Company: Halkbank, Istanbul, Turkiye
Nomination Submitted by: Business Awards Consulting
Company Description: Halkbank has become one of the steadily growing, well-established, pioneering and respected brands of emerging Turkey, which established in 1938 to support tradesmen, SMEs and to accelerate permanent economic development. Pioneering the development of the Turkish banking sector for 83 years, Halkbank continues its mission of supporting the real sector
Nomination Category: Product & Service Awards Categories
Nomination Sub Category: Best New Product or Service of the Year - Consumer Products
 Nomination Title: Women Entrepreneur Supports
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the features, functions, benefits, and results to date of the nominated product or service, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions, please provide them in the appropriate spaces below:
- If you are nominating a brand-new product or service, state the date on which it was released. If you are nominating a new version of an existing product or service, state the date on which the update was released:
Halkbank Women Entrepreneur Department is established in March 2021. This application is based on the supports achived after 2022.
- Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 318 words used.
According to the Global Entrepreneurship Monitor report, Turkey ranks 3rd in overall entrepreneurship activity in its area. However, when it comes to women's workforce participation and women entrepreneurship, Turkey lags far behind global levels. While the global average of women entrepreneurship stands at around 34%, in Turkey it is only around 17,4%. According to the World Economic Forum's Global Gender Gap 2022 Report, Turkey ranks 133th out of 146 countries in terms of women's economic participation and is at the bottom in its region.
There is a similar situation in women's employment. The employment rate of women is less than half of that of men. In Turkey, only one-third (36%) of women participate in the workforce.
Established in 1938 with the mission of supporting the entire society, including artisans and SMEs, Halkbank has emerged as one of Turkey's longstanding and reputable brands, leading the development of both the banking sector and the country's economy. With 86 years of history, operating with the vision of "People First, Then the Bank," Halkbank has embraced the mission of being "The Bank of Producing Women," recognizing the economic freedom of women and the value they bring to the economy.
Halkbank, with its vision of being "The Bank of Producing Women," has achieved a first in the banking sector by establishing the first specialized banking unit exclusively for women, called the "Women Entrepreneur Department." This department is the first banking unit in Turkey to develop specialized products and services for women entrepreneurs.
By bringing together all its activities aimed at producing women under one umbrella, Halkbank aims to:
-Encourage women entrepreneurs to increase their workforce participation and entrepreneurship.
-Support women entrepreneurs financially by providing advantageous services throughout the entire financial process.
-Contribute to the increased presence of women in the economy, leading to improved social welfare, overcoming gender inequality, and making a direct contribution to the Turkish economy.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 155 words used.
To promote women's participation in all sectors and levels of the economy, ensure equal social rights, provide a safe working environment, support professional development opportunities for women, and strengthen gender equality, Halkbank’s General Manager Osman Arslan signed the United Nations Women’s Empowerment Principles (WEPs) on September 22, 2023. Efforts to join the Bloomberg Gender Equality Index are ongoing.
Halkbank has a workforce where 46,6% are women. With this percentage, Halkbank has exceeded the average female employee ratio in Turkey, which is 30%. Women ratio in Management Board increased to 22% in 2023.
In addition to all these activities, Halkbank stands out from its industry peers by implementing positive discrimination in the procurement of products and services to empower women. In the bank's procurement agreements and purchasing processes, priority is given to women entrepreneurs, women-owned SMEs, women artisans, and women cooperatives. This ensures the visibility and prominence of women who strive to sustain their ventures.
- Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable. (up to 350 words):
Total 350 words used.
Halkbank implemented Special Financial Support and Benefits for Women Entrepreneurs and became the first bank to design special support packages for women cooperatives. Furthermore, on International Women's Day 2022, Halkbank launched the Paraf "Producing Women" Credit Card.
With the awareness that financial support alone is not sufficient for women's participation in workforce, Halkbank expanded its activities for women entrepreneurs:
In 2022, Halkbank launched the "Producing Women Competition" and "Producing Women Academy." These initiatives were designed to provide ongoing support and opportunities for women entrepreneurs to showcase their talents and enhance their skills.
In 2023, Halkbank designed Masterclass Brand Academy for women entrepreneurs. And collaborated with main e-commerce companies of Turkey and provide advangtageous showcase opportunities for women entrepreneurs.
Halkbank Women Entrepreneurship Department is the first and only banking unit in Turkey that develops exclusive products and services for women entrepreneurs.
According to Turkish Banks Association’s Women Entrepreneur Loans Report 2023, 41% of financial loans provided to women entrepreneurs in Turkey were from Halkbank. The same report indicates that 70% of women entrepreneurs with ongoing loans obtained these from Halkbank. These figures clearly demonstrate the importance of Halkbank’s support in empowering women and promoting women’s entrepreneurship in Turkey.
Looking at female entrepreneurship rates in Turkey, Halkbank’s impact is even more significant. At the end of 2021, when Halkbank Women Entrepreneur Department was established, the rate of female entrepreneurs in Turkey was only 11%. By the end of 2023, this rate increased to 17.4%. Globally, the rate of female entrepreneurs rose from 30% to 34% during same period. While women’s labor force participation remains same in Turkey the increase in female entrepreneurship was 1.5 times higher than global increase. Considering Halkbank’s 70% share in supporting women entrepreneurs, its contribution to female entrepreneurship in Turkey becomes evident.
Credits used to repay business debts, increase production capacity, invest in new equipment, and develop products have contributed to the development of entrepreneurship in Turkey. Despite challenging economic conditions due to pandemic, conflicts in Europe, and rising inflation, 16.25% of women entrepreneurs who used credit have seen an improvement in their turnover.
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