New Report Shows Pandemic Presents An Opportunity
May 26, 2020
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:
“How many of the community banks here believe their customer service is average or below average?”