I got a chance to interview a finance executive who also happens to be fifty plus. He has a variety of experience in the financial sector and is also a part of the growing FinTech sector. I told him about this challenge and started a conversation with him.
The very first thing he told me was, "Reaching 50 is very confusing and complicated." This statement got me interested and I tried to dig deeper. He added, "Even a financial expert like me gets confused with my social security, medicare, supplement, etc." Upon asking him why he told me, "The reason is people are not being educated to when to take their social security? Do iI take at 60, 65, 70, no one knows. And Along with social security comes the complexity of health insurance, Is my medicare enough, do I need any additional supplement on that? As the medicare doesn't cover everything."
As he was an expert in the field I asked him how your wife feels about the same thing. He answered, "She gets totally confused about all these things." Then just out of my curiosity, I asked, "How does she find banking in general?" He told me, "She hates everything about banking." This really surprised me as it was coming from the wife of a financial executive. And I pondered, If this is the case with the partner of a finance executive what would be the scenario for a layman?
Continuing the conversation with him I asked, "What can we do about these complexity and how can we simplify it?" Here's when talking to an expert helps. He gave me a solution which really made sense. He told me, "Why not Banks create a system where you have certain assets under management with them and they take care of your social security, medicare, etc.?" According to me, this made sense. Banks have what they want and generation 50+ have their life simplified. Also, as per the challenge brief, population over 50+ hold 83% of the total household wealth. Why not use that wealth to simplify your life?
You get your wealth managed by experts as they currently do but along with that, they get facilities for understanding their social security, medicare, and other complexities.
This interview was really insightful for me and I hope it helps other OpenIDEO members as well.