Answer:
Answer by Kate Ogle
I think it's a great idea! Go for it. Banks should pay special attention to women. Women face different financial hurdles than men.
- They still make less money in the work force.
- Women take breaks from their careers to care for their children.
- Many are single parents - not even aware of financial goals.
- Women still fall short in savings plans.
Target projects such as:
- A savings plan
- Getting a hold of credit card debt
- How to buy a house
- How to budget for a house (house maintenance - insurance - taxes)
- How to Invest
- How to plan for retirement
Your project could talk about financial goals for women:
Short Term Goals: 1) Buying a Car, 2) Buying a House
Long Term Goals: 1) Retirement 2) College for children, 3) Investments,4) College for themselves
Look around your bank: How much of your workforce consists of women? Ask them if they have developed financial goals and are working toward them. They will give you great ideas to work on.
Answer:
Answer by Barney Lehmbeck, Jr.
Whether your bank should attempt to do any segmented marketing is an open question. It is open because there are too many unknown variables. You will want to evaluate all the variables before making up your mind on this question. For banks with a modern central information file that can support marketing research, segmenting the market may be easy. For other banks, it may be more trouble than it's worth.
A few areas to evaluate are:
The number of women customers you have which could fit the segment you're looking at (for example, professional women who are looking for investment advice);
The number of businesses headed by women;
Senior women.
Before you start any new program, make sure a need exists.
First published on BankersOnline.com 3/19/01
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