Banks and credit unions can bolster women’s economic growth with tailored programs guided by women’s leadership teams
Despite economic challenges like inflation, consumer spending and discretionary income have stayed strong in the last year, with women playing a leading role. Bank of America data shows women’s year-over-year discretionary spending increased by 0.9% in 2024, a rate growing faster than male spending since 2022. Women’s workforce representation is also an economic bright spot. “Women’s job growth has been rising faster than overall employment over the last two years, helping drive wage and spending growth,” according to Bank of America. Even with these gains, women still lag behind men in access to tailored financial services and banking solutions.
As a massive $30 trillion in assets come under the control of women in the U.S. by 2030, financial institutions must prioritize better banking for women. “The banking sector and financial services, generally, are still very male dominated,” says Cady North, CEO of North Financial Advisors, in Bankrate’s article on women and banking. “All banks would be able to better serve women customers if their teams were more gender and ethnically diverse.” Capitalizing on the significant opportunities women’s economic growth generates, banks and credit unions have created programs to meet women’s unique needs – efforts often guided by women leadership teams.
American Banker has spotlighted five women-led Top Teams in the latest edition of its “Most Powerful Women in Banking” ranking. From integration and payments to executive management and commercial banking, women are leading their teams to make a difference. “Each year, we honor five teams in banking that have collectively faced and conquered tough challenges,” according to American Banker. “These teams came together to solve some of their institutions’ most pressing challenges.” The five teams spotlighted by the magazine include women from: BMO, Citizens Bank, First Horizon, Huntington National Bank, and Zions Bancorp.
For First Horizon, prioritizing women in leadership is part of the culture of the bank, as 60% of the executive management committee is made up of women. These inspiring leaders were called upon to use their substantial skill when a $13 billion acquisition by TD Bank was canceled. Not only did the leaders respond quickly to the crisis, but they created a sustainable path forward. “Following the canceled TD deal, First Horizon launched a campaign to boost deposits, offering higher rates on certificates of deposit,” according to American Banker. “That increased First Horizon’s customer acquisition costs, but it also attracted more than 32,000 new customers.”
With Huntington, their challenges came in the form of needing a commanding growth plan in a contracting economic environment. Although the bank is experiencing growth overall, leaders must constantly assess and respond to market conditions, like the modest but consistent declines in commercial real estate over the last two years due to rising costs and uncertainty surrounding interest rates. “It has not been an easy time in banking,” said Karen Davies, Huntington’s executive managing director of specialty banking, interviewed for American Banker. “But we are not shrinking. Huntington is intentionally growing.”
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