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.
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.