Baby Boomers in the age of FinTech – adjusting the financial world for the elderly.
Our world is transforming into ageing societies. Thailand has been one since 2005 and the Foundation of Thai Gerontology Research and Development Institute predicts that by 2035, elderly people will make up 30% of the Thai population. This change in demographics is also changing perspectives in the business world. Goods and services that were usually designed for young customers are being adjusted to be more suitable for the Baby Boomers. The same thing is happening with technology, as it is no longer just used by the new generation, but older users as well.
Finance is one of the industries that needs to adapt to the Baby Boomer society – in particular it needs to provide a better user experience and new types of products designed specifically for this group of customers.
User experience that must be changed
Financial services have changed drastically in the past 10 years, especially with the emergence of online services. Nowadays we can transfer money, pay bills, and buy funds easily with just a touch of our fingers. For those who have grown up with this technology, using these services is convenient, but for Baby Boomers, the services are unfamiliar and difficult to use, and that means they miss out the benefits.
With more people from that Baby Boomer generation becoming new internet users, businesses need to look back and see if their services are elderly-friendly or not. Simplicity, easy-to-understand graphics, clear methods, and additional explanations are among the considerations that must be taken into account when designing a user experience that includes older users.
New services for Baby Boomers
Another thing that is constantly emerging is new products and services that are designed especially for Baby Boomers. Financial products for people of this generation include products relevant to asset administration, investment, and retirement plans. Several new products have been introduced by banks and start-up companies that offer FinTech, or the fusion of technology and financial services.
An example of the products is the True Link Card, a debit card that users can customize for their withdrawal limit and place of use, that is also equipped with real-time notifications. This means the family can receive an alert if criminals target elders and trick them to transfer money, which is a common crime in many countries. The elderly users will also benefit from the general use of a debit card.
Another product is EverSafe, a monitoring service for bank account movements, credit card usage, and investment accounts. It analyzes the usual behavior of the user and notices when behavior changes abnormally. This helps to prevent elders from becoming victims of tricksters as well as resolving some preliminary problems.
It begins with the family
The family of these Baby Boomers needs to play a part as well. They should give them some basic information regarding digital technology such as basic internet usage, information searching, and warnings about criminals. This basic understanding will help Baby Boomers to be more comfortable with online banking services, more independent, and give them knowledge to protect themselves from the dangerous side of the world of technology.
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