The COVID-19 may present an opportunity for banks and credit unions to further engage older customers into the digital way of doing things. They are the population cohort still most comfortable with face-to-face banking.
The Financial Health Network’s recently released report, Fintech Over 50: Designing for Low- to Moderate-Income Older Adults, uncovered several key barriers that deter older adults from adopting fintech products and services. Negative stereotypes, a lack of learning resources, and the belief that fintech products don’t align with their desire for granular control over their finances leave many adults over 50 feeling that fintech is not for them.
In a blog post, the network makes these recommendations:
- Older adults often rely on younger family members or coworkers to teach them how to use new digital products and services. Now cut off from these contacts, it’s important to provide alternative learning resources in this uncharted digital environment.
- Adults over 50 highly value their communities and social connections, so many users in this segment discover new tech products through trusted channels, such as family members, peer networks, and online forums.
- Unfortunately, the coronavirus pandemic has led to an increase in internet fraud, such as phishing emails, which only heightens older adults’ concerns about internet security. Fintech designers and innovators will need to grow trust and confidence among older users and should be transparent about how they will use and protect personal information.
- Older adults often feel that technology is being forced upon them by younger generations, workplaces, or institutions, but they don’t see themselves represented in the marketing and messaging for tech-based products and services.