Around this time every year, you always hear shrill voices of women empowerment — every brand wants to suddenly celebrate the achievements of women, there are campaigns around gender equality and of course, you can’t miss the discounts and special offers on a whole bunch of products and services. This time, a popular fast-food joint even attempted to make women feel confident about revealing their age by offering a discount equivalent to a customer’s age.
While these offers come and go, there are companies that are consciously targeting women customers given their increasing spending power. The most recent addition to this bandwagon are financial services firms. Kotak Mahindra Bank has launched the Silk Inspire credit card for homemakers and women professionals. Clubbed with attractive offers such as a 2.5% fuel surcharge waiver, reward points for small purchases, this card can be availed against a fixed deposit. Shanti Ekambaram, president, consumer banking, Kotak Mahindra Bank, says, “Normally, women use an add-on card that is registered under a spouse’s name or a father’s. I don’t think today’s women would want their husband to receive a sms on their expenditure.”
It is this intention to give women the freedom to spend that has seen a few other banks launch similar initiatives. Ratnakar Bank which claims to have a 26% female customer base announced the introduction of Woman’s First Savings Account and Debit card. “This is to fulfill a woman’s need of value for money, convenience and a better lifestyle,” explains Rana Vikram Anand, head, products and segments.
YES Bank decided to go one step further and extend its offering of its one-year-old Grace savings account feature for women by launching three Grace branches across India that are managed by women employees trained to cater to the needs of women customers. Chitra Pandeya, group president and country head, liabilities and product management, YES Bank, enlists the specific features of this format, “We have customised this particular savings account by exempting locker fee, demat account charges, providing 5% cashback on debit card purchases and financial literacy programs.”
Ankur Bisen, senior vice-president, retail and consumer products, Technopak observes that launching women-centric products and services is a relatively new trend mainly for the financial sector. He explains, “The demand for financial products and services has largely been male-centric in the past. It is only recently that such companies are shifting their focus to women, especially those in urban areas who are financially independent.”
Anju Joseph, COO, qualitative research, Quantum Market Research, however contends, “It’s not a recent phenomenon. Even the fact that more women are joining the workforce only recently, is a misconception. As more women become financially independent they have begun managing their own finances and financial services firms are taking note of this shift.”
Tata Housing and LIC Housing Finance also launched similar initiatives but for a limited period. Tata Housing partnered with SBI Home Loans to provide a concessional rate of 9.5% per annum on select projects ranging between ₹17 lakh - ₹80 lakh till mid-March. LIC Housing Finance has introduced the Swayam Shree scheme, which provides loans to working women for a commercial property at concessional rates. The housing finance company also waived off processing charges since February 1 till March 31 this year.
Apart from financial services, Quantum’s Joseph says this kind of special attention is being showered by other sectors too. “I think brands today are leveraging the safety-for-women aspect and tailoring their approach accordingly. For instance, Taj Hotels offers certain floors with rooms only for women that have enhanced security features. You also have cab-services especially for women run by women by drivers, etc”. As more and more brands are hitching their wagon to the women empowerment bandwagon, those with moolah can expect the pampering to continue.
