1、WOMEN IN FINANCIAL SERVICES 2020 3 in financial services 2020 women WOMEN IN FINANCIAL SERVICES 2020 A PANORAMIC APPROACH WOMEN IN FINANCIAL SERVICES 2020 1 FOREWORD The financial services industry is finally making progress on gender balance in the workforce. Mindsets are shifting and, as a result
2、of hard work and commitment, progress is beginning to be reflected in the numbers. But 20 percent representation of women on executive committees and 23 percent on boards is not enough. There is still a long way to go to create an industry in which women have equal access to opportunity and positive
3、 outcomes. The industry has made progress to date by focusing on the workforce. This narrow viewpoint helped grab the low-hanging fruit. But what got us to where we are today will not get us to our ultimate destination. So we set out to answer: what will deliver the next wave of change as we enter a
4、 new decade? We believe the answer lies in recognizing that the workforce is not the only stakeholder group to which a firm is accountable. There is at least a $700 billion revenue opportunity from better serving women as customers. Supervisors and shareholders are increasingly applying pressure on
5、firms to embed stability and drive better returns through diversity and inclusion. And both individual firms and the industry as a whole have a responsibility and opportunity to improve gender equality in society more broadly. Recognizing the connections between these different stakeholders will bec
6、ome increasingly important as both the opportunities and pressures from each group grow. A handful of firms are starting to push the boundaries by thinking in this way, but most are not there yet. In this report, we take a panoramic view of gender balance across all stakeholders. This new approach w
7、ill lead to creative solutions in defining an action plan, embed diversity and inclusion as part of the business strategy, and call for public commitment to gender equality. It will push the issue into the daily path of the CEO and executive committee. And it will ultimately drive better business ou
8、tcomes and the next wave of progress. We hope this work sparks discussion, debate, and, ultimately, change across the industry. Jessica Clempner, Principal, Financial Services Lead author, Women in Financial Services 2020 Ted Moynihan, Managing Partner, Financial Services “We can see some improvemen
9、t in the numbers, but we are just scratching the surface. There is a huge way to go to get to a place where the financial services industry is gender equal.” Dame Jayne-Anne Gadhia, UK Government Women in Finance Champion, CEO UK gender diversity is now recognized as a strategic issue that impacts b
10、usiness outcomes. We are seeing more creativity and commitment in attracting, recruiting, and retaining women, with senior leadership starting to be held to account by linking results to remuneration. Tactical initiatives are starting to make a real change: STRENGTHENING INITIATIVES Moving from one
11、to “at least two” women candidates on all recruitment/promotion lists. Leadership programs at critical career inflection points. Recognizing the importance of genuine male-allyship. BROADENING FAMILY FLEXIBILITY Flexible work for all, not just women. Introducing shared, or in some cases equal, paren
12、tal leave, one of the major structural imbalances in policy for men and women in the workforce today. SETTING CLEAR GOALS Articulating gender-specific ambitions, measuring progress, and, for some, making public commitments to deliver against this. “The recent change in mindset is very important. The
13、 old view in the industry that there should not be quotas has now completely changed. It is not a question of quotas but of setting KPIs, a question of becoming a top management priority and breaking old habits it can no longer be overlooked.” Franois Riahi, CEO, Natixis We should pause to reflect o
14、n the good progress the industry and individual firms have made. Financial services is now outpacing other industries in making change at the board level. In 2016, representation of women on financial services boards was 3 percentage points greater than for other industries. The gap has continued to
15、 widen to 4 percentage points since then.3 The senior time, attention, and commitment is starting to pay off. WOMEN IN FINANCIAL SERVICES 2020 8 ExhIBIT 2. REPRESENTATION OF WOMEN ON ExECUTIVE COMMITTEES BY ROLE IN MAJOR FINANCIAL SERVICES FIRMS GLOBALLY (%) Source: Oliver Wyman analysis of organiza
16、tion disclosures CEO COMMERCIAL ROLES +5 ROLES WITH LOWER REPRESENTATION OF WOMEN +4 ROLES WITH HIGHER REPRESENTATION OF WOMEN +10 Change 2016-19 (ppts) Average change (ppts) CEO6%-2 Vice CEO16%+4 Business Lines21%+6 CTO13% +3 Finance17%+1 Risk and Actuarial19%+3 Strategy21%+7 COO21%+8 Audit25%-3 Le
17、gal35%+9 Marketing46%+13 HR58%+12 WOMEN ON EXECUTIVE COMMITTEES BY ROLE 2019 (%) Compliance34%+8 WOMEN IN FINANCIAL SERVICES 2020 9 THE BAD NEWS “We cant have a first-class workforce if we arent including 50 percent of the population.” Ana Peralta, Board member, BBVA “The biggest untapped resource i
18、n the marketplace is women.” Sergio P. Ermotti, Group CEO, UBS Group AG When you dig into the numbers, it becomes clear that there is still a lot of work to do. The industry cannot afford to become complacent. Most roles occupied by women on executive committees continue to be within corporate funct
19、ions. There has been some improvement in the representation of women leading revenue-generating businesses those most likely to provide the next generation of CEOs. But we are not seeing this change translate into the most senior position. Only 6percent of CEOs are women. Some still view placing a w
20、oman in this role as a riskier option, with higher scrutiny and expectations. “Expectations to achieve great things are even higher for the woman CEO.” Ruenvadee Suwanmongkol, Secretary General, Securities and Exchange Commission, Thailand The story for boards is no different, with only 9percent of
21、chair roles held by women. Certain sectors within financial services continue to lag. Banks and insurance firms have failed to reach 20percent executive committee representation. Despite starting with a blank slate, fintech has emerged as an outlier, struggling with gender balance at the board level
22、. The geographic gap is not closing. Countries that were leading in 2016 have continued to progress faster than average, while on the whole the bottom quartile is stalling. Part of the gap can be attributed to different cultural norms across geographies, but a countrys economic health also plays a p
23、art. “During the crisis in Greece, banks focused on the big existential issues, and gender diversity didnt receive the attention that it should have. Diverse teams are better at anticipating risks and are more resilient during downturns. Organizations need to attract talent, achieve gender balance,
24、and put together diverse teams so as to achieve the management teams highest capabilities.” Pavlos Mylonas, CEO, National Bank of Greece As we look to the future, the industry is facing headwinds that could slow progress: the threat of an economic downturn, cultural issues that are tough to solve, a
25、nd the digitization of the industry. ECONOMIC OUTLOOK As seen in Greece, economic turmoil could halt progress, or even reverse it. If gender balance is not core to a firms business strategy, it risks being deprioritized in the event of a downturn. “The numbers show we are getting better slowly, but
26、its easy to forget that things can be worse again in a recession. Change is not just in one direction.” Alice hu Wagner, MD for Strategy, Economics, and Business Development, British Business Bank CULTURAL CHALLENGES The industry has been grappling with gender diversity for years, and as a result a
27、lot of the low-hanging fruit has been picked. Now comes the tough stuff: cultural change, tackling unconscious bias, and changing behaviors. As the issues get harder to address, it will create greater differences of opinion on how (or whether) to solve them. The dialogue around gender diversity has
28、already started to become more polarized. Some view certain promotion policies as box-ticking or anti-meritocratic. Others have reported concern that men may feel marginalized or wary of mentoring women. If the industry is to progress, we need to address these challenges. DIGITIZATION The lack of wo
29、men in technology is becoming increasingly important to address as the industry digitizes. In the future, many of the roles with the most impact on the industry and on customers will be digital. If we do not recruit, train, and re-skill women accordingly, there will be a gap in the most influential
30、positions. With automation, many of the front-line roles traditionally held by women in branches and call centers are likely to be endangered. “Digital disruption is bringing new ways of working within banks. This offers unique opportunities to improve diversity within an organization through flexib
31、le working arrangements.” Piyush Gupta, CEO, DBS Group WOMEN IN FINANCIAL SERVICES 2020 10 38% 34% 33% 32% 31% 31% 30% 30% 26% 25% 24% 23% 22% 22% 20% 20% 20% 19% 19% 19% 18% 17% 16% 15% 14% 13% 13% 11% 11% 10% 10% 6% 6% 5% 5% 4% 4% UK Norway Sweden South Africa Canada Singapore Australia Finland Th
32、ailand USA Russia Netherlands France Hong Kong SAR Nigeria Portugal Indonesia Switzerland Poland Germany Denmark Mexico Italy UAE Turkey Austria Brazil Greece Kuwait China* Japan South Korea Saudi Arabia India Spain Colombia Israel+11 +10 +3 +12 +0 -2 +6 +4 +6 +9 +9 +3 +15 +11 +3 +7 +6 +4 +2 +8 +5 +
33、6 +10 -1 +5 +3 +7 -2 -2 -1 -3 +1 +2 +1 -3 +3 0 0 Change 2016-19 (ppts) WOMEN ON EXECUTIVE COMMITTEES 2019 (%) 20%Global average ExhIBIT 3. REPRESENTATION OF WOMEN ON ExECUTIVE COMMITTEES IN MAJOR FINANCIAL SERVICES FIRMS BY COUNTRY/JURISDICTION (%) * Excluding Hong Kong SAR Source: Oliver Wyman anal
34、ysis of organization disclosures WOMEN IN FINANCIAL SERVICES 2020 11 WOMEN ON EXECUTIVE COMMITTEES 2019 (%) FinTech payments18% 18% 18% Banks Insurance Exchanges20% FinTech banks21% Asset management24% Public sector25% Payments34% Change 2016-19 (ppts) n/a +4 +4 +6 n/a +5 +4 +13 FinTech payments Ban
35、ks Insurance Exchanges FinTech banks Asset management Public sector Payments 24% 23% 24% 21% 14% 26% 25% 22% WOMEN ON BOARDS 2019 (%) Change 2016-19 (ppts) n/a +5 +4 +6 n/a +7 +3 +1 ExhIBIT 4. REPRESENTATION OF WOMEN IN LEADERShIP IN MAJOR FINANCIAL SERVICES FIRMS GLOBALLY, BY SECTOR (%) Note: Payme
36、nts data includes a small number of key global players (Visa, Amex, Mastercard, Paypal) that have made significant progress. This may not reflect the industry as a whole, which is dispersed across the banking sector. No data was collected on FinTech banks and FinTech payments prior to 2019, as compa
37、nies included in the sample are recent. Source: Oliver Wyman analysis of organization disclosures STRUCTURAL CHALLENGES TO DIVERSITY In our interviews with senior executives, we heard that many firms continue to face the same challenges. The midcareer conflict, where the cost and benefits of a caree
38、r in financial services can seem to be out of balance, remains. Addressing unconscious bias in promotion is still a challenge, and firms are grappling with how to shift cultural expectations to embed flexible working. “It is not low-hanging fruit anymore. It is the tough stuff. Going forward, we mus
39、t be laser focused so we can continue to move the needle for women.” holly ONeill, Chief Client Care Executive and head of Consumer Client Services, Bank of America THE MIDCAREER GAP “The issues surrounding gender equality increase as you go up the pyramid, and you can pinpoint maternity. Naming mat
40、ernity leave leave is already counterproductive and shows the gender biases that are so embedded. We need to tackle the conscious and unconscious side.” Luisa Gomez Bravo, Global head of Corporate there are undoubtedly many more ways in which womens financial services needs could be better served. A
41、nd the opportunities will continue to grow as women increasingly control more wealth, buying power, and financial decisions. Women are the single largest underserved group of customers in financial services. Despite playing increasingly influential roles as buyers, their needs consistently are not b
42、eing met. “Globally, women are becoming more educated, economically independent, and financially aware. Businesses must not ignore them.” Vishakha Mulye, Executive Director, ICICI Bank The debate around serving women as customers in financial services has not yet been fully explored. Although a few
43、firms are advanced in this area, most remain relatively narrowly focused on financial inclusion or on the well-trodden topics of the gaps in wealth and venture capital. When we spoke to senior executives, we heard some initial concern that treating women differently from men could be at best unneces
44、sary, and at worst reductive. However, evidence shows that approaches that may appear to be gender-neutral in fact default toward mens needs and preferences. There are unintentional blind spots in how the industry meets the needs of half the population. In a competitive world and in an era of the ex
45、perience economy, firms are shifting their approaches to increase their connection with the client. While many factors lead to greater client centricity, gender is an important element. We believe there is significant revenue uplift for those institutions that listen to and understand their customer
46、s. WOMEN IN FINANCIAL SERVICES 2020 WEALTH AND ASSET MANAGEMENT INSURANCE What if wealth managers invested womens wealth in the same way as for men? What if insurers sold life insurance to women at the same proportion of their income as men? Women invest more of their wealth in cash than stocks and
47、bonds compared to men. Women are less likely to receive funding to start and grow their businesses. Women are more likely to be un- and under-insured than men. Women are less likely to be approved for mortgages and other retail credit. new fees to wealth and asset managers from moving money held in
48、deposits into AUM, in the first year alone. This uplift would be compounded in the years to come as womens wealth grew.12, 13, 14, 15 billion$25 new written premiums from new customers and higher premium per customer, even after accounting for differences in income. This would translate to a margin
49、of roughly $100 billion accounting for claims returned to customers, distribution costs, and investment income. The opportunity could be even higher if the value of unpaid domestic work and childcare was insured.10, 11 billion$500 opportunity to capture existing revenue controlled by women clients.19 $80 new net interest income and fees from extending loans to existing retail customers. 16, 17, 18 $65 Note: Revenue for the insurance sector is not directly comparable to the revenue for the banking and wealth and asset management sectors. Based on t
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