AARP and Age UK Collaborate on Age-Friendly Banking
By: David Steele, Age UK
Publish Date: February
AARP and Age UK have teamed up to improve banking practices for older people. The transatlantic collaboration is working to identify the major concerns among older people in terms of the financial services sector—and the best practices being utilized to address their needs and wants.
Older people report a range of challenges using banking and payment systems. Physical limitations and unfamiliarity with technology can make banking difficult. The term “age-friendly banking” means banking services that are accessible to individuals as they age.
The rapidly growing aging population is putting pressure on banks to make their services age friendly. Older people compose a significant percentage of bank clients, so banks have much to gain from improved accessibility to their services. Banks can expect to benefit from the competitive advantage an age-friendly reputation bestows. One of the insights of age-friendly banking is that if a bank can provide good service for its older or vulnerable customers, then it can provide excellent service for all.
The banks whose age-friendly designs are featured in our joint report have received a positive and enthusiastic customer reception for their service innovations. Customers appreciate being understood and treated as individuals.
Banks that are early adopters of age-friendly design will achieve a competitive advantage. In the longer term, the banking industry as a whole will see its reputation improve.
AARP and Age UK’s joint report highlights case studies from their research on fighting fraud and financial exploitation, enabling caregivers and creating an age-accessible
For more information about age-friendly banking, contact: Bradley Schurman, Senior Advisor, AARP International