Millennials embrace technology, growing up in the age of internet and smartphones apps.  Fintech, the connection between finance and technology, has greatly benefited from millennials' quick adoption rates, representing the highest usage by any age group.  Despite older generations having a higher net worth and increasing their own daily tech usage, the fintech community as a whole has ignored their specialized needs.  2018 is the year that the industry will venture beyond millennials to baby boomers and Gen Xers that have complex financial goals, in order to disrupt traditional wealth management.

As an industry, the majority of fintech offerings have focused on making payments and transfers more convenient and less costly.  What’s been lacking are platforms that focus on saving, investment, retirement planning, insurance, and credit.  These areas tend to concern older customers (45 yrs. and over) the most, representing a prime opportunity to increase market share for fintech companies.  An app that can clearly respond for customers worried about having enough funds and income to last them through retirement, would truly be a game-changer. 

Today's platforms need to showcase more depth and capability by creating products and services that address all the financial needs of the aging and retired.  Guidance and advice around topics of property appreciation and equity, when to accept government benefits, receiving an inheritance, tax and estate planning - - are important concerns that currently require a face-to-face meeting with banker or advisor.  Fintechs can apply their model of convenience, efficiency, and enhanced experience to these needs, and in turn capture a large portion of wealth and wallet share now, without waiting for inheritance transfers to millennials in the future.  

Ultimately, customers are not concerned with where a solution comes from (traditional bank or fintech), just as long as it substantially improves their financial life.  At the growing rate of fintech usage across all demographic groups, the opportunity is wide open for companies to address the complex financial needs of older generations and quickly increase the deposits and investments of their customer base.

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