Catering fintech products to women is a savvy business strategy that can propel your company ahead of the competition.

Research by the International Finance Corporation (IFC) has dug into this topic, revealing that understanding gender differences can give fintech companies an edge in tapping into the massive $31 trillion female market while also boosting financial inclusion for women.

Having leaders who recognize the importance of serving women, both socially and commercially, is crucial for fintech firms that aim to target women intentionally, according to the IFC’s research.

When top executives truly believe in financially including women, it sets the tone for the entire company. In fact, leaders who believe in the role of women customers in expanding the firm’s customer base and market share drive 58% of fintech firms to focus on women.

The study also explores the trade-off between the higher costs of acquiring female clients and the value they bring.

It turns out that even though it might cost a bit more to attract female customers compared to male ones, around 63% of fintech companies that tailor their products and services for women end up with customers who stick around longer and bring in more value over their lifetime.

Failing to identify, understand, and connect with the female market results in a $700 billion loss in revenue, according to an analysis by Oliver Wyman.

With such engagement and revenue opportunities, you would think more fintech companies would target women specifically. However, less than a third of these firms are actually tailoring their products and services for women. They’re collecting data on gender but not doing much with it to reach out to more women or make their products more appealing to them.

Women entrepreneurs in fintech are stepping up to fill this gap, creating innovative products that address the inadequacies of financial services by focusing on women’s needs.

Let’s meet 17 of those fintech apps created by women, for women.

Ellevest, Tala, Cadence Cash, Alinea Invest, Frich, CHIP (Changing How Individuals Prosper), WealthMeUp, Sequin, Parlay, Plenty, Aura, Mongo App, Monytri, Flank, Plenty, Knomee Zumma Financial.

Click to read about them  

Ultimately, these fintech innovators demonstrate the potential for growth and impact by tailoring financial services to meet women’s needs.

By addressing gender-specific challenges, these startups pave the way for a more inclusive financial future for everyone.

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