The Future Silver Economy
Customer segment profile
The 'Silver Economy’ traditionally refers
to older people between 65 and 75 who
retired.
Investments
In 30 years time, the number of people
aged 60 years or over would have
doubled. Over half of the those aged
below 30 years are worried about growing
older.
They are often concerned about saving
up for their retirement fund and health
implications that may arise from ageing.
Insurance
Global trends
Globally, population aged 60 or over is
growing faster than all other age groups.
Management
Financial
Additionally, the number of people with
dementia worldwide is expected to
increase to 82 million in 2030. This
creates concern for their financial
Growth
management as they age.
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Opportunities in the market segment
Addressable needs
Increased demand for customized
portfolio management for elderly as
they age and develop health
complications.
Burgeoning elderly population
requires convenient insurance
solution with user-friendly interface
catered to their needs.
Rising importance of secure, easy-
to-use and reliable banking services
provider for the elderly as they are
susceptible to identity theft.
How can FIs help?
Provide a convenient and reliable
investment tracking tool that can
automatically rebalance their portfolio
with minimal monitoring.
Simplified, voice-activated, one-stop
claims solution which can share
receipts with insurance company and
provide customer service support.
Real-time, 24/7 interface to explore
financial planning in a cost-effective way,
built on a secure platform that monitors
clients’ financial activities, identifying
signs of exploitation or anomalies.
Case Study
Context:
A bank is looking to make banking services more reliable and secure for the
elderly through guarding them against identity theft, as well as help them
manage their finances in a personable yet efficient fashion.
Opportunities:
The global silver economy is estimated to be valued at $15 trillion by 2020.
Recommended solution:
• Integrating a machine-learning solution that understands the specific
customer’s financial profile, and identifies any suspicious behavior which
differs considerably from his usual financial activity.
• In the event where there may be suspicious behavior, alerts are
automatically sent to trusted family members, lawyers, or advisors.
• The machine-learning solution is able to understand financial behavior,
such as whether an individual is a net saver or net spender, and provides
financial planning and investment advice following the analysis.
Client impact:
• Earned the trust of the elderly clientele as a bank that is able to make
transactions secure and efficient.
• Streamlined and value-added digital customer service for a new growth
market, enabling the bank to have a stronger market hold compared to
future competitors.
Contact Us:
Varun Mittal
FinTech Hub
EY Global Emerging Markets
FinTech lead www.ey.com/sg/FinTechHub
varun.mittal@sg.ey.com