Previously published on November 9, 2023 in
By Caroline Hroncich, Reporter at The Financial Brand
Over the past decade or more, the banking industry as a whole has come to recognize two things: That women face unique challenges in meeting their financial needs, and that many feel those needs are not being met. To their credit, more institutions have taken steps to address these issues.
Technology is a key tool that banks can use to engage and serve women. Banks that require you to come into a branch to sign paperwork for a loan, for example, may not work for women who take care of children or own their own businesses.
“I think big banks in particular need to wake up to create digital, easy experiences for everyone,” says Binna Kim, co-founder and chief executive of Vested, a financial marketing firm. Technology makes it easier for all customers to access a bank’s product and several banks are developing robo-advisors and other digital tools marketed specifically to women.