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Pairing financial services with cognitive evaluations

Periodic evaluations of mental status and cognition to ensure that older consumers are capable of managing their finances.

Photo of Mitul Sarkar
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Banks and credit unions can use in-branch, over the phone, and smartphone browser/app evaluations of mental status and cognition to ensure that their older consumers are capable of "understanding money", managing their finances and evaluating choices in financial products. Include the option of alerting designated family members and well-wishers should any concerns surface. 

Banks may also collaborate with consumers and designated family members in setting up algorithmic thresholds or trigger points for detecting unusual spending patterns and throttling spending (or requiring the approval of a designated overseer) if needed.

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

Billions of $$ of wealth are going to move from older individuals to their younger relatives, successors and estates over the next 10 years. Can the banks that these older individuals have trusted with their money for decades help protect the interests of these older individuals?

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  • I'm currently a member of a credit union


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Photo of Kate Rushton

Hi Mitul, we’re excited about the potential of this thought-starter you’ve posted here and would love to see this develop this in the Ideas phase that just opened. If you’re planning on developing this thought-starter, be sure to re-post it in the Ideas phase of the Challenge here: Looking forward to how this will grow in the upcoming weeks! The Challenge Brief is here:

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