Longevity-AgeTech Banks Recommendation
TOTAL SCORE: 8
Score
A1 (Feasibility increased by continuance of pandemic): +0
A2 (Necessity increased by covid pandemic): 0
A3 (political viability): +1
B1 (Relevance to the specific goal of increasing HALE by 5 years by 2035): 0
B2 (Relevance to general goal of biomedical healthy life extension): 0
C1 (Market readiness applicability): 0
C2 (Project readiness): 0
C3 (Move to market readiness): 0
D1 (Actionability): +1
D2 (Degree of measurability): +1
D3 (Degree of leveraging cross-sector inputs): +1
D4 (Awareness of international context): +1
D5 (Resourcefulness): +1
D6 (Reorganisation): +1
E (Disruptiveness): 0
F (Dividends - does the recommendation aid in social activity and inclusivity?): +1
RECOMMENDATION SUMMARY
We recommend that the UK create financial incentives to develop the business models of UK banks and financial services companies with regard to the elderly, integrating AgeTech and WealthTech solutions in order to bring them into line with the propositional vision of the Longevity-AgeTech bank, described extensively in Aging Analytics Agency publications.
This process began in 2013, when the first AgeTech startups raised equity finance. Now AgeTech is a fast growing market that fosters technology to make Longevity accessible to everyone: digital, IT and mechanical technologies designed to support older adults and reduce the negative consequences of ageing in everyday life. Over the next few years, it is likely that all of these will come as complementary functions within a single product or service. As AgeTech and WealthTech converge, the financial industry is likely to see the emergence of what can be referred to as AgeTech banks, a novel future financial institution focused on simplifying banking for older people, resembling a traditional FinTech bank, but based on smartphones tailored for the older adults.
One side-benefit of age-friendly banking is that banks that provide good service for its oldest customers can provide similar services for all. The young and the middle-aged navigate the same systems as older people, but may have greater resilience in coping with poor design. A bank that improves its systems and services to assist its older customers also pleases the rest of its customers. It is by such means that the economy can be reinvigorated by the presence of the older demographics.
But is the old, not the young, who hold most of the wealth.
And in view of recent trends in the overall health of the elderly, the traditional approach is already outdated and will become increasingly obsolete over the next century. Even independent of any Longevity-related technologies, the number of elderly people staying active for longer is increasing
Fintech banks were made possible due to the interaction between bank and client that was made possible using smartphones and other portable devices on a massive scale. The only current obstacle to the creation of a fintech bank for the elderly (i.e. an AgeTech bank) is the lack of a specific device tailored to their needs. But we should expect one to emerge in the next several years, given the continuing rate of progress in the IT sector in this regard.
Score
A1 (Feasibility increased by continuance of pandemic): +0
A2 (Necessity increased by covid pandemic): 0
A3 (political viability): +1
B1 (Relevance to the specific goal of increasing HALE by 5 years by 2035): 0
B2 (Relevance to general goal of biomedical healthy life extension): 0
C1 (Market readiness applicability): 0
C2 (Project readiness): 0
C3 (Move to market readiness): 0
D1 (Actionability): +1
D2 (Degree of measurability): +1
D3 (Degree of leveraging cross-sector inputs): +1
D4 (Awareness of international context): +1
D5 (Resourcefulness): +1
D6 (Reorganisation): +1
E (Disruptiveness): 0
F (Dividends - does the recommendation aid in social activity and inclusivity?): +1
RECOMMENDATION SUMMARY
We recommend that the UK create financial incentives to develop the business models of UK banks and financial services companies with regard to the elderly, integrating AgeTech and WealthTech solutions in order to bring them into line with the propositional vision of the Longevity-AgeTech bank, described extensively in Aging Analytics Agency publications.
This process began in 2013, when the first AgeTech startups raised equity finance. Now AgeTech is a fast growing market that fosters technology to make Longevity accessible to everyone: digital, IT and mechanical technologies designed to support older adults and reduce the negative consequences of ageing in everyday life. Over the next few years, it is likely that all of these will come as complementary functions within a single product or service. As AgeTech and WealthTech converge, the financial industry is likely to see the emergence of what can be referred to as AgeTech banks, a novel future financial institution focused on simplifying banking for older people, resembling a traditional FinTech bank, but based on smartphones tailored for the older adults.
One side-benefit of age-friendly banking is that banks that provide good service for its oldest customers can provide similar services for all. The young and the middle-aged navigate the same systems as older people, but may have greater resilience in coping with poor design. A bank that improves its systems and services to assist its older customers also pleases the rest of its customers. It is by such means that the economy can be reinvigorated by the presence of the older demographics.
But is the old, not the young, who hold most of the wealth.
And in view of recent trends in the overall health of the elderly, the traditional approach is already outdated and will become increasingly obsolete over the next century. Even independent of any Longevity-related technologies, the number of elderly people staying active for longer is increasing
Fintech banks were made possible due to the interaction between bank and client that was made possible using smartphones and other portable devices on a massive scale. The only current obstacle to the creation of a fintech bank for the elderly (i.e. an AgeTech bank) is the lack of a specific device tailored to their needs. But we should expect one to emerge in the next several years, given the continuing rate of progress in the IT sector in this regard.