Our latest benchmarks revealed some interesting gender differences in banking: Women across the Northeast are about 10% more likely than men to prefer electronic banking over branch or phone. Furthermore, they are better at their male counterparts at figuring out how to use the tools, and they are moving more rapidly away from the branch.
What does this mean for your bank?
If you are thinking of upgrading your online or mobile technology, you might want to keep Jane Q. Public in mind (rather than John Q. Public). As a community bank or credit union trying to attract additional bank customers, these kinds of insights are invaluable for making strategic decisions about where to invest in your bank.
Women generate more ROI
The lifetime value your bank customer varies by gender; the average lifetime value of a female customer is $308 higher than that of a male. Women are also more likely to consolidate all of their banking and remain loyal to the bank.
For more insight into gender differences in bank customers, read Bruce’s article in Banking New England Jan/Feb 2019. In the article, he discusses why community banks and credit unions need to make sure they are doing what they should to cultivate female customers.
Banking New England takes a look at both the importance of women as bank customers and how banks can solve the gender problem in leadership.
Customer Experience Solutions analyzed over a half million reviews from men and women to discover differences by gender in banking across the region.