The move to online banking and digital communications is well documented. Among Millennials/Generation Z, 60% communicate with their financial services provider online. This age group are ‘digital natives’, using apps (40%) and chatbots (13%). However, a significant percentage (45%) of this age group say they still do engage in face-to-face communications.
With projected increases in the number of older people affected by cognitive impairment, we cannot assume that the methods of communication commonly used during our working lives will be the most appropriate methods for maintaining communications in later life. Furthermore, with physical decline in older age, the ability to easily navigate a phone app or other electronic device may become more problematic. Perhaps more importantly, people’s ability to keep pace with new technologies may decline postretirement (particularly where they are no longer adapting to ever-changing technology in the workplace) and as seen earlier, fewer will have younger family members able to help support them in this.
Our findings reveal Current Retirees are most comfortable with face-to-face channels (72%), while for Generation X+, face-to-face is a preference (66%) followed not far behind by online channels (60%). Doubtless preferred modes of communication will be heavily influenced by the types of activity people wish to engage in. An age-friendly finance industry must ensure a continued mix of communications channels.
For further insight from financial services industry insiders on the role of technology, product development and service design in supporting current and future retirees, please download Our Future Financial Lives report.