Women Boomers Rise to Become Market Superpower

There’s no denying women are the next financial superpower. As demonstrated in the findings of the Intuit 2020 Report: The Future of Financial Services, women will be in the spotlight over the next decade as key financial decision makers. With Gen Y women projected to dominate higher education graduation rates and professional workforce entry, women are poised to take control of financial responsibility both as household CEOs, consumers and business decision makers fueling the She-conomy.

The Intuit 2020 Report also projects that by the year 2020, 60 percent of baby boomers will be women, the majority of whom will work beyond the traditional retirement age by starting small businesses and re-entering the workforce. Credit Union Magazine recently highlighted similar findings from the CUNA Marketing and Business Development Council which states that baby boomer women will control two thirds of consumer wealth over the next decade. Mary Brown and Carol Orsborn’ s book, Boom: Marketing to the Ultimate Power Consumer—the Baby Boomer Woman, supports this claim and outlines six important insights financial institutions might not know about their female boomer customers. We’ve included a few below.

  • Many boomer women are at the peak of their earning potential. Eight of 10 say they don’t plan to retire.
  • Many boomer women will manage inheritances from parents and husbands, as most will outlive their husbands by six to nine years.
  • Women ages 35 to 54 years old made up the highest proportion of web surfers. Direct catalog marketers estimate that women constitute 70% of online purchasers, the majority of whom are boomers.
  • Boomer women aren’t set in their ways. According to the Center for Women’s Business Research, 68% of women over age 35 old say that the older they get, the more they enjoy trying new things.

You can read the full list here.

How are you helping your female boomer customers? Do you have any advice on how to market your services to this female population?

Let us know by posting in the comments section below or tweeting @Bankingdotcom.

Intuit 2020: Future of Financial Services Twitter Town Hall

Last week, we posted a report compiled by Emergent Research and Intuit Financial Services which identifies and examines trends that will transform the financial services industry over the next decade. To accompany the release of the report, we’re hosting a Twitter Town Hall to discuss the findings and key trends that will shape the next decade of the banking industry.

We’d like to invite all our readers to tune into the conversation and participate:

What: Future of Financial Services Twitter Town Hall

When: Tuesday, April 19, 2011 at 1:00 pm PT/4:00 pm ET

Where: Go to www.tweetchat.com. Log in using your Twitter ID. Search for #b2020

Some topics the Town Hall will touch upon include the need for financial services to increase across all age groups and demographics; increased competition between financial institutions to serve small and mid-market businesses; cloud computing reshaping how value-added products and services are designed and delivered.

To download the full report, click here.

 

Infographic: The Future of Financial Services

Intuit 2020 Report: The Future of Financial Services

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 over the next decade.  These are:

1.  A New Playing Field for Financial Services: Regulatory pressures will increase and competition will grow from both traditional competitors and new entrants. These forces will lead financial institutions to explore new business models, collaboration and partnerships, and increased consolidation.

2.  Shifting Segments, Changing Markets: Consumer demand for financial services will increase across all age groups. The two largest contingents – aging baby boomers and GenYers – will demonstrate particularly acute shifts in their needs and types of products and services they purchase.

Competition to serve mid-market businesses will intensify, slimming financial institution margins.  However, the overall small business sector will continue expanding, with the total number of small and personal businesses increasing by more than 7 million over the next decade. Most of this growth will come from micro and personal businesses (less than $1 million in revenue) creating opportunities for financial institutions that can serve these firms efficiently.

3.  The New Customer Connection: Technology’s role in the customer experience will take center stage. With increased cost pressures and a growing demand for flexibility, accessibility and personalization, financial services organizations will accelerate their use of technology to meet customer needs.

Cloud computing platforms and applications will combine with advanced analytical tools, ever-larger data sets, and social and mobile computing to reshape the way the financial services industry designs and delivers value-added products and services to customers.

4.  Reputation and Relationships Rule: Institutions that use technology to serve up useful customer insights will win. Over the next decade, the financial service industry will shift its focus from transactions to customized value-added services.

Through a combination of both virtual and brick-and-mortar branches, banks will develop stronger, more personal relationships with businesses and consumers, helping them manage risk, build wealth, plan retirement and anticipate health care expenses.

Intuit 2020: The Future of Financial Services builds on the data, trends and forecasts in the Intuit 2020 report, which identifies 20 emerging trends and shifts that will shape business and society over the next decade.

As part of the research process, Intuit’s Financial Services division and Emergent Research conducted a series of interviews and forecast workshops with financial services professionals, academics, and industry analysts. These sessions helped identify the important trends and implications that will impact financial services over the next 10 years.

Click here to download the report.

About Steve King:  Steve is a Partner at Emergent Research. His current research and consulting is focused on economic decentralization, the growth of small business and the future of work and workplaces. Steve has extensive consulting, marketing and general management experience with both large and small companies.  Steve is a senior fellow and board member at the Society For New Communications Research, a research affiliate at the Future of Work and an advisory board member at Pond Ventures.

About Carolyn Ockels:  Carolyn is the Managing Partner at Emergent Research.  Her current research and consulting is focused on economic decentralization, the growth of small business and Gen Y.  Carolyn has extensive consulting experience, and prior to Emergent Research managed Cambridge Energy Research’s Asian energy consulting business, led market research in Japan for RCM Capital Managment, and held a variety of domestic and international consulting positions with the economic forecasting and planning consulting firm Data Resources, Inc.

A Look Into the Intuit 2020 Report: The Future of Financial Services

This report provides a view of the significant demographic, economic, social and technology trends and forces that will affect the financial services industry over the next decade.

The starting point for this forecast is the Intuit 2020 Report, released in October 2010, which identified 20 emerging trends and shifts that will shape business and society over the next decade.

To prepare this follow-up report, Intuit Financial Services and Emergent Research conducted a series of forecast workshops, exercises, and interviews with accounting professionals, academics, and industry analysts. These sessions identified the important trends and implications that will affect the financial services industry.

Check back on Monday, April 11th for more details and follow us @bankingdotcom and @financeworks.