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Interview with a Physics Professor

How would a professor in his 60's describe his banking experience?

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I work as a graduate assistant in the department of Physics under a Professor. He's an undergraduate Physics professor and has been living in New York since 1993. He and his wife live together in Brooklyn while his children and grandchildren live separately. He and his wife have joint accounts as well as personal accounts. 

Banking Habits: He accesses account information through the monthly bank statements (delivered at home) and sometimes online on his laptop.  He doesn't go frequently to the bank (once in a month) - typically to withdraw cash (uses machine) and sometimes to open/close an account. The professor was extremely satisfied with the service at the bank. He feels it's convenient and quick. He has a financial advisor at his bank who helps him with annuity renewal, information about new products and renewal services, investments and returns. He saves through Savings Account, Pension and Annuity.

Insights:

He knows about banking applications on the mobile phone but his preferences for accessing information are: 

  1. Paper Bank statements (65%)
  2. Going directly to the bank (30%)
  3. Laptop (5%)

He doesn't prefer online modes due to the excessive strain it brings upon his eyes. 

The professor said that he would prefer bi-weekly statements as opposed to monthly statements. 

Share a story: When I explained the professor about the purpose of the interview, he spoke to me about the problems faced by his father. As his father was very old (in his 80s) it wasn't possible for him to physically go to the bank. Hence, he couldn't go to take money from the ATM as it's too far for him. And he said if there was a service that could 'deliver money' at his father's door, it would be a solution for the problem he faces. 

What is a provocation or insight that might inspire others during this challenge?

1. Elderly people might be dependent on monthly bank statements more than we might be aware of. And they might prefer paper statements over online statements due to readability concerns. 2. At an age over 80, for elderly adults living by themselves, it is difficult for them to go to the bank/ATM to withdraw money. And currently, there is no alternative for this situation.

Tell us about your work experience:

I recently interned at a Talent Acquisition Startup during the summer. I'm a full-time student pursuing Master's in Management of Technology.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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