The global financial services sector is making progress on gender diversity in the workforce as mindsets evolve, a report from Guy Carpenter affiliate Oliver Wyman says.

Its latest Women in Financial Services report estimates the revenue opportunity from “better serving women as customers” is at least $US700 billion ($1024 billion).

“Supervisors and shareholders are increasingly applying pressure on firms to embed stability and drive better returns through diversity and inclusion,” which in turn “pushes the issue into the daily path of the CEO and executive committee”.

The report says mindsets are shifting but there is still a long way to go to create an industry in which women have equal access to opportunity. It says 20% representation of women on executive committees and 23% on boards is “not enough” and is calling for public commitment to gender equality in financial services.

“Many CEOs have taken up the challenge but we believe that…where gender balance becomes central to purpose, customer service, business strategy, your equity story, your supervisory relationships, and your brand, this will no longer be a choice for the CEO but a central part of their mandate.”