Latest News  

TELUS International Europe: Fintech for the aging population: What to consider when developing more age-inclusive apps and customer service

There's a seemingly infinite number of mobile and desktop fintech applications that have hit the market over the past couple of years, offering platforms that run the gamut of financial services — promising better wealth management, smarter investing, lower interest rates and management fees, easier charitable donations, peer-to-peer payments and more

2017-03-20 22:16:58





Grégoire Vigroux
Vice-President Marketing of TELUS International Europe


Many of these apps are designed with the coveted Millennial user base in mind, from a flashy user interface to language that speaks to people who are already deeply familiar with computer technology. This puts such apps out of reach for many seniors, who — needing more education on how to use fintech to their advantage — may discount these emerging financial service options due to lack of patience, knowledge or trust. But with far more savings and investments than their younger counterparts, those over the age of 65 have the most to gain from fintech— and vice versa.

According to a study by the Pew Research Center, seniors feel very differently about their smartphones than the younger cohorts. The majority describe having one as "freeing" and "connecting," compared to those under the age of 30 who describe feeling tethered to and distracted by their smartphones.

With senior smartphone usage rates climbing with each passing year, there is an opportunity for fintech companies to assess and retool services to better suit older customers. Here are three factors to take into consideration when developing more age-inclusive apps and customer service.

1. Get to know your customers personally



Knowing who your customers are, and not just how much money they've got, is the first step to offering the kind of personalized service seniors appreciate.

When it comes to investing, this approach is even more important. "We spend time with them on the phone to get to know them, their families and their background," explains Christopher Perez, Chairman of Drexel Brothers, a commercial lender. "It's important for us to understand who we are working with, and what stage in life they are at now. So we always ask what they want to accomplish in life, and that gives us a framework to work with."

Getting to know your customers is elementary to building trust and improving the fintech customer experience. It's also key in tailoring products to people's individual goals and needs.

2. Ensure a human touch is present



Technology such as artificial intelligence and machine learning can be used to the customer's advantage, particularly when it comes to detecting suspicious activity on accounts and identifying good opportunities to improve investments and savings.

Complementing the tech-first approach of fintechs with sympathetic and knowledgeable customer-service agents who can call and explain the benefits of these technologies are essential to a well-informed and engaged clientele.

As the saying goes, knowledge is power, and nowhere is it more true than when it comes to managing one's finances. Customer service teams should be able to share information regarding financial risks, online payments, mobile banking, insurance, healthcare, real estate and more. With accurate information, seniors will understand fintech opportunities better and take a more active stake in their investments. It's also an excellent way to help teach customers about identifying and avoiding potential fraud.

3. Educate your customers



The Pew Research Center revealed that 77 percent of seniors surveyed reported the need for someone to walk them through the process of using technology, such as a tablet computer, and its many applications. Customer-service teams must be ready to explain with enthusiasm how to work with a fintech solution and its online platforms while keeping in mind the unique challenges faced by seniors. For example, a wide variety of health and physical issues can impede learning and ease of use.

In addition, customer service agents need to be mindful of the language their using while interacting with senior clientele. Certain terms or jargon like ‘upload', ‘buffering', or ‘cookie' are common among a more tech-savvy generation but foreign to those unfamiliar with the context. It's important to keep the target audience in mind when delivering support.

Today's seniors and fintech



With today's seniors becoming acquainted with the internet later in their lives, the young fintech industry has some major hurdles to jump over in order to make this population understand the value proposition fintechs present to them.

Fortunately, more and more seniors are interested in what technology has to offer them. With more industry safeguards in place to educate and protect them from fraud and scams, they are in a good position to invest wisely and earn profits with the fintech solutions available now and in the future.

Related articles: www.telusinternational-europe.com /
www.telusinternational.com


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
SAP ranked first among Europe's most valuable brands in 2017

SAP, leading company in digital transformation, ranked 1st among Europe's most valuable brands, according to the 2017's edition of BrandZ Top 100 Most Valuable Global Brands, with a brand value of 45.194 billio

 Read Full article »
Nokia invests 73 million Euro in expanding its campus in Timisoara

Finland-based company Nokia said it will be expanding its campus in western city of Timisoara with the biggest research and development (R&D) center in the Romanian telecom industry and the total investment exc

 Read Full article »
Romania's Fribourg Capital launches 20 million Euro investment fund for startups

Romanian investment firm Fribourg Capital said it has launched Fribourg Digital, a 20 million Euro investment fund which targets startups in the IT sector, according to a company statement quoted by seenews.

 Read Full article »
Avangate plans to hire 45 IT specialists for its office in Romania

Avangate, the global eCommerce and subscription billing platform for software, SaaS, and digital solutions, with Romanian roots, which recently acquired the 2Checkout global payment processor, will hire 45 IT s

 Read Full article »
Qualitance made the FT's list of Europe's fastest-growing companies

The global technology innovation company with headquarters in Romania, US and Australia was ranked 612 on the list of 1000 European fast-growing firms, with a revenue growth of 165 per cent between 2012 and 201

 Read Full article »
Colliers: More than 265,000 sqm of office area is scheduled for delivery in 2017

More than 265,000 sqm of office area is scheduled for delivery in 2017, broadly in line with the level received in 2016, according to the recently launched market report of Colliers.

 Read Full article »
Societe Generale European Business Services reaches 1,000 employees in the shared service in Bucharest

Societe Generale European Business Services, the shared service center for Societe Generale Group, has reached 1,000 employees due to an accelerated growth over the last three years. Societe Generale European B

 Read Full article »
Adecco: Romania sees 40 per cent increase of recruitment in Q1 2017

This year had the best start of the last decade, from the perspective of recruitment volumes, being recorded in Q1 a growth of over 40 per cent of the recruitment against the same period of last year, and t

 Read Full article »
More than half of Romanian companies plan cybersecurity budget increase

According to a joint PwC Romania and Microsoft Romania survey launched recently, "Security in the Digital World", investments in cybersecurity are mostly driven by regulatory requirements instead of the organiz

 Read Full article »
Cegeka Romania maintains growth and reaches 19 million Euro turnover in 2016

Belgian IT solutions provider Cegeka Romania posted a turnover of 19 million euro (85 million lei) in 2016, a 40 per cent boost compared to 2015, the company announced. Cegeka operates two offices in Bucharest

 Read Full article »
 
MOST RECENT VIDEO
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Grégoire Vigroux appointed the new Vi...
» Romanian Outsourcing Awards for Excell...
» Romanian Outsourcing Awards for Excell...
» SocGen's EBS division to grow 60%, exp...
» Bombardier: from Bucharest subway to t...
» OT Learning & Development Roundable ta...
» Ericsson and Skanska trial IoT for Sma...
» AFI Europe Romania and Dedeman sign ag...
» TELUS International Europe: E-book: Ho...
 
EDITOR CHOICE
The future is now - Review of Romanian Outsourcing Summit, 2017

Romania delivers services in 25 languages with more than 100,000 specialists employed in the outsourcing industry and business services, and based on an estimated growth of 15-20 per cent, it is estimated to re

 Read Full article »
TELUS International Europe: How the travel and hospitality industry can get ahead with omnichannel customer service

For companies in the travel and hospitality industry, having an omnichannel strategy is becoming critical to compete in a complex market of both  Read Full article »

Genpact's COO: Staying ahead of the curve

Shibu Nambiar has over 18 years of experience in the services industry, covering roles in operations, project management, service delivery, product development, domain management and training.

 Read Full article »
Reshaping the industry mindset

The business shared services industry in Romania is living a fantastic youth, but may be heading towards a maturity that may come sooner than expected, thanks to disruptive emerging technologies and the urgent

 Read Full article »
OT Learning & Development Roundable takes place on June 15th

On June 15th, Outsourcing Today organizes OT Learning & Development roundtable. The event brings together the business services professionals to discuss and discover new tools and programs designed to assist bu

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events