Until now, technology has been largely owned by the younger generation, a generation that is always “online” But times are changing! A move to recognise seniors’ special needs is now emerging. You no longer need to depend on a valued and trusted family member to take care of your financial needs. Financial literacy should be a personal goal to maintain your independence.
This article will show you the “whats, whys and wherefores” of the Fintech movement and how it can make your life easier and give you, as a senior, greater control of your finances.
WHAT IS FINTECH
Most seniors use the internet to keep in touch with friends and family and to look at medical sites for health and wellness advice. Fintech companies are taking this one step further, by bringing seniors into the technical world by developing personalized apps that are easy to use and overcome many of the stigmas formerly faced by ‘technically challenged’ people.
Fintech is a term combining the words “financial” and “technology”. It refers to apps, software, and technology that allows us to digitally access and manage our finances. Further, it lets us keep track of our finances, make transactions with the push of a button and even helps us plan our financial future.
Whether or not you know it, you are regularly using Fintech each time you log into your financial institution to check balances, make payments or transfer funds. But did you know that you can also invest in stocks, apply for loans, plan for retirement, access your superannuation and basically control all of your finances from the comfort and security of your home?
HELP IS AVAILABLE
Fintech coaches and robo-advisors are personalized guides to assist seniors in navigating the digital world. They are typically chosen with your personal needs in mind. They can be found in online platforms, professional networks, referrals or events that are held for seniors. Help can come in the form of personal chats or phone calls. Your coach will become a trusted friend.
A coach can assist you in navigating the world of financial technology, while giving you instruction, but mostly by personalizing your programs to your needs and then mentoring you while you learn. You will gain the confidence to continue finding and using programs that can help with everything from basic banking services to complex retirement, investment and even end of life needs.
CHALLENGES AND SOLUTIONS
Some early fintech companies were designed for a general audience, and therefore were confusing to seniors who were likely to give up rather than to sort through all of the technical terms and advice. Fortunately, there are now companies that cater to retirees, personalizing apps and making them easy to read, listen to and navigate the menus. Four of the main normal problems associated with advanced aging are:
Vision – Many seniors have found web pages hard to read, whether it’s the size of the font or the colour contrasts.
Solution: Fintech companies that cater to seniors have made the changes to larger, bolder font and colour schemes that are easier to focus on.
Physical ability – Some seniors find it challenging to use a mouse to click on small icons or even to type on a standard keyboard, much less a phone.
Solution: Fintech companies have remedied this by using voice controlled apps, and even incorporating them into smart devices such as Alexa or Siri.
Hearing – Many elderly people are experiencing a hearing loss that is a normal progression into advanced age.
Solution: By developing apps that allow volume control as well as speech modulation, specialized fintech companies have made it easy for seniors that formerly rejected digital information to come on board.
Cognitive ability – Many seniors give up due to complicated navigation patterns to achieve simple results.
Solution: One solution is the development of apps that handle routine and regular payments and interactions automatically.
In addition to the health problems mentioned above, there are other challenges and solutions:
Security: It is a documented fact that seniors are more likely to be the target of fraud and security issues.
Solution: Fintech companies are developing solutions by using multi-factor authentication and using real time monitoring and alert systems that will notify you if there is suspect activity on your accounts.
Estate planning: A significant issue as we age is planning for the distribution of assets at end of life.
Solution: Personalised fintech solutions can assist seniors by creating and managing estate plans, such as drafting wills, establishing family trusts and distributing assets.
More and more, fintech solutions are assisting seniors in staying independent in their financial matters. The specialised solutions offer less complex accessibility and security to make financial management easier to navigate and more efficient.
Fintech is continuing to grow and offer customisation features to make estate planning, investment opportunities and retirement fund access even more convenient and secure. You no longer need to be timid about using the financial technology on offer. If you are interested in this development, there are a number of fintech companies emerging online.
