Part 3: What Mobile Banking Services Can Do to Get More Women on Board
Financial products and services that are offered through banks do not always meet the needs of their female customers. This is the main reason why women are reluctant to use mobile banking services. Women in low and even middle income households are less likely to approach banks or even agents to ask questions about services that could be beneficial to them. Banks and agents need to take the time to explain the products they offer as well as the process needed to access and use each product and how each one can benefit them. According to Women’s World Banking, it is necessary to provide women with special services that correspond with the products being offered such as financial education and training, networking opportunities and building trust through maintaining relationships. Trust can be built by adopting a flexible system where agents are more available if and when issues arise and banks also need to consider that women may lack the identification needed to access their services. A tiered KYC would allow more women to sign up for the products without male assistance. Lastly, women are more price sensitive than men and the products offered to them must reflect that in transaction fees, credit and loans. By tailoring products that support women’s needs, they will be more likely to reach their financial goals which in turn will help their families and the communities they live and interact in.