While many bankers are focused on navigating generational change and positioning their banks to succeed with millennials, they cannot ignore the baby boom generation, which continues to hold most liquid wealth in America. At the American Bankers Association’s National Conference for Community Bankers in Orlando, Fla., the ABA Foundation is today unveiling a new infographic on banking the boomers, providing key information to help bankers continue meeting boomers’ financial needs.
“Baby boomers hold two-thirds of all U.S. bank deposits and will be the wealthiest generation until at least 2030,” said ABA Foundation Executive Director Corey Carlisle. “Boomers are loyal bank customers, and banks have numerous opportunities to engage them as they move toward retirement, seek new housing needs and seek to maintain their financial security.”
The infographic illustrates boomers’ loyalty — more than half have never switched financial institutions — and focus on financial security, especially as only 24 percent are confident they have enough saved to outlast their retirement. While boomers use online banking at rates on par with younger generations, boomers are only half as likely to use mobile banking.
Opportunities for banks to engage boomers include providing a seamless online, mobile and in-person banking experience that prioritizes mobile alerts to prevent fraud; in-person, one-on-one wealth management; planning for future financial caregiving needs; and guidance on housing options as boomers consider downsizing or relocating.
