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As retirees embrace technology, so must later life lenders and brokers – Carter

by: Paul Carter, CEO of Pure Retirement
  • 12/04/2019
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As retirees embrace technology, so must later life lenders and brokers – Carter
It’s safe to say that the stereotypical profile of the pipe and slippers retiree has become a thing of the past.

 

The fact that walking football is the fastest growing sport in Britain at present – in addition to the popularity of veterans’ athletics – also demonstrates that we’re arguably witnessing a generation of retirees who are more active than ever before.

But as well as understanding behavioural patterns in day-to-day life it’s also worth taking a moment to appreciate their online habits, many of which make for eye-opening reading.

 

Rise of the silver surfers

For instance, the fastest-growing demographic among Twitter users is grandparents, with a 50% year-on-year increase in the number of over-65s using social media in 2018 compared to the year before.

Similarly, while those in upper age ranges prefer tangible and print-based media and information, those aged 50-59 are most like to get their information from online sources, which again points to a change in the habits of the later life sector’s core audience.

Given this embrace of technology and greater understanding of its possibilities, it’s perhaps more important than ever that the later life lending sector welcomes solutions to help people achieve the retirement they seek, whether that technology be adviser or customer-facing.

 

Electric avenue

We’ve recognised the importance of enabling advisers with access to tools and the market’s first broker-facing mobile app.

In addition, a number of other technological avenues exist to ease the application process for both advisers and consumers.

The rise in SMS-based surveyor appointment booking is a case in point, with consumers now able to control a part of the process to suit their needs, reinforcing the manner in which later life lending is empowering them in their retirement.

For advisers, the rise in powerful sourcing systems has made it quicker to find the best products and  given easy access to a wealth of tools and details to help make an informed decision at a time when there are more products and plans available than ever before.

 

We owe it to them

The later life sector’s clientele are adapting to modern living at an unprecedented rate and we owe it to them to do likewise in our own activities.

This can be through products which manage to remain suitable to customers’ needs or technological developments that make the process as straightforward as possible for all involved.

 

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