Courtesy of Customer World a novel new concept, from Austria. 

Customer World: Only for women Bank

Austria’s first bank for women was recently opened by Raiffeisen in the ski resort town of Gastein. The concept was developed in association with Emotion Banking, which conducted extensive studies about women and finances, and how they interact with banks.

Emotion Banking came to the conclusion that women approach finances differently than men do, and that a dedicated bank for women would better serve Raiffeisen’s female customers. The current set-up includes an inviting lounge-like interior, that includes a play area to keep children occupied. Female employees assist customers, taking extra time to explain products thoroughly, and to build a strong relationship with their customers.

The original post over at Sprinwise, points out that the concept isn’t entirely new, although I would argue, a bank dedicated to women is.  The market is big.

The concept might be a first in Austria, but isn’t altogether new on an international scale. From Citigroup’s Women & Co, which we covered a few years ago, to the Royal Bank of Canada,
many financial institutions are recognizing that women often have their
own needs and goals when it comes to money and finances. And this
segemented market is continuously evolving; according to a recent
report by research firm Aite Group,
“Highly-educated women leaving the U.S. workforce to raise children are
creating a new, highly lucrative consumer segment for financial firms.”
The market, which the group dubbed ‘Ivy League Moms’, is sized at
roughly USD 10 million U.S. households with investable assets of USD
6.5 trillion.

And interestingly, the concept grew out of islamic banking.

Leading the way are banks for women in Islamic countries. Microcredit providers like Grameen Bank have long placed special emphasis on providing loans to women. In Pakistan, First Women Bank
was founded in 1989 and strives for the economic empowerment of women.
Saudi Arabian women, although not allowed to vote or drive, have the
right to control their own finances, and Saudi banks have been devoting
extensive resources to ‘ladies banking’ over the past few years, with
separate entrances, distinct product offerings and a staff consisting
entirely of women.

Relevance to Bankwatch:
There are many new ideas and approaches to banking, depsite the relative conservatism of banks, and unwillingnesss to try something new.

Technorati Tags: islamic+banking, women+banking, banking+strategy

Technorati Tags: islamic+banking, women+banking, banking+strategy