FS domain uses lot of jargons which really puts off lot of people. Hence the need of advisors/ call centres to know very basic things. FS has to move away from offerings products, to designing solutions for the individual.
Provide a solution where all financial tools can be at one place. Then based on life stage provide guidance on fulfilling ones need/ wants
Financial Services as a domain has been disrupting the space. With digital/ technology advancements managing money (retail banking) has become a lot simpler. Many have stopped going to the branch any more.
50+ year old users (not all) are not naturally digital natives and hence they perceive today’s technology with lot of apprehension, like (some blocks)
- It will be too fast for me to understand.
- I will have to be quick – motor skills
- I have to be intelligent to use it
- What if I make a mistake?
This age group does lot of complex cognitive processing, like driving cars, playing golf, financial decisions. If we can address their blocks and assist them with their drivers, it will have a huge impact.
Adaption to facebook, skype and what’s app has been great. This group (not all) still wants to goto a branch to get their work done. Why?
- Trust – I see a face
- Prescriptive – someone is guiding through the process
- Extra care
Let’s use the above to make online medium less complicated.