Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Emily Doubet, Insights in MarketingA woman’s influence on the financial service category is strong, with 93 percent (or approximately 148 million women) saying they have complete or some influence on the financial services purchase decision. According to a recent Prudential Research Study, women are more in control of their finances than ever. They’re also earning more advanced degrees, filling more leadership roles at work and earning higher salaries than ever before. While 53 percent of women are primary breadwinners, they’re facing a number of challenges when it comes to financial decision-making.

Some firms have, indeed, taken notice. Citigroup, for example, offers a service called Women & Co, which links finance information/resources to various aspects of her life including: career, family, home and lifestyle. Similarly, Prudential has a Women & Money Sector, which includes a “Manage Family & Relationships” resource. While it’s promising that these companies are recognizing the need for such specializations, the question remains: Are they talking to her effectively?

Insights in Marketing, LLC, a marketing research consultancy based in the Chicago area, believes financial services businesses are struggling to effectively communicate with women. In our survey of 1,300 women and 200 men about which of the top brands effectively market their products and services, only 4 percent of women say Charles Schwab markets their products/services effectively to them and, only 3 percent say TD Ameritrade markets their products/services effectively to them. According to the Harvard Business Review, the financial services industry is the least sympathetic industry to women—and one in which companies stand to gain the most if they can change their approach.

Women have different needs, values and personalities.  Insights in Marketing defined five different psychological profiles (FBI ProfilesTM) that women fall under, and each of those profiles is designed to help businesses communicate more effectively with women. For example, a Profile 1 woman accounts for 26 percent of all women, and is the profile most engaged in the financial services category. These women have the highest household income and image, premium quality and convenience are important to her.

When it comes to finance, these women are more likely than others to:

  • Stay up to date by reading financial news/financial publications
  • Discuss her knowledge of the industry with others and recommend products/services she likes to other people, but also likes learning about financial products or services from others
  • Save her money for a specific purpose
  • Have others seek her advice when it comes to financial matters
  • And most importantly, she finds the rollercoaster (ups and downs) of the financial markets exciting, and is more willing to take risks when investing in hopes of a high return on investment

So how do you win her loyalty?

First, financial services organization need to show her that they recognize the need to talk to her directly. Let her know that you care about her needs and want to help. You should also:

  • Make her feel important and valued (don’t talk down to her). She is smart & savvy
  • Exhibit stellar customer service; make her feel important and special
  • She is busy so save her time
  • Show her how your product/service fits easily and conveniently into her life. For example, show her the ease and capabilities available via her smartphone
  • Simplify your offerings. Provide easy quality measures or comparisons on the bank’s website, and explain what separates your bank from other brands. If not, she will find it on someone else’s site
  • Make sure the sales team is well trained to identify her sensitivities
  • Explain any service benefits, such as first-time service discounts, perks/rewards, etc. Assure her that you are at her disposal and always available to help her. Small gestures will go a long way

Women offer an enormous opportunity for those in the financial services industry, but first, you must know what she wants and how to give it to her. Start a dialogue today, and you may discover your most loyal customer, yet.

 

Emily Doubet is the Consumer Intelligence Manager at Insights in Marketing. She has more than 8 years of supplier-side marketing research experience and has worked with some of the world’s leading brands at both the domestic and global levels. 

To learn more about Insights in Marketing and their Female Behavioral Insight Profiles (FBI ProfilesTM) visit insightsinmarketing.com. For more ideas on how to elevate your marketing to women, download Insights in Marketing’s latest eBook “Getting Women to Buy:  Better Insights to Transform Your Marketing” here.

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Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.