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
Stefanini named Eliza Irimia Financial Director for the EMEA region

Eliza Irimia joined Stefanini IT solutions company, with operations in 39 countries and 88 offices around the world, as Financial Director for EMEA. From this position, Eliza will coordinate the company's finan

 Read Full article »
The business environment - invited to get involved in the development of future employees

Over 5,400 Romanian young people have participated in the Duke of Edinburgh's International Award program in Romania (DofE) over the past six years, the personal development program that gives young people aged

 Read Full article »
Oracle study: Moving To IaaS is fundamental to remaining competitive

Research reveals benefits of Cloud Infrastructure established as a clear differentiator. A survey of 1,600 senior IT professionals explores the benefits and misconceptions surrounding IaaS adoption, according

 Read Full article »
Mihnea Diaconu appointed development manager at Webhelp

Webhelp Romania aims to consolidate and develops its local operations by hiring Mihnea Diaconu as Business Development Director.

 Read Full article »
The biggest FAB LAB from Romania has been opened in Iasi

Based on a concept made by the Miolk team, Fab Lab Iasi has a surface of over 700 sqm and it offers different scenarios for flexible use of the space (competition areas, co-working, makerspace, teaching rooms,

 Read Full article »
Deutsche Bank makes its computer code publicly available for the first time

Deutsche Bank announces it aims to create a common industry standard for trading technology by making its own computer code publicly available for the first time.

 Read Full article »
Deloitte: Leadership disrupted: Pushing the boundaries 2017 Global Human Capital Trends

According to a study of this year conducted by consultancy company Deloitte, today, Many organizations need a completely different kind of leader: a "digital leader" who can build teams, keep people connected a

 Read Full article »
Coface Technologies team already employs 30 specialists in core business applications

Six months after the inauguration of the IT development centre in Bucharest, Coface Technologies has already formed its first functional teams and has also launched the first successful projects, such as the au

 Read Full article »
Pavel Campan appointed as the new Vice-President of Operations for TELUS International Romania

Pavel Campan has been named Vice-President of Operations for TELUS International Romania. This appointment comes at a time when the company is about to reach 1,500 team members locally.

 Read Full article »
Roxana Tesiu appointed as the new Vice-President of Human Resources for TELUS International Europe

Roxana Tesiu has been named Vice-President Human Resources of TELUS International Europe. In her new role, she will lead the HR teams in both Romania and Bulgaria, at a time when the number of team members in b

 Read Full article »
 
MOST RECENT VIDEO
 
 
MOST READ ARTICLES
» Pavel Campan appointed as the new Vice...
» Roxana Tesiu appointed as the new Vice...
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Oracle study: Moving To IaaS is fundam...
» Molson Coors started to grow its busin...
» Thierry Blain, SG EBS: Bringing teams ...
» Manpower:Romania has world's third hig...
» The business environment - invited to ...
» Romania, Europe's third and world's 13...
» Stefanini named Eliza Irimia Financial...
 
EDITOR CHOICE
TELUS International Europe: Three ways tech unicorns are prioritizing customer service as a differentiator

There are just over 190 young tech companies in the world that are valued at more than $1 billion. But achieving ‘unicorn' status doesn't come without challenges. After all, the name describes a mythical and

 Read Full article »
Wipro launches automotive center of excellence in Romania

Wipro Limited, global information technology, consulting and business process services company, announced the launch of an Automotive Center of Excellence (CoE) in Timisoara, Romania. This CoE will help Wipro d

 Read Full article »
TELUS International Europe: The convergence of customer service and digital marketing/NewGen technologies: What does it mean for businesses?

Technology shapes the way we educate, communicate, conduct business and advance science, all while maintaining significant influence on the global economy. But the way we engage with technology is changing

 Read Full article »
Stay updated on People in Shared Services and Outsourcing Forum, October 19

Outsourcing Today organizes the third edition of People in Shared Services and Outsourcing Forum, on October 19, 2017 in Bucharest at Caro Hotel.

 Read Full article »
Preparing for the new future

Business shared services in Romania is by nature a flexible, mobile and diverse community and in this context, local markets develop their own particularities to address the global changes, to adjust to new dem

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