ATMs and Age Friendly Banking Services to Tackle the Ageing Population Boom

When it comes to demographic trends impacting financial services, there has been a heavy emphasis on how the Millennials or digital natives are going shake up how people bank.

However, there is a bigger demographic tidal wave hitting the sector. On average the populations of major Western societies are getting older. For example, in the UK, in less than two years, the number of consumers aged 65 or over will rise by over a million and in little over 20 years one in seven people will be over 75 years of age.

So how should financial services adapt to a sharp increase in the number of older consumers?

Responding to the ageing population trend isn’t just a challenge for the banking industry but for wider society. Technology can help banks deliver personalised services that take account of a customer’s age and capabilities and thus provide a customer experience that’s attuned to what the customer requires rather than just the bank.