HSBC changes service to attract women investors

HSBC changes service to attract women investors

HSBC is introducing a series of initiatives to encourage women to invest.

It comes after research conducted by YouGov for the bank showed men were more likely to hold an investment product than women.

Among the reasons for this unearthed by the research was the fact that women seem to be more focused on avoiding loss than gaining growth and the fact they find financial jargon more off-putting.

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In order to address this, HSBC will make a series of changes to its services, including trialling split appointments so clients have time to consider the information they received in their first appointment before having a follow-up appointment to ask for clarification.

HSBC's frontline staff will also be coached on the findings of the report and its implications to help them provide a more tailored service to customers.

HSBC will also host investment events for existing and potential female customers, to provide them with an understanding of the investment landscape and encourage peer motivation.

Michelle Andrews, head of premier and wealth insights at HSBC, said: "My own experience and that of HSBC UK's relationship managers suggests that while gender does not define the way we manage our money, there are subtle but notable factors that may put some women off investing.

"This has been supported by the findings of the report and is why we are flexing our services to better address the investment needs of our female customers.

"HSBC UK believes unlocking the investment potential of female customers will not only benefit UK society as a whole, allowing women to invest more easily and with more confidence to deliver multiple economic and social benefits for the UK, but it will also benefit the bank commercially.

"For us this is just a starting point and we recognise that HSBC UK and the wider sector need to do more to ensure our services reflect the needs of all potential customers if we are to enable more people to maximise their financial potential."

The research, which surveyed 2,000 British savers, found more than a third of women found financial jargon off-putting, compared with a quarter of men.

The interviews also revealed although women knew as much about investing as their male counterparts, they tended to have lower levels of confidence about their knowledge – meaning they were more likely to be put off by terminology they did not understand.

Heightened perceptions of risk could also impact women's decision to consider investment advice, with 72 per cent of women saying they did not like to take investment risks compared with 54 per cent of men.