More women are living independently, opening local businesses, and taking leadership positions in businesses around the community. So, what can a community bank do to make sure it provides the right kind of support and value to attract these decision-making consumers?
According to the IDF, women entrepreneurs are “changing the face of the global economy,” representing more than 30 percent of registered businesses. And according to HBR, women control about $20 billion and earn about $18 trillion, making them powerful consumers. Through our own research, we discovered that when women find the “right” bank – a bank where they feel treated with respect – they are less likely to change banks.
How Can Community Banks Attract Women?
Is Your Banking Technology Up to Date? According to our research, women are much more banking-tech savvy than men: 33-percent are more likely to prefer online and mobile over branch and phone. And that gap is widening, as women are shifting faster than men to online and mobile banking.
Are You Offering Women Opportunity? According to the IDF, women may own more than 30 percent of the businesses in the world, but less than 10 percent of them have access to the funding they need to grow their businesses. Supporting women in business can help make your bank more appealing.