Are the over 60's well served by their banks?
Are the over 60’s well served by their banks?
I do not think so, I read in the Sunday Times that banks were considering enhancing some products to better meet the needs of the older generation eg Mortgages with terms up to 75 years old, yes, reasonable but hardly earth shattering or greatly needed.
I would prefer focus on two areas Service and Technology. Both of these, with thought can be made better to meet the needs of arguably one of the most important customer segments. Specifically in the UK, this segment are not only the last recipients of generous final salary pensions but also have enjoyed the opportunity to accumulate significant property assets.
So first to technology whose most important element is the much hated Personal Identification number(PIN) plus passwords, how many senior citizens are alienated from their banks by these? In a world where the Tablet has made major strides in usability why of why are we reliant on 40 year old security systems?
Although many baby boomer’s are happy to execute day to day banking activities on-line, to visit a branch with woeful service, poorly trained staff and dreadful channel integration is a clear indication of time to change bank.
I will suggest some ideas on how to better serve this segment in later posts but would very much appreciate any thoughts or observations you have.