With the increasing wealth and buying power that women possess, the ability of a bank to properly service and meet their needs is imperative.
The informative sight kbkwealthconnection.com provides some interesting do’s and don’ts for a female friendly bank to consider in their marketing efforts.
- Assume that women are a homogeneous group with identical needs. Instead really drill down and find out what makes your ideal female customer tick, and then provide that product or service.
- Just make it pink. This is a strategy that often backfires. Instead focus on what women really need from your bank and then figure out how to be the best at providing this service. If your ideal female client wants a pink checking account then go for it. But make sure you have asked her and thought about it before just making it pretty.
- Rush to sell a female customer. The sales cycle with women clients may be longer as women often take more time to make a financial decision than men – but once they do they are extremely loyal. So be patient and invest the time in giving her the information she needs to make a buying decision.
- Clearly state in your marketing material and website you want business from women. Often banks will say they want to reach out to women, but they fail to mention it anywhere online or in writing. Women don’t read minds – so state it loud and clear.
- Demonstrate that you are progressive and understand that some women are financial astute. Cater to this segment of women as most of your competitors assume women aren’t interested in finances. Nothing could be further from the truth. They often just need to find the right fit.
- Differentiates your bank from the competition, but stating what type of women you work best with and what you provide especially to the unique needs of this type of women.
One bank that has made great inroads into servicing the dynamic female market is Union Bank. A respected news source patch.com shares this warm story that occurred in March of 2014.
“In celebration of Women’s History Month and as part of its ongoing commitment to cultural diversity and responsible banking, Union Bank, N.A., has partnered with KPBS to honor two exceptional women as local heroes. The 2014 Women’s History Month honorees are: M. Eloise Battle, a lifelong activist who has devoted her time and passion advocating for open space and parks in San Diego, and Vickie E. Turner, Esq., a partner at Wilson Turner Kosmo LLP and a champion and mentor for women and youth.[adToAppearHere]
They were recognized in March at a private dinner celebration with their families and executives from KPBS and Union Bank.
Since 1998, KPBS and Union Bank have collaborated on the Local Heroes program and recognized more than 190 honorees. The program pays tribute to exemplary leaders who are making a difference and enriching the lives of others by improving their community, region and the world at large. The 2014 Women’s History Month honorees demonstrate a shared commitment to providing their communities with the tools to thrive in today’s changing world.”
Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations.
Many female competitors are independent contractors or small business owners. Union bank has a long history responding to this special market’s needs.[adToAppearHere]
The female friendly bank speaks to this at their site, unionbank.com. “The Union Bank specialized lending program designed specifically for woman-owned businesses can help increase access to business financing by woman-owned businesses.1 This program provides flexible underwriting on our loans and lines of credit. With these less-restrictive lending options, we can better provide you with the financial resources you need to grow your business:
The owner must:
- Qualify as a woman-owned business
- Own and manage at least 51 percent of the business
The business must have:
- Annual sales that do not exceed $15 million
- Been in business for at least two years
- Borrowing needs of less than $2.5 million
The leadership proudly speaks to their commitment to inclusion. “Diversity & Inclusion is a business imperative and strength for Union Bank. It is part of who we are and everything we do, from recruiting and engaging our employees to selecting vendors and reaching out to our customers. Our commitment to diversity is recognized as among strongest in the nation, as is evident by the composition of our Board of Directors, which includes over 55 percent minorities and women.
We will further strengthen our position as a diversity leader across our broad base of stakeholders. Union Bank will, across everything we do, reflect the diversity of the population with whom we do business. Our shareholder, employees, clients, vendors, and the communities we serve will, in turn, recognize Union Bank for our leadership and reward us for it.
We foster a respectful and inclusive culture with our team members, customers, vendors, and community partners. Our unique perspectives and insights enable us to build a premier global workforce, grow our business, and retain satisfied and loyal clients.”
It’s always nice to hear that an objective source agrees with the written word. At the employment site indeed.com, here is what one employee anonymously shared in a review about working for Union Bank.
“Being able to work for a company that values family and career goals is hard to come by, but with Union Bank I was able to do so. I enjoyed having a balanced work place, even though sometimes it became tough. With a well trained staff I was able to pull up and finish the day successfully.”
Here at Female Competition International, one of our associates has banked with Union Bank for years and has found their customer service to be exceptional.
As the respected fully competitive global female wrestling community continues to grow, it’s nice to know there is a female friendly bank taking steps to meet those needs.
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Sources: brainyquote.com, unionbank.com, indeed.com, patch.com, kbkwealthconnection.com, Wikipedia, fciwomenswrestling.com, fciwomenswrestling2.com, FCI Elite Competitor, femcompetitor.com, photos thank you Wikimedia Commons.