Fintech for All: Closing the Generation Gap in a COVID-19 World

  • Older adults often rely on younger family members or coworkers to teach them how to use new digital products and services. Now cut off from these contacts, it’s important to provide alternative learning resources in this uncharted digital environment.
  • Adults over 50 highly value their communities and social connections, so many users in this segment discover new tech products through trusted channels, such as family members, peer networks, and online forums. As social distancing recommendations continue to limit in-person interactions, fintech providers need to harness the power of online communities to share information about their products and services.
  • Unfortunately, the coronavirus pandemic has led to an increase in internet fraud, such as phishing emails, which only heightens older adults’ concerns about internet security. Fintech designers and innovators will need to grow trust and confidence among older users, and should be transparent about how they will use and protect personal information.
  • Older adults often feel that technology is being forced upon them by younger generations, workplaces, or institutions, but they don’t see themselves represented in the marketing and messaging for tech-based products and services. Now, social distancing recommendations mean that many adults 50 and older are considering technologies that are new to them in order to cope and stay connected. Fintech providers can harness this opportunity to support the financial health of older adults by making these users feel welcome, capable, and included in fintech, both now and in the long term.

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Leading a network of innovators committed to improving the #FinHealth of American consumers. Follow us on Twitter: @finhealthnet

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Financial Health Network

Financial Health Network

Leading a network of innovators committed to improving the #FinHealth of American consumers. Follow us on Twitter: @finhealthnet

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