The question that men have been struggling to find an answer to for years and years: what do women want? While this question may never be answered completely, we have an idea of what women want from their banks. According to MasterCard Worldwide, 95% of women make financial decisions for their households. This is an astonishing number that shows how involved women are in the everyday choices that go into planning and purchasing items for a household. Women are also controlling more and more of the total population’s wealth. It is said that currently, women control $8 trillion of the nation’s total wealth.
With this information available, banks should undoubtedly be gearing themselves more towards women than in the past as women’s roles in the business world and the public stage continue to grow. Unlike men, who try to accumulate as much wealth as possible while providing for their families, women are more concerned with improving their lives while providing for their family. Men often get competitive with money and compare themselves with the next guy, but women tend to only be concerned with their own family’s well being. Banks need to keep this in mind while creating promotions and services and work with women to help them achieve these goals.
Something else women value highly in a bank is trust. Being able to trust what a bank does, how they handle your money, and what helpful advice advisors provide goes a long way when trying to keep women customers happy. Women, as opposed to men, like to talk about their finances with advisors and talk their way through financial planning. This difference is key for banks because having the ability to effectively communicate ideas and financial strategies to women is a large part of winning over women customers.
All in all, when it comes to dealing with women customers in banking, delivery and the level of assistance are crucial. It is vital to talk through what their financial plans are and what decisions they should make. Being personable and providing excellent help are extremely important focus points for banks to win over their female customers.