Ignoring women costs finance firms US$700b a year

Apple Inc. and Goldman Sachs Group Inc. were recently caught up in the growing debate about whether lenders unintentionally discriminate when they use algorithms to determine how Americans borrow money, after a viral tweet from a tech entrepreneur alleged gender discrimination in the new Apple Card.

SYDNEY: The male-dominated finance industry is missing out on more than US$700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman.

"Women are arguably the single largest under-served group of customers in financial services, ” Jessica Clempner, the report’s lead author, said in a statement Tuesday. "Firms are leaving money on the table by not listening to and understanding their women customers.”