Senior Banking That’s Built for Families

Financial institutions face an existential crisis as their most valued customers age. The consensus view among banks, credit unions, and their vendors is to design apps that can win over younger generations of mobile-first consumers, then strive to build lasting relationships with them. But the contrarian approach is to double down on digital banking capabilities that serve FIs’ existing base of older, wealthy customers. 

Successfully serving “senior” consumers transcends strategies rooted in the conventional digital playbook and based on generational segments such as Gen Z, Gen X, and Boomers. Javelin’s Digital Banking Strategy for Seniors prioritizes digital banking upgrades that address the fundamental needs of older consumers by fostering independence, enabling collaboration and oversight, and meeting the needs of their families. 

A few banks, vendors, neobanks, and fintechs are attempting to gear digital features and experiences for seniors and their families and caregivers. But Javelin’s analysis of players like Huntington Bank, Charlie, Carefull, True Link, Nook, and EverSafe shows that their efforts are baby steps that focus more on repurposed features than on a holistic, long-term banking strategy.

Key questions discussed in this report: 

• Should FIs prioritize younger customers over older customers?
• What role can FIs play in assisting seniors and their caregivers?
• How can FIs position themselves to capture generational wealth transfers?

Companies mentioned:

Carefull, Charlie, Elderscan, EverSafe, Huntington Bank, Jack Henry & Associates, Nook, Q2, Rego, True Link, Wells Fargo