I had accompanied Qyana my teammate to interview a personal banker at BOFA. There were some additional inputs from the interview.
Switching Costs: Mr. Gilberto mentioned how he noticed that a lot of elderly people were switching banks as they found banks that helped them invest better or had better interest rates. He observed a lot of people switched to Bank of Santander due to these reasons. He says, older adults are looking at maximising their wealth and getting more money for what they have.
How could banks improve financial services for 50+ ? Mr. Gilberto points out that technology is decimating bodies in banks. But consumers don't always want to operate a machine. He said, typically there are 4-5 people on the platform (customer representatives or bankers) and about 2 tellers at a time. This leads to longer queues, whereas the representatives at the platform are generally free. He strongly believes that the teller to customer ratio needs to be increased whereas the platform bankers to customer ration needs to be reduced.