s the older adult population grows rapidly, banks have an opportunity to gain the trust and loyalty of this expanding demographic. But to earn their business, banks must adapt to meet the unique needs of older customers. Here are three key steps banks can take: 

Simplify the Customer Experience

For many older adults, complex websites, mobile apps, and other digital banking options can be frustrating to navigate. Banks should make interfaces and transactions as simple and easy to use as possible, with large text, minimal clutter, and straightforward language. Allow plenty of time for questions and offer a human touch via trained staff.

Provide Education and Resources

Many older adults worry about having enough money to live comfortably later in life. Banks should implement financial education programs to help address concerns over saving, investing, and avoiding fraud. They should also offer planning resources for healthcare, insurance, and estate needs tailored to older customers. These value-added services demonstrate the bank's commitment to wellbeing and financial empowerment at every stage of life. Here are some steps banks can take:

1. Financial Education Programs: Implementing educational programs that focus on topics like saving, investing, and avoiding fraud can empower older customers and enhance their financial literacy.
2. Tailored Planning Resources: Banks should offer planning resources specifically tailored to older customers' healthcare, insurance, and estate needs. These resources can help them make informed decisions and secure their financial future.
3. Demonstrate Commitment: Providing these value-added services demonstrates the bank's commitment to the overall wellbeing and financial empowerment of older customers at every stage of life.

Design Benefits and Perks for Older Adults

To show older customers that they are valued and appreciated, banks should design benefits and perks that cater to their specific needs. Here are some initiatives that banks can implement:

1. Discounted Fees: From discounted fees to social clubs to transportation assistance, special programs for older members show them they are valued by the institution. 
2. Social Clubs: Partnering with local organizations that serve seniors is another way for banks to gain goodwill and strengthen community ties. 
3. Infrastructure Assistance: Improving basic infrastructure, such as wheelchair access, accessible bathrooms, lifts, clear signage, waiting chairs, dedicated counters or kiosks and expedited lines for seniors, would be a great starting point to ensure convenient access to banking services for customers facing mobility challenges.

With open communication, a commitment to empowering aging members at every turn,, and a genuine desire to enrich their lives, banks have an opportunity to become partners in health, wealth and purpose for older customers and the communities that support them leading to gaining their trust, loyalty and building lifelong relationships.

Article written by Ashwini Kapila, a retired banker who has served in the financial services sector spanning more than 28 years. 

If you are interested in partnering with GetSetUp, to promote financial and tech literacy, and offer opportunities to improve the health and wellness of older adults? Drop us an email at ashwini@getsetup.io. Our interactive learning and socializing ecosystem empowers partners to engage their current members with a digital-first platform.