Plum, a smart money app, has conducted research showing that one in three women between the ages of 18 and 44 believe they have the potential to become a millionaire via astute investments in an ISA.
The research highlights the ambitions of a generation of women who are optimistic about their financial future. The study also revealed that women were less likely to take risks when investing, with most opting for tried-and-tested avenues such as buying property and stocks and shares ISAs. In comparison, men were more likely to opt for riskier investments such as single stocks, cryptocurrency and gold.
The research also showed that women are being cautious in their investment choices due to the current cost of living crisis, with almost three-quarters agreeing that the economic climate is making them less likely to take risks.
Better education and the availability of investment advice online is having a positive impact on women’s interest in investing, with close to two-thirds finding financial information available online helpful.
Plum’s Investment Product Manager, Elise Nunn, commented on the findings saying, “Women in particular are seeing the potential of investing to build their wealth, which is great as they’ve been traditionally underserved by investment providers. These results point to a more long-term and strategic approach to investing, which may actually make women better investors overall. They’re less likely to be distracted by gimmicky trends and more focused on what’s important, which is building financial resilience and meeting their goals.”
The research highlights the need for financial institutions to tailor their products and services to better meet the needs of different genders.
Plum was founded in 2016 by Victor Trokoudes and automates parts of personal finance, helping people save, invest, budget and manage their spending. The app has over 1.5 million customers across the UK and EU, helping them set aside more than £1.5bn.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
