Women are in control of more dollars than ever before as studies show they are earning a larger share overall of household income.
The result is that women are
Companies need to rethink their operation with women's needs and preferences in mind.
Financial firms may not intentionally exclude women, but simply
See the latest Most Powerful Women rankings:
Women also make
But as we expand the way we think about gender — such as acknowledging that not all women are heterosexual, traditionally feminine or destined to be wives and mothers — failure to recognize this by using outdated marketing will become increasingly unpalatable.
Thriving in a world increasingly led by women as earners and purchasers may seem like a daunting project, but there are a few simple first steps to get started.
First, disaggregate user-generated data by gender. Like the auto-investor companies, there may be patterns in how women use products differently. Ask their insights and track their experiences.
Studies show women have an exceedingly low tolerance for bad design because they don’t get an emotional charge from “conquering” a product, like an outrageously complicated remote control. Some "fixes" for these frustrations can make the gender gap worse, such as voice interface software that is
Next, think about the social pressures acting on women and how your company can help mitigate it. How easy is it for users to change core data like last name, address or employer?
Women go through these changes
Lastly, there’s one core need everyone shares, and women want most: more time. How can companies help women, both as employees and customers, reclaim their time?
Women
This unpaid emotional labor adds up. The rising economic value of a woman’s working hour demands tailored solutions to maximize their time as they increasingly “do it all.”
Successful products embraced by working women, such as grocery delivery services, meal-kit subscriptions, dog-walking apps, Uber and others, save users time. Financial services must adapt, too. Create time-saving, straightforward tools to help women control their finances in the pediatrician's waiting room, the curbside pickup and the business-class lounge.
Among employees, the premium for time-in-office strains women more than men. The
Even as women emerge as equal earners, they are statistically
A well-developed tech tool can’t fix a gender imbalance, but it might put women ahead of male peers. Studies show women log into their accounts less often and make fewer tinkering changes than men. The financial sector can benefit from gaining a better understanding of this new, female-led market of higher earners and primary purchasers when developing new services.
Women are not a niche audience. They are humans in pursuit of personal fulfillment, a cohesive social network and positive social change. Yet some companies are working against the clock.
Women
Kathryn Petralia's BankThink post is part of our annual