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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 1: my co host Matt Miller. Every business day, we bring

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Speaker 1: you interviews from CEOs, market pros, and Bloomberg experts, along

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Speaker 1: with essential market moving news on the Bloomberg Markets Podcast,

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Speaker 1: on Apple Podcasts or wherever you listen to podcasts, and

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Speaker 1: at Bloomberg dot com slash podcast. Ford is investing three

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Speaker 1: point seven billion dollars in factories across three Midwestern states, including,

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Speaker 1: as we said, the great state of Ohio. UM, they're

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Speaker 1: gonna pump out more electric vehicles and traditional gas fueled autos,

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Speaker 1: including I hope the seventh generation Mustang. I'm slightly obsessed

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Speaker 1: with the current GT five hundred UM, but they're gonna

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Speaker 1: create more than just horsepower jobs. And I think Ford

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Speaker 1: is now the biggest employing the most auto workers of

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Speaker 1: any car maker in America. Let's bring in Kumar Galholtro

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Speaker 1: to talk about this. He is the president of Ford Blue,

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Speaker 1: which is their internal combustion business. Kumar, thanks so much

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Speaker 1: for joining us talk to me about the the size

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Speaker 1: and scope of Ford's employee employees. Good morning, Matt, thanks

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Speaker 1: for having me. Yeah, we are as you said, We're

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Speaker 1: the largest our lootto worker employer in the country. And

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Speaker 1: that's not an accident. You know, this is a choice

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Speaker 1: we made as a company, and we're gonna add to it.

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Speaker 1: We're gonna add sixty jobs to that. Uh and uh.

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Speaker 1: Those are going to be in three states, in Michigan

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Speaker 1: and the great State of Ohio and in Missouri. All right,

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Speaker 1: what do we know about I'm gonna be needling you

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Speaker 1: for details, Kumar on the new seventh generation Mustang. I

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Speaker 1: um fell in love with Gen five and I have

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Speaker 1: really been convinced. Actually, Alan mollally showed me my first

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Speaker 1: pictures of the sixth generation Mustang UM which was which

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Speaker 1: was wonderful. And now we're expecting a new one. Is

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Speaker 1: it still going to use the coyote, the famous five

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Speaker 1: lead V eight famous half I need you were gonna

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Speaker 1: ask that, Matt. I can't. I can't give you those

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Speaker 1: details yet, but I'd love to come back and talk

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Speaker 1: detailed on the must Thang, just like you. One of

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Speaker 1: my favorite vehicles ever, the most iconic vehicles we've ever made.

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Speaker 1: All Right, so you're at your factory in Ohio. Do

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Speaker 1: you have chips at your factory in Ohio? Give us

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Speaker 1: the update on this whole chips situation, because cars now

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Speaker 1: use a lot of chips, don't they. Yeah, like, uh,

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Speaker 1: you know a vehicle like the F one fifty can

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Speaker 1: has have as many as chips in it. Yes, we

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Speaker 1: have chips in Ohio. The Ohio factories running. The first

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Speaker 1: quarter was not great. As you know, it's been improving

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Speaker 1: and uh, I expect second half of this year to

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Speaker 1: be substantially better than the first half, but it's still

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Speaker 1: very volatile. You know, the Shanghai shutdown through in a volatility.

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Speaker 1: I'm really glad that Shanghai is coming out of lockdown

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Speaker 1: and a lot of our suppliers they're regatting production. Uh

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Speaker 1: So second half fully expect to be better than than

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Speaker 1: the first half. How is we know that the supply

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Speaker 1: chain and the chip shortages is coming along, is limping along,

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Speaker 1: and we hope it comes to an end as soon

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Speaker 1: as possible. But there's also a labor shortage. We saw

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Speaker 1: I think yesterday there are eleven point four million job

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Speaker 1: openings in America, which is crazy. How are you doing

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Speaker 1: in terms of attracting talent? We're doing actually quite well.

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Speaker 1: You know, we've made announcements in Kentucky, Tennessee. We're building

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Speaker 1: those plants and starting that process there. Uh, and today

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Speaker 1: we're announcing we're going at jobs and what else we're

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Speaker 1: doing is to your point, it's not just about creating

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Speaker 1: the jobs. It's about the employee experience. So at the moment,

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Speaker 1: we have three thousand temporary employees in our workforce. We

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Speaker 1: are converting all of them this June this month to

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Speaker 1: permanent Ford employees. So what that does is while all

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Speaker 1: of those three thousand employees will get a raise, Secondly,

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Speaker 1: all the employees will start getting full health coverage on

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Speaker 1: day one, so that's gonna be really important. And we're

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Speaker 1: also committing to investing a billion dollars over the next

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Speaker 1: five years in improving the employee experience at our factory.

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Speaker 1: So this is not about you know, tooling and etcetera.

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Speaker 1: That's the separate two point seven billion dollars. Were investing

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Speaker 1: this billion dollars over the next five years throughout our

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Speaker 1: entire industrial base, all the factories, just upgrading the employee experience.

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Speaker 1: Better access to healthy food, better break rooms, more security

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Speaker 1: and parking lots, better lighting in parking lots, more EV chargers.

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Speaker 1: So I think a combination of all that, uh, and

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Speaker 1: just the pure pride people have in working for Ford

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Speaker 1: and building these awesome vehicles is what helps us attract

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Speaker 1: of the workforce. So com I'm I'm guessing you know

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Speaker 1: car nuts like Matt and you you cruise down the

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Speaker 1: street in your Ford Mustang. Part of the thrill is

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Speaker 1: the roar of the engine. What happens when you guys

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Speaker 1: got huge part, huge part of this part. What happens

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Speaker 1: when when you guys go electric? How are you? How's

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Speaker 1: the industry thinking about that? Well, in an early indication

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Speaker 1: I think is the Mustang macke where we created the

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Speaker 1: sound inside the vehicle, so you can pick mode that

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Speaker 1: you drive that vehicle and you know, let's say you

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Speaker 1: pick unbridled, and it provides this sensation of the sound

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Speaker 1: that becomes part of the experience. And you know, going in,

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Speaker 1: everybody was wondering how that's going to play out. The

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Speaker 1: customers love it, They absolutely love it. So that's just

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Speaker 1: one idea, and we're playing around with other ideas how

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Speaker 1: we would replicate that experience. I actually got to test

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Speaker 1: drive the Macky and I loved it. Paul was just

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Speaker 1: asked me before the show, how can I never get

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Speaker 1: to test drive any of the cars. I'm gonna hook

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Speaker 1: you up with my point person out here, Mary Beth

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Speaker 1: Child's is great at at giving me cars. She got

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Speaker 1: me in last week Afford f two fifty Tremor with

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Speaker 1: Godzilla under the hood, a seven point three leader V

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Speaker 1: eight unbelievable, Kumar, Um, are you ever gonna put a

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Speaker 1: supercharger on that? Baby? I can't say, Matt, but these

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Speaker 1: are fantastic ideas. Let me check that back to the

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Speaker 1: power train team. You go back to Farley's office. I

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Speaker 1: know he wants to do it too, and uh yeah,

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Speaker 1: it's just an amazing engine. It's basically unkillable. This this motor. Um,

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Speaker 1: It's just so stout and sturdy, and the towing capacity

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Speaker 1: is amazing for a gas engine. Plus the two fifty

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Speaker 1: with the Tremor package on it, it is just a monster.

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Speaker 1: Um alright, Kumar, it's been great talking to you. Thanks

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Speaker 1: so much for joining us. Always great to get forward

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Speaker 1: executives coming from Ohio. You know, typically I talked to

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Speaker 1: the him in Deer Dearborn or in ann Arbor is

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Speaker 1: the worst. But um, when they come from Ohio, it

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Speaker 1: just makes me very happy. Now we are fortunate enough

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Speaker 1: to have Emily Chang here in the studio. Typically she's

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Speaker 1: on the left coast Um, usually interviewing Cheryl Sandberg. Right.

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Speaker 1: I feel like you've probably interviewed Cheryl Sanderberg more than

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Speaker 1: any other journalist. Interviewed her a few times yesterday, including

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Speaker 1: yesterday an exclusive interview. I will also point out, which

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Speaker 1: is a big deal in the in the news biz.

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Speaker 1: This is to me like a huge story. If if

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Speaker 1: a man of this stature were to step down after

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Speaker 1: creating a company like this, we would do wall to

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Speaker 1: wall coverage. Right. Um, she is without a doubt the

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Speaker 1: most powerful and most well known female executive in business.

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Speaker 1: And you know, I would say she is not just

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Speaker 1: one of the most powerful and influential business leader, business women,

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Speaker 1: business leaders in the world. She is just one of

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Speaker 1: the most powerful people in business totally. She took a

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Speaker 1: company that was like friends to and made Uh. They

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Speaker 1: had twenty seven billion dollars in AD sales in one

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Speaker 1: three month period. That's just shocking. And Facebook has one

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Speaker 1: of the fattest margins in the world of business. Like

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Speaker 1: all of the money they bring in for sales they

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Speaker 1: put in their pockets. Right, It's made Mark Zuckerberg one

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Speaker 1: of the richest people in the world. Cheryl Sandberg probably

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Speaker 1: also incredibly wealthy, Yes, definitely. Also, it has touched the

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Speaker 1: lives of three billion people directly right that used the platform.

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Speaker 1: I just think it's an amazing story. Why is she leaving, Well,

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Speaker 1: I'll tell you what she says. She says it's time.

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Speaker 1: She's been there for fourteen years. She thought it would

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Speaker 1: be five. She wants to spend more time with her family.

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Speaker 1: She's getting married this summer. She has five kids now.

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Speaker 1: She wants to spend more time on philanthropy, she wants

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Speaker 1: to spend more time on her women's advocacy. And I

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Speaker 1: do think what's happening with Roe versus Wade right now.

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Speaker 1: I think she potentially wants to get more active there

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Speaker 1: and now as the time. However, um, I think if

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Speaker 1: you think about the pivot to the metaverse, whether it's

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Speaker 1: a good idea or not, whether Facebook can capitalize it

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Speaker 1: or not on it or not, she would have had

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Speaker 1: to come up with a whole different business model or

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Speaker 1: a reconstitution of Facebook's business model for the metaverse. And

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Speaker 1: maybe she just didn't want to write a whole new chapter. Um,

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Speaker 1: maybe she was just done and wanted to do other things.

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Speaker 1: I also think that she's probably been looking for an

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Speaker 1: exit for several years. And because Facebook was facing controversy

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Speaker 1: after controversy after controversy, and she was often the face

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Speaker 1: of those controversies or felt responsibility to clean up the mess. Um,

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Speaker 1: she couldn't believe and there was never a good time. Yes,

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Speaker 1: let's talk about that for a moment. Because so she

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Speaker 1: wants to now step down from Facebook and do more good.

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Speaker 1: Can she redeem herself? Is she going to heaven? Because

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Speaker 1: Facebook is potentially one of the worst things to happen

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Speaker 1: to humanity, you know, I mean, it's just made the

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Speaker 1: world a worst place. Yes. And I think if if

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Speaker 1: Cheryl Sandberg has any failures, she did not admit to

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Speaker 1: the negative consequences that you know, Facebook has has clearly

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Speaker 1: clearly created and and and of course there there could

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Speaker 1: have been you know, decisions that she wanted Mark to

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Speaker 1: make make that he refused to make. Sure, let's allow

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Speaker 1: her that possibility. Um. But also there's no question that

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Speaker 1: she does bear responsibility for the negative consequences of Facebook,

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Speaker 1: and also that she was not able to repair Facebook's

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Speaker 1: relationship with Washington, repair Facebook's image, and of course that

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Speaker 1: then comes down to her own reputation. But can we

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Speaker 1: just say that she created one of the most incredible,

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Speaker 1: whether we like it or not, business models in history,

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Speaker 1: not just once but twice. She did it at Google,

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Speaker 1: she did it at Facebook. She wrote a transformational book

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Speaker 1: that I know not everyone agrees with that was very

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Speaker 1: powerful for many women, and not just women but men

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Speaker 1: and women and business. And so I don't know if

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Speaker 1: she's going to heaven or any of us going to heaven,

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Speaker 1: but I think we do have to celebrate what she

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Speaker 1: has created. Do you think she has a future in politics.

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Speaker 1: I think elected office would be tough. I think it

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Speaker 1: would be tough for her to win an election, and

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Speaker 1: you put it everything together, the good and the bad,

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Speaker 1: it's a challenge. I think appointed office maybe, And you know,

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Speaker 1: maybe the more distance she puts between herself and Facebook,

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Speaker 1: people start to see the good things again. And you know,

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Speaker 1: I don't know if she really wants to. I do

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Speaker 1: think that Cheryl is she's very ambitious. She wrote not

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Speaker 1: just one but two books while she was at Facebook.

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Speaker 1: She's strategic, she's smart, like I'm sure she has a

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Speaker 1: plan um and but you're right, she doesn't have to.

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Speaker 1: She doesn't have to, but I think she she is

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Speaker 1: someone who I just from my personal interactions with her,

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Speaker 1: she wants to work right, she wants to be contributing

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Speaker 1: um and I don't think she will be happy just

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Speaker 1: you know, quote unquote doing philanthropy, though I think that

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Speaker 1: that's very important work. I think that she will want

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Speaker 1: to do more and see how she can use her

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Speaker 1: voice as a force for good in the future. The

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Speaker 1: Bloomberg rich Go Functions says she has two point three

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Speaker 1: billion dollars. I'm gonna say that's lowballing you. Our data

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Speaker 1: is the best, rich Go, It's the best. Yeah, it

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Speaker 1: is the definitive data. Let's say she's rich. Okay, Like

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Speaker 1: I think that's a lot of money. That's a lot

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Speaker 1: of money, all right, Emily Chang, thank you so much

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Speaker 1: for joining us in our studio here at folks. Uh.

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Speaker 1: There's really not many journals I would say, maybe not

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Speaker 1: any who are as in touch with the business of

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Speaker 1: Silicon Valley than Emily Chang is from her perch on

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Speaker 1: the West Coast. We appreciate getting a few minutes of

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Speaker 1: your time. Matt and I often like to talk about

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Speaker 1: supply channel ofttimes you talk about it on a global scale,

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Speaker 1: getting two ships into ports and the railroads running in

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Speaker 1: the trucks and all that kind of stuff. But Iday,

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Speaker 1: I drove back and forth to South Jersey yesterday on

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Speaker 1: the New Jersey Turnpike and there it is just lined

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Speaker 1: with UH warehouses and fulfilment centers and Amazon Prime trucks

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Speaker 1: all over the place, and early makes you think about

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Speaker 1: that last mile of getting stuff to stores and then

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Speaker 1: stores to consumers. It is just an incredible business. Brian

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Speaker 1: Kinsella joins us. He's just senior VP of Product Management

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Speaker 1: at Manhattan Associates. That's a NASTAC traded company. M A

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Speaker 1: n H is the ticker on your Bloomberg terminal there.

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Speaker 1: Brian talked to us about kind of what retailers have

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Speaker 1: been doing over the past two two and a half

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Speaker 1: years as it relates to getting products to consumers. It's

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Speaker 1: not just people coming into stores. It's been e commerce,

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Speaker 1: it's been omni channel. What are some of the big

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Speaker 1: changes that you and your clients have been dealing with. Yeah,

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Speaker 1: good morning, I'm glad to be with you. Um So, yeah,

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Speaker 1: it's been Uh, it's been a fun last couple of years.

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Speaker 1: I mean, I think a couple of things. One. Um,

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Speaker 1: if you think about the experience you have as a consumer,

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Speaker 1: your expectations have really changed. When you order something now,

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Speaker 1: you know it's not okay for it to come in

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Speaker 1: five to seven days. You expect it in two days.

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Speaker 1: And you expect to be able to reserve something online

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Speaker 1: and do a curbside pick up in a couple of hours.

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Speaker 1: And those things may seem a little bit simple and basic,

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Speaker 1: but from a logistics and supply chain point of view,

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Speaker 1: there's a lot in the background that makes that happen.

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Speaker 1: So Um, it's really about speed to customer. Predictability and

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Speaker 1: visibility of that delivery experience is what the data will

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Speaker 1: show you will drive up your net promoter score UM

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Speaker 1: and drive loyalty amongst your customers. I got a curveball

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Speaker 1: for you. I got one out of left field here

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Speaker 1: kind of it's related. Are you going to heaven? No? Okay? Um, Brian, Uh.

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Speaker 1: You know, a couple of years ago, we were talking

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Speaker 1: about the idea of drones delivering stuff and I thought

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Speaker 1: it sounded ridiculous. I've heard there our pilot programs. Is

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Speaker 1: that kind of thing really going to happen? You know,

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Speaker 1: I think that we're in experimentation mode on a lot

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Speaker 1: of different things. That's everything from from drone delivery, which

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Speaker 1: is you know, obviously nascent, to robotics in the warehouse,

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Speaker 1: which is further along UM and is showing some real

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Speaker 1: productivity improvements, especially in a tight labor environment. UM. But

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Speaker 1: if you look at you know what's happening at a

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Speaker 1: macro level, employment in the warehousing and the transportation sectors

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Speaker 1: has never been higher. So this is still UM you know,

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Speaker 1: primarily a people driven process, both on the last mile

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Speaker 1: and delivery side as well as those big warehouses that

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Speaker 1: you drive by. The vast majority of that activity is

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Speaker 1: powered by people today. So the last mile is your

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Speaker 1: area of specific expertise. What UM is the unique selling

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Speaker 1: point of Manhattan Associates, What's what's your you know, elevator pitch. Well,

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Speaker 1: you know what we really do is UM. You know,

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Speaker 1: we think about the totality of the stomer experience when

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Speaker 1: it comes to fulfilment. So when you go online to

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Speaker 1: that website, you want to know what's in that local store?

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Speaker 1: When can I pick it up? Can I get the

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Speaker 1: same dat delivery? Can I get a next day delivery?

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Speaker 1: If I'm going to have a shift to me, how

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Speaker 1: long is it going to take if I add more

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Speaker 1: three or three more items to that basket? How does

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Speaker 1: that change my delivery experience in terms of timing and

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Speaker 1: so forth. Um So, pulling all that together, as you

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Speaker 1: might imagine, there's a lot of real time data that

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Speaker 1: needs to be consolidated together. Um you've got to also

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Speaker 1: avoid mistakes like not offering to send you a pair

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Speaker 1: of socks across town, you know, for free during the

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Speaker 1: you know, for the same day delivery. So really being

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Speaker 1: smart about that assortment and figuring out how to do

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Speaker 1: all of this profitably. So over the course of the

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Speaker 1: last few years, it's really been focused about customer experience

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Speaker 1: and delivering those types of fulfilment experiences. But we've also

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Speaker 1: got to look at how do we generate bottom line

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Speaker 1: results from more and more of the activity that's going

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Speaker 1: through these complex fulfilment channels. Brian, you mentioned one of

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Speaker 1: the key ingredients for that last mild delivery of packages,

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Speaker 1: and we've all seen the trucks cruising around town, you know,

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Speaker 1: dropping that pair of socks off the people that they

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Speaker 1: just have to have Today talk to us about the

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Speaker 1: labor situation because we know there's a labor shortage for

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Speaker 1: most industries out there. And I'm I'm guessing that's also

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Speaker 1: true kind of in your business as well as you

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Speaker 1: work with your clients. Yeah. Absolutely, And you know, before

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Speaker 1: the packages get on the back of those trucks, they

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Speaker 1: go through in most cases large complex distribution centers and

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Speaker 1: fulfillment centers. And you know, one of the things that

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Speaker 1: has been driving UM, you know, more use of automation,

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Speaker 1: be it next gen automation like robotics or your classic

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Speaker 1: automation is frankly the labor shortage in the labor situation. UM.

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Speaker 1: You know that said, One of the things that companies

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Speaker 1: can do and that we work with them on is

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Speaker 1: UM really creating a better experience for the associates in

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Speaker 1: the warehouse. You know, we've built some gamification technology so

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Speaker 1: that UM they're real time rewards that get built into

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Speaker 1: the work day, both monetary and otherwise. UM that you know,

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Speaker 1: really makes it more of a modern experience orients for

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Speaker 1: the younger generation as they come into some of those

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Speaker 1: jobs as well. In terms of UM normalization. I mean

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Speaker 1: you you you said, I think half joking that it

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Speaker 1: was been a fun couple of years. I'm sure it's

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Speaker 1: probably you've been the hardest two years of your career. Um,

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Speaker 1: when when do we get back to normal here? Well, Um,

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Speaker 1: you know, I think that it's uh, it's a matter

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Speaker 1: of the things are changing on both sides of the equation.

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Speaker 1: So obviously there's the supply disruption and I know you

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Speaker 1: guys have covered that extensively. Um, But that the consumer

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Speaker 1: continues to change. You know, that they want different ways

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Speaker 1: to take delivery of products, to pay for things, contactless payments, um,

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Speaker 1: you know, paying with crypto in the store. All of

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Speaker 1: that stuff continues to go along. So I don't think,

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Speaker 1: and I guess it's a bit cliche, but that the

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Speaker 1: reality is the you know what normal looks like is

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Speaker 1: going to be ongoing change and evolution. And I think

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Speaker 1: especially for a lot of you know companies that we

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Speaker 1: deal with, you know, they're they're chasing in some cases,

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Speaker 1: and we're trying to outcompete the legs of Amazon, and

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Speaker 1: we know their philosophy about continued evolution and and grow

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Speaker 1: to the customer experience. So I think it's going to

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Speaker 1: be you know, this pace that we've experienced the last

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Speaker 1: two to three years, I think is what we can

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Speaker 1: expect going forward in terms of continued investment in supply chain,

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Speaker 1: in technology UM, and improving the end customer delivery experience.

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Speaker 1: You mentioned Amazon dot Com and You're and obviously they're

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Speaker 1: the ones that have been driving this revolution in retail

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Speaker 1: over the last decades. Plural are are are the traditional retailers.

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Speaker 1: How does a MoMA keep up with that? Yeah, it's

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Speaker 1: a great question. We see two things. One, for the

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Speaker 1: non mom pops, you know, you're much larger companies UM,

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Speaker 1: they're building I T organizations and development shops to rival Amazon,

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Speaker 1: or to attempt to rival Amazon and really build out

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Speaker 1: a fair amount of it themselves. Now we work with

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Speaker 1: a lot of those guys behind the scenes too, but

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Speaker 1: the end customer experience they're trying to control. For the

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Speaker 1: smaller companies, it's really about cleverly stitching together you know,

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Speaker 1: some SASS solutions and cloud based technology providers to be

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Speaker 1: able to deliver those types of experiences. You're also seeing

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Speaker 1: some third party logistics providers really focusing on UM serving

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Speaker 1: that market the book that you're describing and essentially delivering

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Speaker 1: an Amazon like experience as a service. It sounds like

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Speaker 1: there's no going back. Brian cain sell, A, Senior VP

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Speaker 1: of Product Management in Manhattan, associates again that companies publicly

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Speaker 1: traded on the NASTAC M A and H is the

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Speaker 1: ticker UH for your Bloomberg terminal. The world is going

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Speaker 1: continues to go e commerce, omni channel. We're gonna online,

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Speaker 1: pick it up the store, all that kind of good stuff.

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Speaker 1: Retail is changing. June is Pride month, and a month

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Speaker 1: when we're focusing on equality issues here at Bloomberg. Today

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Speaker 1: we bringing Mary Ellen is Candarian CEO and president of

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Speaker 1: Women's World Banking, also author of a new book, Nothing

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Speaker 1: Mike Grow, about a billion women making finance work for women. Marianne,

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Speaker 1: thanks so much for joining us. I love to start

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Speaker 1: off just by getting your reaction to the news that

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Speaker 1: Cheryl S. Sandberg is stepping down from her CEO post

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Speaker 1: at Facebook. How did you what did you read into that? Well?

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Speaker 1: I have to say I hadn't heard that the stock

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Speaker 1: was up on the news until just listening to the

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Speaker 1: program right before we started talking. So that was interesting,

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Speaker 1: very very very interesting signal there. Um. You know, she

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Speaker 1: was really such a face for this movement of lean

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Speaker 1: in and and you know, negotiating for what right salaries

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Speaker 1: and everything everything to deserve. I know, a lot of

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Speaker 1: folks felt like, you know, there was a classic line

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Speaker 1: I've heard many women say, you know, sort of if

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Speaker 1: I lean in any further, I'm going to fall flat

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Speaker 1: on my faith. And UM, I think that a lot

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Speaker 1: of that sentiment really, um, you know, hit home during

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Speaker 1: during COVID, when all of the you know, sort of

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Speaker 1: the third shift, all of the additional responsibilities that that

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Speaker 1: women often take at home in addition to working really

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Speaker 1: um just ramped up to ridiculous levels as the kids

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Speaker 1: were homeschooled and people were trying to work from home

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Speaker 1: and there was just, you know, so much being being juggled.

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Speaker 1: So I don't know, I feel like the messages maybe

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Speaker 1: moved on a bit and that hasn't necessarily updated. Um

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Speaker 1: for all that we've learned, and a lot happens that happens, right,

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Speaker 1: I mean it was at the time, I think it

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Speaker 1: was really important, and it certainly was fascinating, and um,

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Speaker 1: she did an undeniably great job at creating a powerhouse business.

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Speaker 1: I mean, if you look at Facebook, um stock, yes,

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Speaker 1: it's up today three percent, and reaction were stepping down

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Speaker 1: but you know, at one point she was responsible for

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Speaker 1: boosting the stock like one thousand two. Um, she made

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Speaker 1: twenty seven billion dollars in one quarter and advertising revenue.

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Speaker 1: I mean she just she leaned way the heck in.

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Speaker 1: And it's easier, Marian when you have two point three

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Speaker 1: billion dollars, you know, to get childcare. Yes, what about

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Speaker 1: what about a normal the normal women of America post

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Speaker 1: COVID and you know even in less developed nations. How, um,

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Speaker 1: how are we doing in terms of creating a solid

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Speaker 1: financial foundation for for women. Well, you know, the work

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Speaker 1: that we do at Women's World Banking is very focused

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Speaker 1: on on the emerging markets and and we've seen some

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Speaker 1: actually really exciting developments in that. Um, you know, the

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Speaker 1: rush to digital moving so many government and private sector

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Speaker 1: you know, in addition to financial services, online has just

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Speaker 1: really you know, sort of driven change for women at

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Speaker 1: a pace that, um, you know, we could only have

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Speaker 1: imagined a few years ago. So we're actually pretty excited

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Speaker 1: about all of the smartphones that have gotten into women's hands.

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Speaker 1: You know, UM India made their first uh COVID relief

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Speaker 1: payments payable only two women and only through digital accounts.

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Speaker 1: UM India is also the country with the largest gender

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Speaker 1: gap in smartphone ownership. And so you saw like within

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Speaker 1: three weeks of that first um, that first lockdown, twenty

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Speaker 1: five million new digital accounts opened, primarily by women. So

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Speaker 1: you know, sometimes it does take a crisis to just

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Speaker 1: go through social norms and restrictive um cultural issues that

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Speaker 1: may all hold women back. But you know, in a crisis,

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Speaker 1: no way where you're going to not take advantage of

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Speaker 1: that government relief payment during such a scary time. So

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Speaker 1: you now have all of these women with those mobile

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Speaker 1: money accounts, the challenge will be let's keep them in

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Speaker 1: the system. Let's make sure we continue to serve them,

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Speaker 1: and as they start to come back into the into

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Speaker 1: the workforce, you know, even more importantly thirty seconds Mary Allan,

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Speaker 1: in the US, how are the banks doing in terms

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Speaker 1: of serving women? You know, I still feel in the

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Speaker 1: U S we we have a little bit of that

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Speaker 1: sort of pink product um phenomenon where you take a

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Speaker 1: product that maybe working for men, you know, put some

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Speaker 1: nice marketing around it, but you don't really look into

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Speaker 1: what's the need? What are women really missing, not understanding,

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Speaker 1: not really wanting, not that you're not listening to them

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Speaker 1: and and really taking a woman centered focus um on

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Speaker 1: your product design. I think there's a there's a great

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Speaker 1: stuff that's happening. You're seeing some really interesting fintech and

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Speaker 1: tech enabled solutions that are focused on women, but I

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Speaker 1: think the banks specifically still have a way to go.

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Speaker 1: All right, Mary Ellen, great stuff. Thanks for coming on.

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Speaker 1: We really appreciate getting your thoughts. Mary Ellen is can

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Speaker 1: Day and CEO and president of Women's World Banking. New

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Speaker 1: book out entitled Nothing Micro About a Billion Women Making

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Speaker 1: finance work for Women. Thanks for listening to the Bloomberg

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Speaker 1: Markets podcast. You can subscribe and listen to interviews with

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Speaker 1: Apple Podcasts or whatever podcast platform you prefer. I'm Matt Miller.

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Speaker 1: I'm on Twitter at Matt Miller, three pen On Fall

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Speaker 1: Sweeney I'm on Twitter at pt Sweeney. Before the podcast,

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Speaker 1: you can always catch us worldwide at Bloomberg Radio