Aging affects everyone
Many banks and fintechs focus their mobile app energy on attracting millennials, as well they should — if they can’t reel in younger, mobile-first consumers, they will likely run out of customers before long.
But even millennials’ lives are affected by the needs of aging baby boomers: Twenty-five percent of millennials and 50% of Generation X members are caregivers for older family members, according to Brad Kotansky, founder and CEO of Onist Technologies.
“When you think about technology for the older market, it's fair not to just think about the older person, you have to think about the network around them — their children, the professionals they work with,” Kotansky said. “Seventy-five percent of that group is in their 30s, 40 and 50s, and that generation is tech forward.”
Kotansky is one of a handful of fintech entrepreneurs who have developed financial technology geared toward multigenerational families, where children are helping parents, and vice versa, with their finances.
“As an industry, we need to move beyond creating tech solutions for 18-35 year olds, to focus on solutions to meet the needs of all as we age,” said Theodora Lau, founder of Unconventional Ventures and until recently director of market innovation at AARP. Lau has been influential in getting startup founders to focus on the over-50 demographic and organized a panel on the topic at the Digital Banking conference this month.
“Central to that strategy is assisting the ecosystem that supports older adults, including their caregivers,” she said. “Only then will we be able to not only take care of the needs of the older, existing clients, but also provide solutions to address the real needs and challenges that the families face.”