In this content, we explore how the aging of the Brazilian population is shaping the sector, based on the study "The Banking Journey of Retirees", commissioned by MATH and carried out in partnership between Bistrô and Hibou.
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Population growth 60+
According to data from the 2022 Demographic Census, the population aged 65 or over has grown by 574% in the last 12 years. The forecast for 2050 is that 28% of the Brazilian population will be in this age group, compared to just 7% in 2010.
This demographic growth puts pressure on the banking sector to rethink its strategies and get russian phone number online products to better serve this growing group of consumers.
Based on this, a common sense comes into play: how to serve this mass and how to adapt your intentions to the retired public?
Challenges for the financial market
In fact, some challenges will be encountered during the journey. In the complete study, we detail each of the following points. Such as:
Digital security
Concerns about fraud and the complexity of digital interfaces are significant barriers to retirees adopting online banking services. Confidence in digital security is critical for this demographic.
The account opening process, for example, has become an increasingly popular alternative among retirees, and improved digital security should be one of the many fundamental requirements for this audience.
In the study “The Banking Journey of Retirees”, MATH provided a complete view of this reality, both online and in branches (offline).
Social Security Dependency
Many retirees rely heavily on Social Security as their primary source of income, which is often not enough to cover all their expenses. This leads to the need for financial products that offer security and stability, such as robust retirement plans and personalized health insurance.
Read also: Banking strategies for INSS Consignment: learn about the retiree's journey
Family Influence
The financial decision-making of the 60+ public is often influenced by their family members, especially children and grandchildren, who according to the study, are two of the main hidden influencers of retirees, who often help them navigate banking services and make financial decisions.
This aspect is essential for banks to consider in their marketing and customer service strategies. Creating communication channels that involve these influencers can increase trust and facilitate adoption of new financial products.
Accessibility and Usability
Digital platforms are often not intuitive or easy to use for this audience, which makes it difficult for them to access financial services. Adapting services to be more accessible and secure is a crucial challenge for banks.
Opportunities for the Financial Market
Despite the difficulties, it is possible to solve some of them and prepare for the pain of people in this age group.
By knowing your needs, studying your behavior on platforms and anticipating risks, it is possible to find solutions to challenges. For example:
Custom Product Development
Banks have a significant opportunity to create financial products that meet the specific needs of this demographic. Examples include payroll loans with favorable terms, tailored health and life insurance, and loyalty programs that offer tangible benefits. Customizing these products can increase satisfaction and loyalty among customers 60+.
Improved Personalized Service
Implementing personalized customer service using advanced technologies, such as CRM, can significantly improve the experience of this audience. Customer service that understands the needs and history of each customer not only increases satisfaction, but also promotes long-term loyalty.
This may help you: Hyperpersonalization in Banking Marketing
Financial Education
Providing financial education programs is essential to empowering them to better manage their finances and make more informed decisions. Workshops and educational materials can help these audiences better understand the financial products available and make more informed decisions, reducing dependence on family members and increasing financial autonomy.
Assistive Technology
Investing in assistive technologies, such as screen-reading tools and voice interfaces, can make it easier for retirees to use digital services by improving accessibility. This approach can contribute to greater digital inclusion, enabling people to use financial services more easily and securely.
Examples of Adaptations in the Financial Market
Banco do Brasil : Implemented a specialized service program for retirees , including personalized financial consultancy and adapted products.
Caixa Econômica Federal : Developed an application with a simplified interface, facilitating access to banking services for people aged 60+.
Santander : Offers financial education workshops aimed at retirees, helping them better understand the financial products available.
Adaptation of the Banking Sector
To effectively adapt to demographic changes, banks must adopt a customer-centric approach, considering both the immediate needs and long-term goals of retirees. This includes:
Develop campaigns that involve retirees’ families.
Provide technical and human support to help with complex operations.
Simplify processes and reduce bureaucracy.
Based on this and the forecast that almost a third of the Brazilian population will be retired by 2050, what features has your company used to adapt and serve this audience more effectively?
Understanding the challenges and taking advantage of the opportunities presented by the study "Jornada Bancária dos Aposentados" is crucial to transforming challenges into opportunities, ensuring more efficient and satisfactory service.