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Peer2Peer Finance News | October 22, 2018

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Silver surfers express scepticism towards fintech

Silver surfers express scepticism towards fintech
Marc Shoffman

OVER-55s are turning to technology to help with their health but are more sceptical when it comes to their finances, research suggests.

A poll of more than 4,000 adults by investing platform Willis Owen found while 61 per cent of over-55s trust technology to help them with health and fitness, only 40 per cent are comfortable using fintech services.

Just 10 per cent of over-55s said they are comfortable with technology offering financial advice.

This is despite 39 per cent saying they use a smartphone, up 11 percentage points from a year ago.

Read more: Prime Minister voices support for UK fintech in Bank of England speech

Read more: Brits take money advice from family, rather than financial advisers

“When it comes to using technology to support managing finances, it’s less a case of silver surfers and more a case of silver sceptics,” Jason Chapman, managing director at Willis Owen, said.

“The user experience needs to be simplified. Complicated technological processes to access your finances can be very off-putting. Multiple passcodes and multiple online forms might prevent older people from using the technology.

“We also need to look at how we communicate with customers around the introduction of new technology. If financial services adopt a do-or-die attitude towards using online services we may see customers moving to other financial services providers who offer a more human touch.

“To tackle this, providers need to offer a hybrid approach, a digital service supported by a human helpline where customers can still hear a friendly voice at the end of the line.

“Finally, we need to improve education around using financial services technology. Over-55s are embracing technology more broadly, but our research points to a clear lack of understanding around the benefits it could bring when it comes to their financial wellbeing.”

Read more: Fintech Wars: Could Germany steal the UK’s fintech crown?