Although we hesitate to generalise when it comes to parents, Mums still tend to look after household budgets. We were curious about what they thought about handling their home finances. So what matters to Mums about banking and finance?
Banking and Home Finances
In my household, it is me the mother who looks after the day to day finances. While we take a partnership approach to deciding on spending, I am the one who happens to do the grocery shopping, pay the bills, and therefore keep an eye on available cash.
One of the best things in recent years, in my opinion, has been the app my bank introduced as it allows me to log in quickly and check things on our current account all on my phone, without having to go to the laptop and log in etc.
Because things are changing very rapidly in the world of finance and banking, it’s interesting to consider how this might affect choices made by those managing home finances and how technology is shaping new behaviours and opinions.
In all the years I have been with the bank that we hold our current account with, not once have they got in touch at key milestones to ask how they can help us. I’m not talking about loan offers here, I’m talking about support and advice that would build trust in that institution.
Factors that I would say influence my own choice of where I keep my finances
- ease of access to the account
- where our mortgage is
- what options I have for checking our cash balance regularly etc
- what options I have for sending money between accounts
- the perceived hassle to switch.
We Surveyed Mums about Banks
We surveyed parents about banks and their thoughts on family finance and they shared with us that:
- 94% of parents use online banking while 71% use a banking app regularly.
- 42% of parents hold a savings account with their main bank.
- 62% of parents use more than one financial institution to manage family finances
- Easy online access is the number 1 banking service important to parents.
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More Insights into Mums and Banks
54% of parents save regularly, this means almost half don’t save regularly.
30% of parents said their child didn’t have any savings account.
23% of parents say they would review or move banks for a better deal on certain products e.g. mortgage or savings, while 17% said they review every few years.
Other Feedback About Banks from Mums
“Sometimes you just need to go into a bank and talk with someone about your account. This is getting harder and harder.”
“If it was easier to open an account and banks asked you if you would like to more people would open regular saving account for their kids”
“I think that banks should have fun incentives for kids to save & teach them about minding their money (doesn’t seem as fun when mom & dad say it).”
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Things that the Finance Sector Can Look at For Marketing to Mums
Here are a few suggestions based on this feedback and my own experience:
Making switching super easy
If I want to switch banks then that process should be so so easy, “one phone call only with some paperwork follow up” easy.
Personalise the conversation
I don’t want corporate, I want conversation, I want it to be personal, I want to feel a connection. I understand that you need to be compliant as it’s financial communication, but why does everything have to be so dry?
Look at where you can add value
How can you create content that helps mums a) trust and choose you, b) help them with their family finance decisions. These are things that are going to make them choose you as a financial partner because you are adding value to their lives.
If you offered something when they opened a savings account or switched to you, but make it something to help mums, then that would help them consider you for switching. What about an annual Dublin Zoo or Tayto Park or a cinema pass for the year?
I listen to other mums when they talk about experiences they have had with financial institutions. If it’s a good experience I’ll take note to consider that company next time. If it’s a bad experience, I’ll avoid that company like the plague.
So how can you get Mums recommending to other Mums (in a compliant way of course)? What’s going to make them love your company so much they’ll tell 20 other Mums in their Whatsapp group what a good experience they had? How are you delighting Mums?
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One final tip
Create and share content that helps Mums out, it’s a good way of building trust and connection with your target customers beyond your sales message.
Connecting your finance brand with mothers in an engaging way through social and digital channels is possible, we do it all the time on Mykidstime. We help brands and businesses to connect with Mums. Schedule a call today to have a chat about how to work with Mykidstime.