Keeping Seniors Engaged in Fintech

“Change is inevitable, growth is optional.” The pandemic first targeted senior citizens and those with pre-existing health conditions, with over 80% of those hospitalized with Coronavirus in the first few months being over sixty. This led to many vulnerable groups sheltering-in-place and relying on banking online to pay bills, mortgages and apply for loans. Many banks had already established successful financial technological options (Fintech), but older customers had found greater comfort in face-to-face traditional transactions. However, the demand for these virtual services began growing exponentially during the surge in Covid-19 cases.

Here lies the rub; an opportunity to retain these once reluctant customers for the long term. There is often opportunity in the face of adversity, especially for those who have crossed over temporarily to experience the greater convenience, safety and cost effectiveness of online services. In Trinidad and Tobago, we have also seen an increase in online shopping and deliveries, from groceries to pharmaceuticals over the past few months.

“The pandemic is forcing seniors and other vulnerable populations to need to be online all of a sudden”, Tom Kamber, Founder and Executive Director of Olden Adults Technical Services.

Research has shown that although many senior citizens have smartphones, tablets and smartwatches, few used these devices for online banking. In fact, in the USA, two-thirds of smart phone users over fifty reported not using their device for banking. Many mid to lower income senior groups had high levels of mistrust of fintech and a profound fear of losing control of their finances. But once the research is done into understanding their fears, then you can begin adapting services to meet their needs. The most successful customer transitions from traditional to online banking, came about from the institutions that offered guidance through various channels, help lines and virtual tutorials, while enhancing security and minimizing risk.

1. Who says that Social Media Influencers have to be millennials? Invite seniors to become ambassadors for change on social media, let them lead the way and share some of their stories so that issues can be addressed, shared and solutions discussed.
2. Emphasize Reliability and Safety – a simple solution of introducing alerts to mobile phones or devices when the account has been accessed gives a sense of security that so many seniors need. Often customers do not require specifically targeted products or special offers, but rather prefer that they are tailored for their needs, from simplifying graphic designs so that instructions are more legible, to simplifying website backdrop designs and offering easy options to cancel ecommerce subscriptions that may become overwhelming.
3. Offer Online Support – Ensure that all customer service representatives are trained to offer customized support for seniors and address their concerns quickly and effectively. Ensure they are able to access accounts easily and address fears, for instance of forgetting pin numbers, so that they now have a quick and safe alternative to safely reset these passwords.
4. Use Inclusive Imagery – visually as well as in the narrative, ensure that this core customer group is embraced and highlighted in all channels of communication.
5. Keep training material and tutorials relevant, fresh and engaging. Encourage feedback through a variety of channels including traditional ones.

The reality is that we have turned a corner and a new world order is being crafted; although these days are filled with challenges, there are also many opportunities to adapt and grow. Take hold of them.