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WOMEN WANT MOBILE BANKING APPS THAT ARE TAILORED TO THEIR NEEDS

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Financial institutions may be tempted to market mobile banking to men by using traditional gender stereotypes. Here are some reasons why credit union and bank marketers should not make this mistake.

It is well-known that technology stereotypes about men include the fact that they are tech-savvy and are easier to sell with technology messages. While this may hold true for certain product categories, such as HDTVs and mobile banking apps, it is not true for all.

A BankChoice Monitor survey that surveyed people looking for new banking relationships revealed that 63% of women want mobile banking from their bank, while 58% of men wanted it. Marketers need to break down sexist technophobic stereotypes. We must ensure that mobile banking apps appeal to women.

Balances that are running. Recent Bank Choice Monitor surveys revealed that women have lower balances than their male counterparts. This makes it easier to purchase throughout the day. Ensure you present running balances so transactions can be debited immediately. Customers will be able to purchase later in the day, without worrying about whether they have enough money.

Mobile payment options. According to a Bankrate survey, women have less cash than men and maintain lower checking account balances. Women will be more interested in cashless options such as mobile P2P.

It’s easy to get in touch with someone. It is not easy to connect with someone at the contact center through many mobile apps offered by banks and credit unions. A push-to-talk feature that allows customers to call the branch with their questions could save them a trip. This functionality will be appreciated by both men and women.

Find the nearest ATM and branch closest to you by using Geo-location. Women tend to have less cash than men so they might need to access an ATM when they are in unfamiliar places. To make it safer and more convenient, customers can use their smartphones’ GPS function to locate the nearest ATM or branch.

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