Community Service with the Personal Touch

September 23, 2014
/   Insights

Question: Community branch, personal service, mobile banking—which is the odd one out? Answer: None. Otherwise, the industry is in trouble. For some time now, there have been discussions about the future of community banks...

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...

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...

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...

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...

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....

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...

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

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...

As women are taking a larger role in the economy, they require more tailored tools and solutions from their financial institutions. The Future of Financial Services Report indicated Gen Y women are expected to dominate higher education graduation rates and professional workforce entry, taking control of financial responsibility both as household CEOs, consumers and business decision makers fueling the She-conomy. Additionally the report states 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.

Women will hold a larger piece of the pie as is substantiated by reports 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, and the book Women Want More which indicated by 2014 women could earn about $18 trillion a year and control as much as $28 trillion of spending.

With this customer segment growing in importance, financial institutions need to provide tools and solutions to not only balance a checkbook – but balance it all. Intuit Financial Services’ Fourth Annual Financial Management Survey found women have very strong opinions about the ways they like to bank.

Women prioritize online banking for convenient management of their finances:

  • One third of respondents said they would switch financial institutions for one that offers better online banking tools.
  • Women are also smart shoppers; 82 percent would use a service from their bank or credit union that provides discounts on products and services they already use.
  • Women are also high adopters of mobile banking to meet their busy lifestyle with more than one-fifth of women reporting use of their mobile device to access their bank account or use banking tools.
  • Mobile banking also serves as a good retention tool for this customer segment as 16 percent of women surveyed said they would switch financial institutions if theirs stopped offering mobile banking.

Lastly, in a time when consumers are finding their voice to demand the appropriate fees and offerings from their banks, 35 percent of women indicate theyhave already, or plan to switch where they bank due to increased fees.

Are you seeing women driving adoption of mobile or online banking at your financial institution? How do you see women shaping your financial management offerings? Let us know in the comments section below, or Tweet @bankingdotcom.

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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.

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.

Brad Strothkamp

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