Financial Situation

Women control accounts, but feel displaced in the banking sector

Women control accounts, but feel displaced in the banking sector

80% of market buying decisions are made by women. They are also the owners of 52% of current accounts that are open right now. That is precisely why the publicist and CEO of the company Ellas Deciden, Gemma Cernuda, has made a report called SheBanking or the end of traditional banking . In it he tries to give an answer to why with these figures, the girls analyzed recognize not feeling understood by the banking sector. But how should a bank be to conquer the female sector?

They, more concerned about finances than they do

Cernuda’s study analyzes what kind of financial worries women have and if there are differences regarding the thoughts of men. Something that could give clues to the market about what improvements to take.

However, although the figures show that women are more concerned about money in general (68% versus 56% of them) the specific issues that disturb them and the order of these are not very diverse.

Both sexes often think, above all, of retirement savings, in particular, 44% of them and 35% of them. The rest of the issues that take away sleep are the cost of education, health-related expenses, mortgage or rent and outstanding credit debts.

3 points that banks should improve to be Women- Friendly

The women analyzed have given quite clear answers about what would change the banking sector as we know it now. It can be summarized in:

  • Better communication about services: many women are unaware of the existence of online accounts that can be managed over the Internet or, directly, through the mobile phone.
  • Financial advice: they value positively that in their bank there is a figure of a personalized financial advisor who helps them with some steps. They ask for empathic and trusting treatment.
  • Advantages and facilities for and to save. According to the Women’s World Bank, women save 25% more than men, so a good way to attract them is to value this effort and encourage savings with attractive products.

What is the ideal current account for women?

These ideas of improvement take shape when they are asked to draw the services that the ideal Women- Friendly bank account should have. Good news? Some have already incorporated the best accounts in the market.

  1. Financial control services: from a calendar in which income and disbursements are included, to the grouping of expenses by categories and the allocation of a perfect average budget for each one. Something that increasingly include more accounts, among which stand out the Current Account of imaginBank or the N26 Account , a young bank fintech to the last.
  2. Goals of saving: to know the state of the objective. Point in which the Savings Account COINC stands out.
  3. Notifications : know in advance when a deposit is going to end or if we stay in the open. A function that is possible to activate in almost all accounts.
  4. Grouping in accounts of different banks : being able to see in the same application all your accounts that we have and the existing balance in each one. Something that is trying to apply the neobank Bnext
  5. Know what financial level we have compared to other users with a similar profile. A service that incorporated the BBVA Online Account at the end of 2017.
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