Reaching Female Customers in the SHEconomy

Hitting the psychology of female customers with familiar and practical products, BAC A BANK is one of the banks that women trust and choose. Photo: PV

Recognizing gender differences

It is important to understand the differences in spending and borrowing behavior between the two genders. With a loan amount, female traders tend to use credit cards or consumer loans; male traders will look for business loans/working capital support.

Studies also show that women are more likely to leave credit card debt behind and only make minimum payments, while men are more likely to pay off their credit card balances in full the day after the statement date.

Provide information and guidance

Women are known to be more inclined to seek out financial information than men, so financial institutions should explore all channels available to communicate with women. This is especially important as women are also more receptive and trust information delivered through a variety of media. We need to understand how women consume information, and ensure that the content delivered is relevant and effective for women.

Understanding the motivations

Modern women are increasingly educated, have higher incomes and are more proactive in making major purchasing decisions. They are budget-minded and always looking for deals/bargains, pay close attention to brands and tend to research products and services thoroughly.

Banks need to consider the different roles of women: students, mothers, housewives, business owners, primary income earners in the family… and then find a marketing approach that suits the role that women are taking on. To reach out effectively, great care must be taken to tailor products to different women.

Strategic socialization

Some surveys show that a significant number of women use social networks to search for and exchange information about products and services. Among them, most will decide to buy a product if it is introduced by famous people on online channels and think that they will buy a product if the business shares information about coupons, attractive purchasing opportunities or tips/ideas for using the product on social networks. That shows how much online channels can influence purchasing decisions, thanks to which, banks can provide practical information to positively influence the product and service evaluation process of female customers.

"Nest Builder" savings product with extremely attractive direct incentives.

In Vietnam, some banks have focused on conveying specific messages to reach female customers depending on the products and services provided. Typically, Bac A Bank (BAC A BANK) has recently focused on developing and implementing many policies to attract and retain a large number of female customers such as:

-Nest Builder savings product with extremely attractive direct incentives: only need to deposit a minimum of 10 million VND with a term of 12 months or more, female customers will receive an additional incentive interest rate, unlimited number of savings books - meeting the needs of family financial management with specific plans in the future.

Customers also receive an immediate interest rate reduction of up to 1%/year if they borrow using a savings book as collateral - a promotion built on the basis of positioning women as the main decision makers in improving living conditions (housing, transportation, etc.)

-Customers with a minimum deposit balance of 1 billion VND will also receive a shopping voucher at TH truemart stores nationwide - a practical gift for family health care.

In addition, female customers will have the opportunity to own a free BAC A BANK - TH truemart co-branded card with many outstanding features, especially a 5% discount on purchases at TH truemart - both satisfying women's preference for the convenience of debit cards to pay for daily expenses, and helping customers manage their accounts/transactions accurately and intelligently.

At BAC A BANK, promotional programs are conducted periodically to show gratitude to female customers on major holidays such as International Women's Day, Vietnamese Women's Day... along with regular customer care policies such as giving gifts on birthdays, holidays, Tet...

For more information, please visit the websitewww.baca-bank.vnor Customer Service Center 1800588828.