Delivering on the Value Proposition
Facilitating learning and networking opportunities are a key piece of the value proposition for women. Panelists shared how their institutions are building customer networks at scale using social and traditional media, as well as other offerings.
Key Points
- Customer networks are a powerful force in scaling women’s access to financial information and services, education, and peer groups.
- Branding used to be about pushing products to customers. With the internet, customers are now engaging with one another, and branding is no longer a monologue but a conversation. The best way to engage with customer networks is through dynamic business-to-customer, customer-to-customer, and customer-to-business communication.
- The goal of networking for women and men is different: Women focus on relationship building and trust. Men tend to focus on the transactional aspect of networking.
- Women are more likely to interact with brands on social media, keep up with news and comment on things.
- While women will employ more avenues to grow their networks, they spend less time networking than men – much of which has to do with competing priorities at home. Because of the linear correlation between the amount of time spent networking for business and the amount of business generated, the growth of women-owned businesses can be constrained by this.
- Women play different financial roles within their households and their businesses and want a tailored financial experience for each of those roles.
- Women are different than men in terms of attitudes to finance. Women are more concerned with retirement, paying bills, mortgages, being prepared and budgeting. 50% of women in Australia report feeling financially insecure or unsure of their status. This is a big opportunity for banks to give them the information and education that they’re seeking.
- Banks have found that key drivers of success are advocacy, revenue, number of customers and wealth penetration.