More recently, women have made more banking decisions for their families and themselves, with a focus on practicality. In fact, studies show that “women influence up to 80% of household buying decisions worldwide but 73% of them report being unsatisfied with their banking services” (Cernuda). This shows a clear gap in the market and how it is currently not meeting the needs of most of its consumers. From both a business and sociological point of view this presents opportunities to create better services and technology.
While one solution the article presents is a pink bank and female employees, I do not think this is the only way to get women more engaged with banking services. Author Gemma Cernuda states that “developing products and services relying on male traits and values don’t resonate with female consumers and leave them annoyed and exhausted” (Cerduna). She suggests that banks need more data on women, which I agree is important. Ultimately, I believe that banks need to be flexible and understand the financial decisions women make, and integrate that into current technology like apps, allowing them to access services they need.
Source: http://blog.strands.com/bridging-the-gap-connecting-banks-and-women?utm_medium=email&utm_source=fintechweeklycom
I find your article very interesting that women actually make a lot of decisions on financial stuff. And I agree that nowadays opinions from women become increasingly important and influential, and banking or other institutes need to understand how women make decision in order to attract more female customers to their business.
Yes, I agree! I do not think banks are as aware of the kind of financial decisions women are making and stand to lose out on many potential customers unless they make more products and services suited for them.