Forbes published an article last week, New Survey Reveals How Men And Women Bank Differently, that discusses interesting findings to share with our credit union community on this blog. It could prove to be a good survey to understand and develop your marketing strategy, as well as your approach to member services for new and existing credit union members:
Debit Card Usage
Nearly half of all women (48%) prefer to use debit cards for everyday purchases as opposed to just 38% of men. Sixty-six percent of women say a debit card is essential, while only 53% of men do. And 28% of women call their debit card their most valuable banking product for everyday banking needs, compared to 22% of men.
Credit Card Usage
Fewer women have credit cards than men — 62% compared to 72%.
Reloadable Prepaid Cards
More women use reloadable prepaid cards than men for online purchases — 56% to 43%. But men use them more often for day-to-day purchases — 41% as opposed to 33%.
Women make about twice as many checking account transactions through mobile banking as men do — two checks a month vs. one. Seventy percent of women rate their bank very good or excellent in terms of its mobile banking features compared to just 62% of men, and they’re also happier with their remote check depositing service.
More men than women invest — 39% vs. 27%.
Men are also more likely to use alternative banking products — 14% of them say they have recently used a check cashing service, compared to 10% of women. Fourteen percent of men have also used a money transfer agent such as Western Union WU +2.66% recently, versus just 9% of women.
Bank Expenses And Fees
Men spend more on banking fees and services than women do, spending $42 a month, compared to $25 a month for women. But women are more likely to pay out-of-network ATM fees — 37% vs. 29% — and overdraft fees — 44% vs. 36% on their checking accounts. However, men are more likely to have minimum balance fees — 18% to 11%.
Overall Difference in Men vs. Women Banking Habits
These stats may be beneficial for credit unions to use when considering the approach of their marketing efforts for mobile banking, for example. Not to be overly stereotypical, but if you are considering an MMA wrestling theme advertising campaign for your new mobile banking product, you may reconsider knowing how many more women are engaged in mobile deposits than men. On the flip side, you may also see the opportunity these numbers present: For example, there may be room for growth in targeting women with investment products. And considering a report from Experien that men are 7% more likely than women to be late on their mortgage payments, it could also impact your member services approach.