Her Money!

What does Mint.com's partnership with DailyWorth mean for the future of PFM? It means that PFM 2.0 is content integration!

It didn't receive a huge amount of press, and the companies involved didn't comment much...but it was important(I think). I'm talking about the announcement last month of the formal relationship between Intuit's mint.com and DailyWorth.                                       

And couple that with the fact that, in the 36 comments on Ron's Shevlins post recently,  "not one" disagreed with the fact that women are by far and away the primary decison makers and influencers with respect to financial decisions for their families. Including Ron!

So, armed with those facts, it's not to hard to see why a smart industry leader like Intuit is "banking" on women. And thus the partnership between Mint and DailyWorth.

I'm not saying that Mint.com is the best PFM!  There are some fantastic players in this field. I'm just saying that this move by Intuit is important.

In another article about this partnership from American Banker, Celent Senior Anaylst Jacob Jegher makes a valid point when he says "the PFM tools out there are being used by pretty much anyone and are meant for the masses, but there are different things going on that affect people's financial planning needs". 

I know a little more than just a little about Intuit.  Because Intuit (TurboTax) was the only strategic partner of a company I worked for here in Houston, I have a intimate knowledge of their operation.  

I worked for Credit Union Tax Services Inc., a Houston grown company now part of the Michigan Credit Union League's operation. But when I worked there, it was just us and Intuit (TurboTax).

And what I learned was that Intuit believed completely that women are and will be shaping the future of financial services. Intuit calls it the She Economy!

So what does this partnership between Mint.com and DailyWorth mean. It means that the next phase of PFM will be linking it to content (just where GroupOn & LivingSocial are moving).  And if women are the She Economy...then I don't have to mention what type of content, do I?

 

 

 

The Case For MOMs...Women!

UPDATE:  In honor of Tim McAlpine launching Money MOM...I thought it appropriate to re-launch this blog.  Way to go Tim!

Women, as a market, represents an incredible opportunity for credit unions.  Women spend  $ .85 of every dollar in the marketplace.   I could quote statistic after statistic, but those facts have been out there for years (go here for "fast facts" about the power of the women's market).

And there are many "sub-segments" of women that are natural opportunities.  We'll start by showing you how MOMs are a key gateway to Gen Y.  Every survey that digs deeper into the "gender" breakdown of parents, reveals that Gen Y, on the average, is closer to their MOMs by a respectable margin.  And the "single" MOM growth is astounding.  But what about "women" car buyers?  Now there's a piece of the credit union business that has always been a prime source of revenue...as well as reputation in the general marketplace.  I can tell you from personal experience that when I was fielding calls from for our prospective member car shoppers at the Preferred Dealer Program of our CUSO, it was the women I heard from the most.  And I could go on and on.   

But here's the biggie you might not realize.  Credit Unions and women are the perfect match!  It's a fact that women, much more than men, take careful notice of the "culture" of the companies they are shopping.  And believe me, the fact that the credit union culture is anchored by relationships and collaboration will mean a lot to women.  As Nancy Pierce, president of the Tipton Research Group--and long time CU executive, says "“Credit union philosophy fits more easily with women because they are attuned to building relationships with others; that’s what credit unions are all about, and that’s a natural role with women-building relationships,”.

So why, with all this mounting evidence, are credit unions not taking advantage of this opportunity?  My take...simple "fear"!  There is still a fear that if you in any way design some of your marketing to appeal to women, you will run off the men.  Not true!  And, in fact, you will exceed the expectations of all consumers. Stay tuned!