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Video: Women’s World Banking Helping the Underbanked

October 17, 2011 By Banking.com Staff Leave a Comment

As we have discussed frequently on Banking.com, women will become a driving force in the economy over the next decade.  But how do you engage those that aren’t participating in mainstream banking?

Women’s World Banking, an organization that provides microfinancing services to women in 27 developing countries, gives women access to top financial products and services to help their families.  Women’s World Banking is currently working with 39 financial institutions to provide financial assistance through savings and insurance products, pensions and other services to develop solutions that address “the ways women interact with the financial system throughout their lifecycle.”

See below for a video with Women’s World Banking CEO Mary Ellen Iskenderian as she talks about the organization to Bloomberg.

 

How are you helping those in your community with their finances? What are you offering to help the underbanked consumers in your region? Let us know by posting in the comments section below or tweeting @Bankingdotcom.

Filed Under Videos Tagged With banking news, banks, microfinance, women, world banking

The Battle of Sexes: How it’s affecting financial literacy

February 18, 2011 By Banking.com Staff 1 Comment

Men and women stereotypically have a difference of opinion about many issues. Finances, as a recent MyBankTracker blog post highlights, is one of them. According to a PNC Financial Services Group survey, 49 percent of women, as opposed to 39 percent of men, say that the recession caused them to plan finances more carefully.

Not only does this chasm between opinions draw attention to the problems couples may be having financially, but also to the financial literacy of their children. As parents try to educate their own children, the impact of the recession and the differing views of parents can lead to misinformation and confusion. However, the PNC survey showed that 55 percent of men and 57 percent of women felt that the recession will change the way their children manage their finances, indicating a growing concern that the next generations “may have a tougher time making it financially.”

R. Bruce Bickel, senior vice president of PNC Wealth Management, notes that this can be solved by talking to children early and often about managing money. Bickel advises,

“Helping children create budgets and discussing the principles of earning, giving, saving and spending instills discipline early in life and they are more likely to carry these values forward,” he said. “It doesn’t matter how much money a family has, this approach is indispensible and helps assure future success with finances.”

How are you educating your customers to prepare for the future? Are you implementing any programs for youth? Let us know in the comments below.

Filed Under For Financial Institutions, Surveys Tagged With finance, finances, financial institutions, men, women

Women: Today’s Chief Household Financial Officers

October 21, 2010 By Banking.com Staff Leave a Comment

Across the U.S., 95 percent of women are involved in a multitude of financial decisions in their households, from paying the bills and booking family vacations to filing taxes (according to a 2010 Prudential Financial study). Of these women, 25 percent act as the sole decision-makers when it comes to household finances, marking a growing opportunity for financial institutions to reach female customers.

These “Chief Household Officers” are tech-savvy and utilize the Internet for a wide range of activities, including using Facebook and Twitter to stay in touch with friends to managing the family finances online. In its third annual online management survey, Intuit Financial Services found that 61 percent of women use online banking to pay bills and transfer funds, and nearly one-third use it for budgeting purposes.

The survey underscores how women are at the forefront when adopting online solutions:

  • They rely on online banking tools offered from their financial institutions – more than one-half would leave their current bank or credit union for one that offers these tools.
  • They’re busy! More than one-quarter of women visit their bank or credit union branch only once a month and show a preference for managing accounts online.
  • Seventy percent find the most useful feature is the ability to see their complete financial picture, including all accounts, bills, 401K, brokerage, and more – all in one place.
  • Women want to track finances on-the-go. Nearly one-fourth of women already use or plan to use mobile banking in the next year.

Despite the adoption of online banking, Prudential’s Financial study found that 50 percent of women “need some help” making informed financial decisions. This leaves an opportunity for financial institutions to educate female customers and help them gain the knowledge they need to feel confident in making financial choices for their families.

Does your institution offer classes for women? Let us know how you’re reaching your female customers and members in the comments section below.

Filed Under Industry News, Surveys Tagged With financial institutions, financial management, statistics, survey, women