HSBC: $1 Trillion Private Banking Opportunity Serving Women
Private banks are missing out on the opportunity to serve wealthy women, according to an HSBC report, which is estimated to be worth more than $1 trillion.
Female riches are on the rise worldwide as economic opportunity, changing gender roles and other drivers fuel growth. According to a McKinsey estimate, approximately 40 percent of investible global wealth, or $113 trillion in assets, is set to be controlled by women by 2030.
However, a report by HSBC claims that many private banks are missing out on this opportunity by failing to adapt their approach to women’s financial needs, leaving a significant gap in the market.
Differentiated Approach
The report, entitled «Women and wealth: A global opportunity» highlighted three areas where banks can adjust their approach to serve female clients.
Firstly, expand access and engagement in areas such as private equity, venture capital and co-investments. Secondly, provide clearer advice, education and engagement in response to lower confidence in investment decision-making. Thirdly, address barriers for female entrepreneurs when building and scaling businesses, including access to capital and networks.
Women Leaders Breakfast
As part of broader efforts to engage wealthy females, HSBC will co-host a Women Leaders Breakfast during the HSBC Global Investment Summit in Hong Kong from April 14 to 16 with senior women leaders from multiple industries exchanging perspectives on global economic trends, innovation, and the future of inclusive leadership.
«The greatest wealth transfer is under way and women are not just participants – they are decision makers, founders, investors and stewards of capital,» said Ida Liu, CEO of HSBC Private Bank. «With women building, inheriting, and directing capital at an unprecedented scale, the future of private banking will depend on how well we act as partners.»
