Now more than ever, banks are looking for newer and better ways to serve women—and with good reason. A study by Pew Research found that women are the primary breadwinners in more than 40% of American households with children under the age of 18. In addition, America’s 8.6 million woman-owned businesses generate more than $1.3 trillion a year in revenues.
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Why banks must take gender differences into account
A recent Boston Consulting Group survey revealed that 73 percent of women are dissatisfied with the financial services sector. Reasons cited for this dissatisfaction range from poor communication by banking representatives to the need for financial institutions to offer products suited to specific events in women’s lives.
How banks are turning this number around
First, they’re recognizing that women bank differently from men. One important distinction is that women tend to ask more questions. Unfortunately, many of the women surveyed felt that financial professionals needed to show more patience when answering. In fact, some women search for the answers they need online to avoid interacting with bankers and other financial service representatives. In response, many banks are beginning to ask questions of their own before trying to determine women’s financial needs. These include:
- Are you the head of a single-parent household?
- Are you saving for a child’s education?
- Do you have a business, and are you planning to grow it?
- When investing, what level of risk are you comfortable with?
- What are your goals for retirement?
- Do you have an inheritance or other income you need help managing?
By asking the right questions at the outset, banks are developing strategies that better meet women’s changing financial needs.
Did you know 44% of female small business owners said their primary goal was to grow their business significantly compared to 33% of male small business owners?* At The First, we listen to your needs and provide straight answers about growing your business. Give us a call today at 215-860-9100.
How can banks better serve women customers? Let us know in the comment section below.
*Source: The Hartford