NatWest takes aim at financial confidence gap between men and women
High street bank NatWest has made a pledge "to smash the stereotypes that go hand-in-hand with the financial industry," with a campaign that apologises to women for banks' patronising behaviour.
The new campaign, launched on May 22nd, comprised an activation where 'bankers' handed out apology letters to commuters. In it, NatWest communicates that they will "lead the change in the way banks talk to women.” It pledges to not use gender-based language, and be more representative in its branches and its communications.
In collaboration with Stylist Magazine, NatWest is launching alongside this campaign the A Woman's Worth Collective, designed to answer the questions and calm the fears of female banking customers. They're also launching Back Her Business - the UK's first women-only crowdfunding platform.
NatWest chose to launch the campaign following the release of research from YouGov, which showed 83% of women believe banks don't make their products easy to understand.
The letter handed out by the actors portraying bankers said the bank apologised to women for “patronising you, ignoring you, talking to your husbands, fathers and brothers instead of you and making far too many suggestions that your earnings and expenditures are meaningless and trivial.”
Kantar research also shows that boosting the amount of women with high engagement in financial investments by 10% could open up a market worth £12.4 billion for Millennials, and £24.4 billion for Generation X.