The Boomers Are OK— and Shouldn’t Be Your Digital Banking Priority
- Date:September 10, 2024
- Author(s):
- Gregory Magana
- Report Details: 18 pages, 8 graphics
- Research Topic(s):
- Digital Banking
- Mobile & Online Banking
- PAID CONTENT
Overview
Digital strategists face a tough generational question: How much should they focus on Baby Boomers?
Many banks and credit unions with aging customer bases worry they will alienate Boomers by pouring investments into mobile-first banking to woo and satisfy younger consumers. Although Boomers have embraced technological changes throughout their adult lives, FIs shouldn’t base their digital strategies on these consumers.
Javelin data indicates that Boomers are low churn risks, are satisfied with their FIs, are unlikely to switch banks, and are more optimistic about their financial positions. Just as important, Boomers love legacy channels, mainly use digital banking for the basics, and generally ignore advanced digital features. For these reasons, FIs should orient their broad digital strategies around younger consumers.
But that doesn’t mean ignoring Baby Boomers. There’s still room to improve the digital banking experience for Baby Boomers by meeting them where they are. Javelin recommends 10 tactical priorities for FIs that want to elevate digital banking experience for this older generation.
Key questions discussed in this report:
- Why are Baby Boomers less of an at-risk demographic than younger generations?
- Why should FIs avoid basing their broad digital strategies on Baby Boomers’ needs?
- What tactical improvements can FIs make to improve the digital banking experience for Baby Boomers?
Companies mentioned:
Credit Karma, Venmo
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