Marketing

Here Comes the 'She-Conomy'

Women will become a dominant force worldwide over the next decade.

September 11, 2011
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Intuit Financial Services, a CUNA Strategic Services alliance provider, and Emergent Research identify four trends that will redefine the banking experience:

1. A new playing field for financial services

Increasing regulatory pressures and competition from both traditional competitors and new entrants will drive financial institutions to explore new business models, leading to greater industry collaboration, partnerships, and consolidation.

2. Shifting segments and changing markets

Customers both young and old will demand more from their financial institutions as aging baby boomers entering retirement and Gen Yers approaching middle age will have new financial needs.

Competition to serve mid-market businesses will intensify, slimming financial institutions’ margins. Meanwhile, the small business sector will continue to expand, with the total number of small and personal businesses expected to increase by more than seven million over the next decade.

Financial institutions must understand and find efficient ways to meet the needs of these businesses.

Subscribe to Credit Union Magazine3. The new customer connection

Technology will take center stage in serving customers. With increased cost pressures and a growing demand for flexibility, accessibility, and personalization, financial institutions must accelerate their use of technology to efficiently meet customer needs.

The financial services industry will combine cloud-based platforms and applications, advanced analytical tools, ever-larger data sets, and social and mobile computing to design and deliver value-added products and services to customers.

4. Reputation and relationships rule

Over the next decade, the financial services industry will shift its focus from transactions to customized value-added services.

Through a combination of both virtual and brick-and-mortar branches, banks will develop stronger, more personal relationships with businesses and consumers, helping them manage risk, build wealth, plan retirement, and anticipate health care expenses.

Institutions that provide useful customer insights will succeed.

Next: The socially connected marketplace

Reach the Woman = Reach the Household

Mark Arnold
September 08, 2011 10:32 am
Women are already the dominant economic force in our society. In fact, they control the pocketbook in almost every household. Women make almost 80% of all the household buying decisions. If credit unions want to reach the household with financial services, they merely need to target women.


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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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