LAS VEGAS -
Lori Chillingworth, SVP and manager of the Women’s Financial Group at Salt Lake City-based Zion’s Bancorp, told BAI’s Retail Delivery Conference that financial institutions must do more than promise one-size-fits-all options for women.
Rather, she said, they need to deliver more diverse offerings in a way that’s meaningful and accessible to women.
“Lots of financial institutions spend a lot of money on marketing to women,” Chillingworth said. “But really, women want a delivery system that meets their needs.”
Chillingworth recommended, for instance, that rather than saying the credit union or bank has $100 million to lend to women, that they instead outline a clear-cut process for prospective customers to access those loan dollars.
She also cautioned financial institutions to be more aware of differences in communication styles between men and women, which also come into play in banking.
If a female client sits down with an investment representative to discuss her investment options, she may be more likely to want to take a few days to consider those options, according to Chillingworth. Male bankers often read this as disinterest, when it’s simply a different approach to decision-making, she said.
She further advised institutions to be more consistent with follow-up calls, and to make sure that at least half of their lending, investment, and insurance officers are women. She added that given their greater numbers and varied ages, women business owners are typically looking for more than just start-up loans.
