Seniors
Quote of the month
“Today’s elderly are quite different from those of the past: in common with the youth, enthusiasm, dynamism and variety of interests define their life style. Thanks to better living conditions people live actively until late in life. Youth is just a state of mind and society no longer dictates conservative behaviour. The third age, and also the fourth, far from being a time to rest and watch life pass by, have become vibrant and positive.”
Laura Vescovo, Head of Strategic Marketing at Intesa SanPaolo
Overall issues
- Identifying needs
To be effective in this area, banks first need to determine the consumption patterns, needs and expectations of seniors (products, services, channels). - Creating solutions
There is also a need to develop and distribute carefully designed and targeted products and services. One example that might benefit from closer investigation is the potential for developing home care services. - Adapting strategies
Finally, banks need to modify their communication and marketing strategies to meet the needs of seniors whilst avoiding isolation risks and possible rejection.
Lessons from the most recent conference
"Senior Market – Baby-boomers are back again!", Milan, 15-16 May 2008 (www.efma.com/senior2008)
Best speaker:
Cristelle Ghekiere, Partner at Seniorsphere, USA
Best presentations:
- “BES’s senior mass market approach”
Pedro Appleton Figueira, Retail Marketing Manager, Banco Espírito Santo, Portugal
- “Reverse mortgages in Canada”
Judith Murchison, Director of Strategic Marketing, RBC Financial Group, Canada
- “Fortis and age concern – A perfect partnership for the seniors market”
Bob Hand, Managing director, Affinities and Partnerships at Fortis, United Kingdom
