“There is at least a $700 billion revenue opportunity from better serving women as customers,” in the financial services industry, according to Women in Financial Services 2020, a new report by Oliver Wyman.

If financial institutions grant business loans and approve credit for women at the same rate they do for men, if they offer insurance at the same proportion of women’s incomes as they do for men’s, and if they compete for business from women’s corporations, Oliver Wyman estimates that these firms would see a combined revenue lift of $700 billion, with gains over $500 billion in the insurance sector alone. 

“While many factors lead to greater client centricity, gender is an important element,” the report finds. “We believe there is significant revenue uplift for those institutions that listen to and understand their customers.”