by their power. March is not just a month; it's a movement—a testament to the indomitable spirit and resilience of women across generations. It’s a time to address the persistent gender gap in financial services.
Recent studies reveal a sobering reality: women continue to be left behind by traditional financial institutions, with their unique needs and challenges largely unaddressed.
According to a report by the World Economic Forum, women face a significant gap in financial inclusion, with 1.7 billion women globally remaining unbanked, that’s nearly 22% of the planet! It’s not just a matter of access; it's a reflection of systemic barriers that hinder women's economic empowerment and financial independence.
In the US, 50% of women have no retirement savings by age 55, and 62% have less than $1,000 in savings. OliverWyman finds that women are the single largest underserved group of customers in financial services, representing a $700 billion revenue opportunity!
It’s time for a change. Financial services providers need to adapt to women’s needs, values, and goals. Women shouldn’t have to adapt to the traditional way of doing business. It’s the other way around!
Financial Services Providers - kindly read those last three sentences again. I’ll summarize…if you adapt to the needs of women, your business will thrive. If you don’t start immediately, you’re doomed.
How can you begin?
At Knomee, we recognize the urgency of addressing the gender gap in financial services and are committed to driving this change. Our platform democratizes access to personalized financial solutions, empowering individuals to articulate their needs.
In the journey towards financial independence, women thrive in supportive communities that celebrate their achievements and uplift their voices. Knomee partners with women’s networks to deliver tools to members who want to build toward their financial futures. We’re not a financial product. We’re a wellness tool, offered at no cost through women’s organizations.
If you’re the leader of a women’s network, DM me. We would love to chat with you. We’re here to help your members achieve their aspirations and find more value out of your community.
Beyond individual empowerment, Knomee is committed to advocating for systemic change within the financial services industry. We leverage our platform to raise awareness about gender disparities, challenge outdated norms, and hold institutions accountable for promoting gender equality. By amplifying women's voices and driving meaningful dialogue, we strive to create a more inclusive and equitable financial ecosystem for all.
As we mark Women's History Month, take action to reaffirm your commitment to gender equality in financial services.
Start with self-awareness. Understand your relationship with money, emotions, goals, and values.
Open up communication channels. Break the taboo around money conversations.
Try Knomee today! Experience personalized financial empowerment.
Break barriers with us to build the future of financial equality. Together, we can empower women to unlock their potential—one decision at a time.
