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Millennials = Baby Boomers | Similarities between two generations.

Baby Boomers and Millennials shares the same taste for their banking needs.

Photo of Adhish Patel
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We all have seen how the focus for today's companies has shifted more towards millennials. But, @Nirja also offered us a perspective that how Baby Boomers can be the Profit generating machine.

This gave me a thought on how Baby Boomers are different from Millennials. After a quick search and digging deep, I came across an article which talked about how the preferences and priorities of millennials and baby boomers overlap in terms of banking.

The two key areas where their taste matches are:

  1. They don't want to just invest in Retirement funds
  2. They both embrace technology 

Hence, for designers, the designs/user experience you create for millennials can resonate with Baby Boomers. For technologists, the technology you develop for Millennials can resonate with Baby Boomers.

This itself can be an example of Prof. Vijay Govindarajan's reverse innovation. His concept identifies the products or services which come from developing markets to developed markets are Reverse Innovation. But, in this case, it's cross-generation.

Eager to know your thoughts on this discovery.

To read the source article please click here.

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

That Millennials and Baby Boomers have overlapping preferences and priorities when it comes to Banking.

Tell us about your work experience:

I have worked in the Innovation & Entrepreneurship sector. I have experience in Design Thinking and have also worked in the areas of sustainable technologies and innovation.

Specifically, please check all that apply:

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


Join the conversation:

Photo of Kate Rushton

Hi Adhish! Thank you for your post. It made me think of me and my parents. We all now use email, online banking, Facetime, Facebook, Wechat, Whatsapp, TripAdvisor and the Kindle app. However, only I use Instagram, Snapchat, Zoom, Slack, Pinterest, Twitter and booking apps for airlines and travel sites. I haven't really thought of why but I suspect they will only use something if they have a very clear need and there is no alternative that is more familiar to them. How about you Adhish? What are the commonalities in tech products and services used by yourself and the people aged over fifty in your life? I wonder if there is a connection there that could be utilised for this challenge.

Photo of Adhish Patel

Hi Kate Rushton , I know a few elderly who are 70+ and they use twitter, flipboard (for news), Facebook. I know another person who recently turned 50, who uses Asana for team management. I think technology is becoming an integral part of everyone, even who are 50+. But I've seen this trend only in the medium to high-income groups. The low-income elderly are happy with their flip phones and doesn't like getting online.  Moreover, I recently came across this fun reddit post and thought I'll share. Here is a link to that post,  . This image tries to bring a perspective about what we think regarding old people and technology.