Banking on gender differences? Similarities and differences in financial services preferences of women and men in a digital world
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1 Banking on gender differences? Similarities and differences in financial services preferences of women and men in a digital world
2 are embracing mobile financial services at higher rates. Banking on gender differences?
3 Though much has been written about different preferences and consumer behaviors of men and women, a new study by EY finds that women and men are more alike than different when it comes to how they engage in banking and payments usage. An EY survey of 4,022 US adults over the age of 18 found similar patterns of product ownership and attitudes regarding financial services solutions. However, channel usage preferences stood out, with more women using mobile/digital channels, while men tended to use branches at slightly higher rates. Additionally, small differences were found in how women and men evaluate new options, with women having elevated interest in security and experience and men expressing more interest in fees, quality and innovation. These differences persist even when the survey controlled for other demographic factors such as age and income. Against this backdrop, interesting implications for financial services strategies in marketing, servicing and product development emerge. Nearly a decade ago, the Harvard Business Review published a landmark article on the female economy that showcased the massive financial resources controlled and influenced by women.* This study highlighted opportunities to better align with the needs and opportunities represented by this population. Since that time, much attention and study have been focused on better understanding the needs of this segment. In this EY study, a more nuanced view of gender differences in financial services emerges in terms of ownership and preferences. The data suggest that there are far more similarities than differences based on gender. Clearly, better serving the needs of both men and women remains a critically important pursuit; however, it is important to highlight that from a gender perspective, the differences are often subtle. * The Female Economy, Harvard Business Review website, accessed 1 March Banking on gender differences? 1
4 Product ownership 100% 95% 96% 80% 73% 76% 60% 40% 20% 15% 15% 0% Checking Savings Personal loan n = 1,969 n = 2,053. Q1: Please select all of the financial products or services you currently have. 2 Banking on gender differences?
5 Ownership of banking products Among the top six banking products, there are only slight differences between men and women. Overall, women are slightly more likely to own savings products, and men are slightly more likely to have mortgage and home equity loans (likely tracking to differences in homeownership rates). Ownership rates for checking products, personal loans and car loans are nearly the same: 38% 35% 35% 36% 13% 10% Mortgage Car loan Equity loan/line Banking on gender differences? 3
6 However, larger differences show up in payments, where women have adopted mobile/digital payments at a higher rate (4% higher than men), while men have higher credit card ownership than women. Mobile/digital payment adoption 39% 35% Ownership of payment products Ownership of payment products 80% 75% 73% lb lb lb lb lb lb lb lb lb lb lb lb 70% lb 60% 50% 35% 40% 39% 30% 20% 10% 10% 10% 0% Credit card Mobile payments Reloadable prepaid card n = 1,969 n = 2,053. Q1: Please select all of the financial products or services you currently have. 4 Banking on gender differences? lb lb lb lb lb lb lblb lb
7 Channel usage The EY study also found interesting differences in how men and women accessed their accounts. reported much higher adoption rates of mobile phone and tablet banking access, while men used personal computers at slightly higher rates. Online and mobile banking access 80% 75% 73% 70% 60% 50% 50% 59% 40% 30% 29% 34% 20% 10% 0% Used a desktop or laptop computer to do banking Used a mobile phone or Used a tablet to smartphone to do banking do banking n = 1,969 n = 2,053. Q5: Which of the following have you done in the last 12 months? Banking on gender differences? 5
8 s higher preference for mobile also showed up when they were asked how much their use had changed in the past year. While both men and women reported similar usage patterns in online banking and ATMs, women reported that their use of mobile banking had increased (37% of women reported increases in mobile banking use versus 31% of men), while men reported higher levels of branch visits (55% for men versus 50% for women). US channel use expectations Online banking 6% 7% 5% 5% 52% 37% 50% 38% Mobile banking 29% 6% 34% 31% 25% 4% 33% 37% ATM 11% 21% 55% 13% 12% 23% 51% 14% More Same Less Never Branch visit Live webchat Call center 5% 6% 6% 61% 63% 5% 31% 34% 11% 11% 55% 50% 22% 19% 9% 9% 6% 7% 52% 37% 7% 5% 50% 38% n = 1,969 n = 2,053. Q12: Compared to 12 months ago, do you plan to use each of the following methods to interact with your financial services providers more often, less often or about the same? 6 Banking on gender differences?
9 Banking on gender differences? 7
10 Payments using new form factors Use of new form factors 60% 50% 50% 53% 40% 30% 28% 27% 24% 23% 20% 16% 16% 10% 0% Mobile phone payments Contactless payments with your bank card Cardless cash withdrawal from ATM None of these n = 1,969 n = 2,053. Q28: Please select which of these you currently use or have used in the past. Q29: And which of the following would you consider using in the future? 8 Banking on gender differences?
11 Gender-based preference patterns were particularly interesting in the area of innovation. Although reported adoption rates were relatively similar around recent payment innovations (e.g., using a mobile phone at a point-of-sale terminal or waiving a traditional bank card over a contactless terminal), there were differences in expectations of future usage. Interestingly, women again demonstrated a higher preference than men for mobile phone payments (broadly defined), whereas men had a higher likelihood of being interested in tap and go card product usage. Expected future use of new form factors 60% 50% 40% 36% 39% 31% 28% 32% 31% 40% 40% 30% 20% 10% 0% Mobile phone payments Contactless payments with your bank card Cardless cash withdrawal from ATM None of these Banking on gender differences? 9
12 Attitudes about financial services providers When asked about the type of company and new financial product they would be most excited to see launched, the top choice by far for both men and women was a bank with branches, with all other alternatives (i.e., internet-only banks, online retailers, technology companies) coming in quite far behind for both men and women. did have a stronger preference rate for branch bank players, by four percentage points. And although the overall preference rate was much lower for non-traditional bank players, men were slightly more likely to have interest in offerings from non-traditional players than women. 10 Banking on gender differences?
13 Interest in potential providers of financial services products 60% 45% 49% 40% 20% 9% 7% 8% 7% 1% 1% 9% 9% 5% 6% 8% 6% 1% 1% 14% 14% 0% A bank with branches Other financial services company An internet/ telephone-only bank without branches Non-financial services company New company that offers different technology/services to traditional banks An online retailer A technology company A social media network None of these n = 1,969 n = 2,053. Q26: What type of company would you be most excited to see launch a new financial product or service (online or in store)? Importance of criteria in selecting a new type of financial services company (top two box scores) 100% 90% 80% 83% 90% 73% 70% 60% 50% 63% 65% 61% 49% 58% 56% 62% 40% 34% 35% 30% 20% 10% 0% Security of personal and financial information Controlled and regulated by a government authority Good reviews from other users A physical presence A great digital experience Unique offering n = 1,969 n = 2,053. Q23: How important are each of the following when deciding on whether to take up a financial service/product with a new type of financial services company? Banking on gender differences? 11
14 12 Banking on gender differences?
15 Consideration variables Looking at the importance of various attributes that they might use in evaluating new companies, however, revealed more pronounced differences. When asked to consider what would be important if one were to select a non-traditional provider, women considered the security of their personal and financial information, good reviews from other users, physical presence and a great digital experience to be of higher importance than men did. When asked about reasons for choosing to go with an online-only (no branches) type of provider, women ranked ease and access attributes higher than men, and men ranked rates, quality and innovation higher. Reasons for choosing online, mobile and non-bank companies 50% 40% 39% 34% 34% 33% 37% 37% 32% 32% 30% 24% 23% 20% 17% 18% 10% 0% More attractive Better online rates/fees experience/functionality Easy to set up an account Access to different products and services Better quality of service More innovative products available n = 1,969 n = 2,053. Q32: What are the most important reasons for why you are or would consider using an online or mobile non-bank provider compared with a traditional provider? Banking on gender differences? 13
16 and women and the role of age in attitudes But what happens if we consider age as we look at the results for men and women? It turns out that, for the most part, even when considering age, the same gender differences still hold. The biggest age-related differences showed up in higher rates of digital use among the young overall relative to older cohorts, regardless of gender. However, when we consider age and gender at the same time, some interesting crosstabs appear in the data. It turns out that in terms of actual use in the last 12 months, younger women are driving much of the variance between the sexes when it comes to digital banking. Specifically, in the 18- to 24-year-old cohort, women outpace men in reporting increased usage over the past 12 months at a rate 6% higher for computer/laptops, 4% higher for smartphones and 5% higher for tablets. This contrasts with older cohorts in the 50-to-64 and 65-plus age bands, where men and women are quite similar. The age/gender gap also shows up in future usage intentions, where among younger-age cohorts, similar levels of planned use show up for everything except branch visits, as younger men intend to visit at a rate that is 7% higher than their female counterparts. Finally, age- and gender-related differences show up in older women, who report a higher interest in seeing financial services providers being regulated 9% higher in the 50-to-64 age band and 13% higher in the 65-plus age band than their male counterparts, while younger men and women look at regulation quite similarly. 14 Banking on gender differences?
17 Banking on gender differences? 15
18 Implications Given that there are so many similarities, the implications are somewhat nuanced, but nonetheless they suggest variances in how to message to women and men. Messaging to women The largest areas where women report higher than men are the 9% delta in mobile banking use, 7% delta in security and 12% delta in valuing reviews from other users. This implies messaging to women that emphasizes security and an increased focus on social media, where the social proof weighs considerably in decision-making. Since the social delta favors women, it follows that sites frequented by women would be an important area of focus in creating a social strategy regardless of age differences. report higher than men 9% Mobile banking use 7% Security 12% Valuing reviews from other users 16 Banking on gender differences?
19 Messaging to men For men, the areas with the largest deltas were the 7% quality delta, the 5% higher interest in attractive rates and the 5% preference for innovative products. This implies emphasizing these attributes in communicating with men. report higher than women 7% Quality 5% Attractive rates 5% Innovative products Age-related message positioning Given young women s disproportionately greater interest in digital payments and banking, and young men s disproportionately greater interest in branch visits, there appear to be differences in what messages appear where in the short term. In the longer term, of course, it remains to be seen if these are hallmarks of generational attitudes or differences that will dissolve over time. Likewise, older women s interest in regulation as a hallmark of security could become less relevant as the population ages or could represent an attitude that becomes more prevalent with age. In the end, it is important to note that our world is changing, and despite our differences, the most important factors having a bank with branch access, supporting security and delivering great digital experiences continue to drive our decisions regardless of our gender or age when choosing financial services products. Banking on gender differences? 17
20 18 Banking on gender differences?
21 Who is in charge? One interesting side note related to who was in charge of selecting financial products was that only 33% of men reported that they shared responsibility, while 42% of women thought the responsibility was shared. Although the survey didn t specifically unpack this perception difference, this does suggest the need to balance genderbased marketing strategies with broader messaging that appeals to shared priorities. Decision-making 80% 70% 60% 67% 58% 50% 40% 30% 33% 42% 20% 10% 0% Only I do I share the responsibility n = 1,969 n = 2,053. Q2: Who selects the financial companies with whom you do business and manage your finances? Banking on gender differences? 19
22 Background and methodology The Global Consumer Banking Gender Age Survey is EY s annual flagship thought leadership piece for the retail banking industry. The study surveys banking customers globally to understand their perspectives on how banks can remain relevant 51% 49% % % % and achieve higher satisfaction and loyalty with their customers % Interviews were conducted between January and April 2016 and involved more than 55,000 online interviews with nationally representative samples of the online banking population across Geography Community type 32 countries. The data presented in this paper is for the US market and includes 4,022 consumers. The US data mix is as follows: West 23% South 37% Midwest 18% Northeast 22% Rural area 15% Regional town 12% Small city 20% Capital or large city 25% Mediumsized city 28% The Female Economy, Harvard Business Review website, accessed 1 March Banking on gender differences?
23 Contacts Household income Our Payments team is part of Ernst & Young LLP s Banking & Capital Markets sector and supports clients from core locations across the country. $100k 24% $50k $99k 35% <$25k 17% $25k $49k 24% Please contact one of our regional leaders if you would like more information about our services or would like to schedule time with members of our team. Margaret M. Weichert Principal Ernst & Young LLP margaret.weichert@ey.com Kelly R. Wilson Principal Ernst & Young LLP kelly.wilson1@ey.com Education Postgraduate 20% High school 18% Suzette Massie Principal Ernst & Young LLP suzette.massie@ey.com College 62% Banking on gender differences? 21
24 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. EY is a leader in serving the global financial services marketplace Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide Ernst & Young LLP. All Rights Reserved. SCORE No US BDFSO ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com
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