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Fintech for Seniors: It’s Just the Beginning

Rapidly growing population of older adults represents market opportunity for fintech innovation in financial services.

Mercator Advisory Group releases new research on the market opportunity for financial technology to assist older adults with financial products and services.

Mercator Advisory Group’s new research report Fintech for Seniors: It’s Just the Beginning addresses the market opportunity for financial technology innovation in products and services to serve the needs of the rapidly growing population of older adults or “seniors.”

There are now nearly 50 million residents over the age of 65 in the United States, a number the U.S. Census Bureau estimates will more than double by 2060. Increased longevity and continued growth in the senior population will require innovative solutions for the industries that target this segment. Thus far, much financial technology (fintech) innovation for this population segment has been concentrated in healthcare and home automation, while innovation in banking and payments has been targeted more toward the Millennial generation. There are some promising examples of fintech innovation for the senior market, particularly applications giving seniors more control over their finances and technology for financial protection.

This report has 24 pages and 11 exhibits.

Companies mentioned in this report include: Abaris, Amazon, EverSafe, Golden, Guide Change, Ready, Set, Bank, SilverBills, Silverwealth, TrueLink Financial, U.S. Trust (Bank of America), and Wells Fargo.

Highlights of the report include:

  • Growing use of technology, with limits, by seniors

  • Innovation in healthcare and aging in place

  • Product design imperatives for the senior market—three themes

  • Fintech innovation in the broad senior market 

  • Solutions targeting affluent and high-net-worth seniors

  • Ecosystems and sustainable innovation in the older adult market

  • Strategic implications for financial institutions and fintech providers