Lack of confidence, wealth or trust in technology are some the self-perceptions keeping women from investing. Olga Miler says banks can change this.

Banks have long identified women as an untapped group, yet considering that only 17 percent of women in Switzerland feel knowledgeable enough about investing their money - as BNY Mellon’s recent report on financial inclusion shows - efforts to get them on board have fallen short.

The outcome of the report, which surveyed 8000 participants in 16 countries, does not surprise Olga Miler, co-founder of Smartpurse, a platform that tailors financial education for women.  

«There is a huge opportunity for the Swiss financial center to get women more interested in investing and in financial topics in general,» Miler tells finews.com in an interview.

Size vs. Needs

For too long banks have classified clients according to the size of their wealth, rather than analyzing them according to their needs Miler says.

«Banks need to work on their customer experience as a whole. It should be part of their strategy,» she adds.

Banks should also improve how they use data to analyze client preferences, she says, while acknowledging this is not always easy in such a highly regulated industry.

«There are ways to be smart about learning more about clients,» she adds.

Trust in Tech

Given that half the women surveyed in BNY Mellon’s report don’t trust investment apps or online tools, it seems fintechs are no more astute at catering to their needs. 

Women are often held back from investing by thinking that they are not wealthy enough to do so, the report said - citing $5,500 as the perceived minimum threshold of monthly income women in Switzerland said they needed to get started.

Ideal Starting Amount

A reality Miler confirms from her financial literacy teachings: «People are positively surprised when we discuss that modern tools allow for very low amounts.» 

Women and men are generally unaware of the offers financial providers have and the existing tools on the market, she says.

Banks certainly have their work cut out for them.