SheBanking: or the end of traditional banking
Objective of This White Paper:
Our goal is to ascertain what women expect from banks as an ‘ally’ when managing personal and family finances. How can we improve the relationship with banks so women feel less excluded from the current narrative? We aim to pinpoint the services that add value for women, so that they feel better “treated” by banks, and that they speak the same language as her.
Strands, the leading FinTech partner for banks, has collaborated with Gemma Cernuda (Ellas Deciden) to investigate this important subject, with a view to being at the center of the conversation, and pioneers in bringing this topic to the forefront of public debate.
Identifying the issue:
Women decide on some 80% of all purchases across the board, and are the main owners of 52% of bank accounts, yet they do not feel understood, satisfied or that their needs are being met by banks or financial institutions. We have discovered that the vast majority of women feel detached from the world of finance, its culture and jargon, putting them at a disadvantage when it comes to taking control of their financial futures, and making daily decisions with a sense of security. In short, banks do not connect with women.
Investigate and determine channels and solutions to improve the conversation surrounding women&banking&finance and feminize the sector, both online and offline, so that 51% of the population feel more included in this impenetrable, and predominantly male domain.
A qualitative study carried out in Spain (Barcelona and Madrid), in which 20 independent, urban and professional women – both entrepreneurs and senior directors of companies - all with a high level of education were interviewed. Some from the financial sector, most not. Some married with children, ranging between 25 and 60 years of age, with 38 being the average age. Each interview lasted for approximately 90 minutes. Interviewees will remain anonymous for the purpose of this study.
Fieldwork: February 6th-24th, 2017.
Investigation, analysis and document development: February 27th-March 17th.