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Expand customer reach in Financial Services with the ageing consumer
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Expand customer reach in Financial Services with the ageing consumer

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Unprecedented growth of the older demographic means that every company will need to respond to the ageing of its customers. This can be done without detriment to the existing client base and should …

Unprecedented growth of the older demographic means that every company will need to respond to the ageing of its customers. This can be done without detriment to the existing client base and should expand your customer reach.

With 54% of the HNWI’s in Asia-Pacific over 56 years of age, such strategies are particularly critical in financial services. This is also the fastest growing age segment in most developed markets of APAC and worldwide. MasterCard predicts that in two years time, Singaporeans over 65 will have a spending power of more than $13 billion not to mention their assets and savings.

Contrary to common belief, attracting and retaining older customers need NOT mean that your brand or offering is suddenly skewed to an older consumer at the expense of your current positioning. Silver helps companies to make the right strategic choices and to profit from the power of the 50+ market.

Sometimes, minor changes to the customer touch-points can remove major barriers that might otherwise impede the brand experience for your older customers.

Published in Business , Economy & Finance
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  • 1. Powered byIn the Financial Services industry© Silver Group
  • 2. Powered byPopulation ageing is 
unprecedented, 
a process without parallel inthe history of humanity…“Population ageing isunprecedented,a process without parallel in thehistory of humanity…”United Nations, World Population Ageing Report© Silver Group
  • 3. Powered byThe time to respond is NOW54% of the APAC HNWI’s are above 56 years old(CapGemini/Merrill Lynch APAC Wealth Report)© Silver GroupYears of opportunity
  • 4. Powered by© Silver GroupThe Stats Don’t Lie$1,021.2$1,963.9050010001500200025002005 2015Affluent Asia Emerging Asia TOTAL2. Disproportionate wealthand spending power(Retired 65+)US$billionsPopulaon  growth  by  age  0  to  14   -­‐6.5%  15  to  34   1.8%  35  to  49   0.9%  50  +   33.5%  1. Fastest Growing AgeSegment in APAC2008 to 2018Aus, China, HK, India, Indon, Japan, Korea,Msia, Phils, Spore, Taiwan, Thai, Viet
  • 5. Powered byMARKETINGPRODUCTAge Specific Age NeutralAge NeutralWhat Needs to Be Done?•  Keeping the brand relevant to your older customers withoutalienating younger segments•  Age-neutral strategies reach the broadest customer base© Silver GroupAGE NEUTRALNo apparentage focusAGESEGMENTEDNeutral productadapted forolder consumersAGE SILOProduct createdand marketed toolder consumers
  • 6. Powered byFactors to consider that uniquely affectolder consumersPhysicalYOUNGER OLDERGrowth in formative years:•  Larger sizes25 effects of ageing:•  Customer touchpoints•  New products/services
  • 7. Powered by© Silver Group25 effects ofageingPhysical ageing affects the entirecustomer journey
  • 8. Powered by© Silver GroupHow Silver Can Help YouProfit from the power of the 50+ market•  Workshops–  Insightful, interactive, fun and actionable workshops that help teamsunderstand the opportunities and challenges of older customers–  Sessions ranging from ½ day introductions to 2-day immersion and ideationprogrammes•  Age-Friendly audit–  Using unique tools to evaluate your entire customer journey through the prismof ageing–  Enable business to identify and remove the barriers between them and olderconsumers•  Consulting–  Applying research, insights and ideas to devise unique strategies that create asustainable competitive edge with the ageing consumer•  Speaking–  Kim Walker is one of the few global authorities on this subject. A TED speakerand co-author of a definitive book on the subject*, his lively delivery entertainsand informs. His internationally awarded keynotes cover topics such as:•  How you can benefit from an ageing customer base•  Why ‘age-friendly’ is the new mantra for every businesses•  *Marketing to the ageing consumer
  • 9. Powered by© Silver GroupSome of our clients
  • 10. Powered by© Silver GroupEmail: info@silvergroup.asiaSilver Web: www.silvergroup.asiaBlog: http://silvergroup.asia/blog/Twitter: https://twitter.com/#!/SilverGroupAge-Friendly web: www.age-friendly.comContact us to learn more: