- The financial services industry will undergo significant changes over the next 10 years due to emerging customer needs and disruptive technologies. Key demographic groups like millennials, older adults, and freelancers will require new types of financial products tailored to their unique needs. Healthcare costs are also expected to continue rising rapidly, increasing demand for health savings accounts. Major technological disruptions like blockchain, artificial intelligence, and the democratization of financial services through the internet will further transform the industry. The author argues that financial firms must adapt to these changes to remain relevant and meet the demands of future customers.
This LinkedIn & Ipsos study provides actionable insights on:
• How Affluent Millennials are dramatically reshaping the future of the finance industry.
• How Affluent Millennials are preparing for tomorrow.
• What Affluent Millennials are looking for in a financial services provider and why it’s important to begin strengthening relationships with them today.
Bankings Biggest Problem: The Millennial Generation (Updated)George Samuel Samman
Millennials are the fastest growing demographic worldwide and they have unique characteristics which companies must tap into if they want to succeed in the coming decades. Fintech is seizing this opportunity and the banks are failing. There is a major opportunity here for those who win the millennials and the underbanked globally.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
This LinkedIn & Ipsos study provides actionable insights on:
• How Affluent Millennials are dramatically reshaping the future of the finance industry.
• How Affluent Millennials are preparing for tomorrow.
• What Affluent Millennials are looking for in a financial services provider and why it’s important to begin strengthening relationships with them today.
Bankings Biggest Problem: The Millennial Generation (Updated)George Samuel Samman
Millennials are the fastest growing demographic worldwide and they have unique characteristics which companies must tap into if they want to succeed in the coming decades. Fintech is seizing this opportunity and the banks are failing. There is a major opportunity here for those who win the millennials and the underbanked globally.
Find out how your brand can create the right emotional connection for Millennials
Millennials are entering an important life stage for banks, as this segment of the population is starting to build wealth while driving potential sales growth in financial products and services. This segment tends to use more primary banking products than Baby Boomers and carry a higher minimum balance in their checking accounts. An additional reason for the increased focus on this segment is based on the rapid growth in size versus other cohorts such as Baby Boomers. This study will translate the many research documents into an ideal Millennial Experience (MX) for the banking industry through our Omni Experience Model and will help define the role of physical branches versus online. http://www.sld.com
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Financial Services: Insight and TrendsNadya Powell
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
Sarah Tavel of Greylock Partners analyzes the unique financial pain points that young Americans are facing and explains why fintech is ripe for disruption.
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Disruptors are ushering in the future. From disruption comes the new.
Change can happen in the blink of an eye. But not always. The strength and nature of disruption is defined by the value it releases and it is often predictable. It can be anticipated, met, controlled, and even courted.
To learn more, visit https://www.accenture.com/us-en/insight-harness-power-of-disruption
We’re leaking, and everything’s fine: How and why companies deliberately leak...Ian McCarthy
Although the protection of secrets is often vital to the survival of organizations, at other times organizations can benefit by deliberately leaking secrets to outsiders. We explore how and why this is the case. We identify two dimensions of leaks: (1) whether the information in the leak is factual or concocted and (2) whether leaks are conducted overtly or covertly. Using these two dimensions, we identify four types of leaks: informing, dissembling, misdirecting, and provoking. We also provide a framework to help managers decide whether or not they should leak secrets.
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Leveraging Geo-Spatial (Big) Data for Financial Services SolutionsCapgemini
For effective decision making, Big Data needs to be delivered at the right level of granularity at the right time. Capgemini’s FS BIM Innovation Practice, working through our Mastermind and Greenhouse processes to ensure a focus on real-world client issues, has developed a Reference Architecture (RA) based upon HP HAVEn to achieve these goals.
While Geo-Spatial Data has traditionally been applied to non-FS domains, effective application of this data has the potential to improve decision-making in FS, including in the areas of underwriting and pricing, claims, and bank and credit card fraud.
Presented at HP Discover Barcelona 2014 by:
Guillaume Runser - WW Solutions Marketing, HP
Ernest Martinez - Global Head - FS BIM Banking, Capgemini
Stephen Williams - BIM Innovation Practice Head, Capgemini
In my Advertising and Promotions class we worked with Wells Fargo to create a marketing campaign for the opening of a new branch. Our tasks were to create a unique campaign that would raise awareness and draw in new households to the branch. By combining our marketing knowledge and previous experiences, we created a few noteworthy strategies allowing us to meet our objectives.
Loyalty Deciphered — How Emotions Drive Genuine EngagementCapgemini
Current loyalty approaches are broken. Brands spend billions on loyalty programs but fail to increase customer engagement. Our previous research showed that 90% of consumers have a negative perception of loyalty programs. In addition, over half (54%) of loyalty memberships have fallen inactive and over a quarter of consumers (28%) abandon loyalty programs without redeeming any points.
Many of today’s loyalty programs attempt to buy consumer loyalty through monetary rewards. The consumer might receive discounts or vouchers and, in return, organizations expect them to spend more or give up their data. Many organizations run these sorts of programs and achieve what looks like loyalty, at least on the surface.
But what does it really mean for a consumer to be loyal to a brand?
To uncover the true drivers of loyalty, we undertook a worldwide, cross-sector research program. We broadened our perspective—exploring beyond the mechanical and rational drivers associated with conventional loyalty programs. We explored loyalty from an emotional perspective to identify the drivers that brands can harness to build meaningful loyalty with consumers. We surveyed over 9,000 consumers and 500 executives, and we spoke to leading academics in the field. The Research Methodology at the end of this report provides further details.
We found that emotions play a far greater role in creating true loyalty than current approaches recognize. In this report we:
Explore how emotions are the main driver of loyalty.
Understand who emotionally engaged consumers are and what motivates them.
Assess the size of the prize for organizations with emotionally engaged consumers.
Recommend strategies for how organizations can make better emotional connections with consumers.
Our primary research reveals where financial services providers should focus their innovation to build healthy customer relationships in a digital future.
The Millennial Shift: Financial Services and the Digial Generation Study PreviewCorporate Insight
With 80 million members, the Millennial generation is the largest in the history of the United States. The group's size, coupled with its increasing spending power and social influence, means that Millennials are a huge potential market for financial services firms. However, Millennials' skeptical view of financial institutions and unique digital preferences pose a clear challenge to the industry's traditional marketing strategies and business models.
CI's new study, The Millennial Shift: Financial Services and the Digital Generation will help financial services marketers, product managers and strategists to better understand Millennials and identify effective tactics for serving this demographic. Download the study preview now!
Five Questions the Study Will Address
#1 How do Millennial attitudes/behaviors differ from those of earlier generations?
#2 What financial product features do Millennials value?
#3 Which financial services firms seem to be effectively targeting this group and why?
#4 What are the most effective ways to use technology to market to and serve these consumers?
#5 How can financial firms use education, gamification, social media and other innovations to connect with Millennials?
The Future of Business Citizenship - People's Insights MagazineMSL
For our global research study, The Future of Business Citizenship, we surveyed 8,000 young people in 17 countries. Our findings confirm that Millennials have high expectations from business and add an insightful layer to our observations around this generation, with real implications for brands and corporations.
MSLGROUP's global team of corporate and brand citizenship experts dive deep into the results of our study and outline what Millennials value as individuals and what they expect from businesses. The Future of Business Citizenship is part of MSLGROUP's People's Insights project that crowd-sources insights and foresights from MSLGROUP experts.
We hope you enjoy reading this comprehensive report and invite you to share your feedback and tips with us @PeoplesLab or you can reach out to us on Twitter @msl_group.
How Generation Y millennials are driving financial industry changeHarland Clarke
Financial marketers are being put to the test as fairly predictable generations of customers give way to the less familiar and less predictable. Pre-Baby Boom generations have been in retirement for years, and their pattern of drawing down assets continues. Now, Baby Boomers themselves are busy liquidating assets to fund college educations, weddings and their own retirements. Generation Xers have well-established careers and saving/investing habits to match.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Financial Services: Insight and TrendsNadya Powell
What do customers think of Financial Services brands? What cultural trends should Financial Services brands take note of. This deck hopefully gives you everything you need to know. Thanks to Zoe Decool for research help.
Sarah Tavel of Greylock Partners analyzes the unique financial pain points that young Americans are facing and explains why fintech is ripe for disruption.
Engaging millenials for financial servicesJason Dea
Webinar sponsored by Empathica discussing how the financial services industry can leverage great experiences to better engage with the Millennial generation
Find a great Infographic summary of some of the research here http://forewardsapp.com/blog/influence-millenials-drive-customer-referrals/
Disruptors are ushering in the future. From disruption comes the new.
Change can happen in the blink of an eye. But not always. The strength and nature of disruption is defined by the value it releases and it is often predictable. It can be anticipated, met, controlled, and even courted.
To learn more, visit https://www.accenture.com/us-en/insight-harness-power-of-disruption
We’re leaking, and everything’s fine: How and why companies deliberately leak...Ian McCarthy
Although the protection of secrets is often vital to the survival of organizations, at other times organizations can benefit by deliberately leaking secrets to outsiders. We explore how and why this is the case. We identify two dimensions of leaks: (1) whether the information in the leak is factual or concocted and (2) whether leaks are conducted overtly or covertly. Using these two dimensions, we identify four types of leaks: informing, dissembling, misdirecting, and provoking. We also provide a framework to help managers decide whether or not they should leak secrets.
The Future of Industry: Sector Convergence & 2017 OutlookGrant Thornton LLP
What is the future of industries? How should we respond to the opportunities and challenges presented by this disruption? Every industry is being disrupted by fast-paced change on many fronts. In this deck, Grant Thornton industry leaders explore cross-industry issues and potential solutions to support your business in this ever-changing world.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Leveraging Geo-Spatial (Big) Data for Financial Services SolutionsCapgemini
For effective decision making, Big Data needs to be delivered at the right level of granularity at the right time. Capgemini’s FS BIM Innovation Practice, working through our Mastermind and Greenhouse processes to ensure a focus on real-world client issues, has developed a Reference Architecture (RA) based upon HP HAVEn to achieve these goals.
While Geo-Spatial Data has traditionally been applied to non-FS domains, effective application of this data has the potential to improve decision-making in FS, including in the areas of underwriting and pricing, claims, and bank and credit card fraud.
Presented at HP Discover Barcelona 2014 by:
Guillaume Runser - WW Solutions Marketing, HP
Ernest Martinez - Global Head - FS BIM Banking, Capgemini
Stephen Williams - BIM Innovation Practice Head, Capgemini
In my Advertising and Promotions class we worked with Wells Fargo to create a marketing campaign for the opening of a new branch. Our tasks were to create a unique campaign that would raise awareness and draw in new households to the branch. By combining our marketing knowledge and previous experiences, we created a few noteworthy strategies allowing us to meet our objectives.
Loyalty Deciphered — How Emotions Drive Genuine EngagementCapgemini
Current loyalty approaches are broken. Brands spend billions on loyalty programs but fail to increase customer engagement. Our previous research showed that 90% of consumers have a negative perception of loyalty programs. In addition, over half (54%) of loyalty memberships have fallen inactive and over a quarter of consumers (28%) abandon loyalty programs without redeeming any points.
Many of today’s loyalty programs attempt to buy consumer loyalty through monetary rewards. The consumer might receive discounts or vouchers and, in return, organizations expect them to spend more or give up their data. Many organizations run these sorts of programs and achieve what looks like loyalty, at least on the surface.
But what does it really mean for a consumer to be loyal to a brand?
To uncover the true drivers of loyalty, we undertook a worldwide, cross-sector research program. We broadened our perspective—exploring beyond the mechanical and rational drivers associated with conventional loyalty programs. We explored loyalty from an emotional perspective to identify the drivers that brands can harness to build meaningful loyalty with consumers. We surveyed over 9,000 consumers and 500 executives, and we spoke to leading academics in the field. The Research Methodology at the end of this report provides further details.
We found that emotions play a far greater role in creating true loyalty than current approaches recognize. In this report we:
Explore how emotions are the main driver of loyalty.
Understand who emotionally engaged consumers are and what motivates them.
Assess the size of the prize for organizations with emotionally engaged consumers.
Recommend strategies for how organizations can make better emotional connections with consumers.
Our primary research reveals where financial services providers should focus their innovation to build healthy customer relationships in a digital future.
The Millennial Shift: Financial Services and the Digial Generation Study PreviewCorporate Insight
With 80 million members, the Millennial generation is the largest in the history of the United States. The group's size, coupled with its increasing spending power and social influence, means that Millennials are a huge potential market for financial services firms. However, Millennials' skeptical view of financial institutions and unique digital preferences pose a clear challenge to the industry's traditional marketing strategies and business models.
CI's new study, The Millennial Shift: Financial Services and the Digital Generation will help financial services marketers, product managers and strategists to better understand Millennials and identify effective tactics for serving this demographic. Download the study preview now!
Five Questions the Study Will Address
#1 How do Millennial attitudes/behaviors differ from those of earlier generations?
#2 What financial product features do Millennials value?
#3 Which financial services firms seem to be effectively targeting this group and why?
#4 What are the most effective ways to use technology to market to and serve these consumers?
#5 How can financial firms use education, gamification, social media and other innovations to connect with Millennials?
The Future of Business Citizenship - People's Insights MagazineMSL
For our global research study, The Future of Business Citizenship, we surveyed 8,000 young people in 17 countries. Our findings confirm that Millennials have high expectations from business and add an insightful layer to our observations around this generation, with real implications for brands and corporations.
MSLGROUP's global team of corporate and brand citizenship experts dive deep into the results of our study and outline what Millennials value as individuals and what they expect from businesses. The Future of Business Citizenship is part of MSLGROUP's People's Insights project that crowd-sources insights and foresights from MSLGROUP experts.
We hope you enjoy reading this comprehensive report and invite you to share your feedback and tips with us @PeoplesLab or you can reach out to us on Twitter @msl_group.
MSLGROUPs latest survey of 8,000 Millennials across 17 countries reveals that they feel very differently from preceding generations about businesses’ roles in dealing with the world’s greatest challenges.
The millennial and data-driven (r)evolution of fintechGuy Turner
What does gassing your car at night have to do with getting a loan? Everything we do is now trackable, creating new data sources for underwriting. Meanwhile a cashless and shared economy are disaggregating major asset purchase (cars, houses) for millennials. The old bait and hook of credit cards as an entry to car and mortgage debt is no longer a winning combo for banks to tap the young generation. In short, the consumer fintech value chain is a deck of cards thrown and now cascading to the ground. What are startups doing to slip into this reshuffle, and where are banks still advantaged?
How are people managing their finances?What tools and services would make their lives easier? The quarterly consumer trends survey from Fiserv provides answers and insights.
Whitepaper: Surprising Attitudes Millennials Have About Total CompensationIconixx
Companies must understand what millennials think about compensation. The notion is that millennials constitute the entitlement generation – but as with many other perceptions surrounding millennials and compensation, there’s much more to it than appears.
Marketing in the Future American Economy: Baby Boomers, Aging Millennials and...Voices
By as early as 2030, 1 in every 5 Americans will be over 65 years old. Learn about the rise of the senior market, including the impact it is set to have on advertising and marketing. Discover how voice over will be integrated into several key industries and form the foundation for business success.
https://www.voices.com/company/reports/future-american-economy-senior-voice-over
Essay For Population. Teaching A Diverse Population Free Essay ExampleNorda Ramos
Essay on Population | Population Essay for Students and Children in .... 010 Essay On The Principle Of Population An ~ Thatsnotus. Essay on Population problem: For class 12th ( English Special) - YouTube. Effect Of Population On Environment Essays | olympiapublishers.com. The continued rise in the world’s population (Corrected Essay). An essay on population growth. Essay on "population" in English | Write an essay on Population Growth .... School essay: World population essay. AN ESSAY ON THE DYNAMICS OF POPULATION AND DEVELOPMENT IN .... 018 Essay On Population Example An The Principle ~ Thatsnotus. essay on over population??? - Brainly.in. How and why is population changing? - A-Level Geography - Marked by .... Population Essay - International Baccalaureate Geography - Marked by .... College essay: Population essay. Remarkable Overpopulation Essay ~ Thatsnotus. ️ Paragraph on increasing population. Increasing population , Sample of .... Essay on world population day - Expert Custom Essay Writing Service You .... Essay websites: Over population essay. Teaching A Diverse Population Free Essay Example. In Essay on the Principle of Population | Labour Economics | Economies. Essay on world population | SAC Homberg. World Population Growth - Free Essay Example | PapersOwl.com. Write an essay on World Population Day | Essay Writing | English - YouTube. An Essay on the Principle of Population (Paperback) - Walmart.com .... Write an Essay on World Population Day-2021 in English Writing /Short .... HISTORY30067 - Population Growth Essay.pdf - The Impacts Of World .... Write an essay on World Population Day||World Population Day Essay .... 008 Over Population Cause And Effect Of Overpopulation Essay ~ Thatsnotus. Increase In Population Essay Topics. Pak Education Info: Over-Population Essay For FA Fsc BA Bsc Students. Over-Population Term Paper Example | Topics and Well Written Essays ... Essay For Population
Similar to Gould Scholastic Award 2017 - Julian Fung (20)
1. Deciphering New Customer Needs in
Financial Services 2027
Julian Fung
jzf1358@truman.edu, (872) 203-4854
Truman State University
Charles Boughton
boughton@truman.edu, (660) 785-4521
2. DST Robert L. Gould Scholastic Award 2016-2017
1
Executive Summary
The world around is rapidly changing. Self-driving cars and drone-delivered packages are no longer
a fiction of the future. Technology is driving costs lower, creating new markets, and bringing previously
untapped customers into existing markets. For example, the cost of various online services such as hosting
a website or accessing financial databases is steadily approaching zero. At the same time, Silicon Valley
startups like Uber and AirBnB are disrupting industries that were thought to have immense barriers to
entry that would secure the market for decades to come. This form of democratization has now reached
the financial services industry, as Wall Street and Silicon Valley steadily converge.
The financial services industry is already evolving faster than it ever has before, and this trend will
only accelerate over the next 10 years. Today’s disruptors such as TransferWise that cut out the
middleman when sending money abroad or mobile banks that solely interact with customers through their
smartphones hint at what major changes may happen in the years to come. Based on the trends extending
from my aggregate research, I see these changes to be driven by (1) needs for new services among key
demographics, (2) an increasing focus on healthcare planning, (3) increasing industry regulation, and (4)
disruptive technology.
Three demographics will play a particularly important role over the next decade: Millennials exhibit
a lifestyle that demands entirely new financial products, an increasing population of older people require
greater attention to their deteriorating thinking and processing capabilities, while the exponential growth
of full-time freelancers calls for new savings and retirement planning products. Moreover, as healthcare
costs continue to rise, healthcare planning will become a bigger priority and play a larger role in the
financial planning process. In particular, Health Savings Accounts (HSA) will become of major savings and
tax-beneficial instrument. Likewise, increasing costs of risk will result in heavier regulation.
On top of that, I foresee four major technological disruptions. First, by lifting barriers of entry,
fueling competition, and decreasing prices, technology will democratize the industry and bring in a large
new customer base. Second, behavioral science and big data will provide improved behavioral profiling
techniques to better reach customers. Third, on the B2B end, Blockchain is expected to disrupt the way
financial transactions are being processed. The prospect of “smart contracts” that are linked to all
stakeholders may possibly render financial intermediaries unnecessary. Finally, artificial intelligence (AI)
will start to play an important role in people’s financial lives and revolutionize financial decision making.
From budgeting our everyday spending to creating a financial plan for the next decades, AI will become our
trusted, unbiased advisor.
Although it is unclear whether all these developments will happen in the next 5, 10, or 15 years, it
is certain that the financial world as we know it will drastically differ in 10 years.
3. DST Robert L. Gould Scholastic Award 2016-2017
2
Emergence of Key Demographics
Millennials and their Vastly Different Needs
At 75.4 million in numbers, Millennials have recently surpassed Baby Boomers as the nation’s
largest living generation.1
In 10 years, Millennials will be about 28 to 44 years of age and in their career
primetime, where they would require an array of sophisticated financial services. However, they have
completely different needs and preferences, and generally a different outlook on life.
Millennials no longer want to save solely for retirement, but also for many different goals
concurrently. Millennials are far more adventurous and prefer more freedom over being tied down to one
place. Consequently, Millennials are more inclined to defer buying big houses, getting married, and settling
down, which frees up finances for exploring and moving around.2
Furthermore, car ownership among
urban Millennials will continue to decrease, as ride-hailing services such as Uber and self-driving
technologies continue to develop and exacerbate current trends. In addition, Millennials need to pay off
their student loan debts, which are higher than any other generation.3
This in turn creates a desire to save
more for their kids’ college. Moreover, there is increasing longevity among Millennials, and they need new
products or services like longevity annuities as they live and work longer.
These changing needs of Millennials are likely to continue into the future, and firms must provide
unique, tailored goal-based services to them. Additionally, financial advisors must acquire necessary
skillsets to help Millennials not just plan for retirement, but also assess where they are at and help them
navigate the entire financial jungle - travel planning and budgeting, improving credit scores, paying debts
and saving for their kids’ college, contingency funds, and more.4
Considering the Needs of Older People
Another part of the population that will play an increasingly important and pivotal role are elderly
people. The proportion of aging population is predicted to increase dramatically, primarily because the
baby boomer generation is currently reaching retirement. Moreover, according to the St. Louis Fed, wealth
will be concentrated in this age bracket, and recent studies show that decision-making becomes
increasingly difficult with age.5
Thus, financial services firms need to design and communicate their
services with an awareness of how older people’s thinking and processing capabilities deteriorate.
Research has provided striking evidence that older people have decreased numeracy and financial
literacy skills. Studies found that financial capabilities peak at age 60.6
Another experiment brought to light
that older people struggle evaluating probabilities. For example, when asked whether a 1 in 10, 1 in 100 or
1
Fry, Richard. “Millennials Overtake Baby Boomers.” PewResearchCenter, 25 Apr 2016.
2
Jones, Charisse. “For Millennials goal is financial freedom.” USA Today, 11 Apr 2015.
3
Glum, Julia. “Student Debt Crisis 2016.” International Business Times, 6 May 2016.
4
Smith, Anne. “Financial Planners for Young Clients.” Kiplinger, 1 November 2014.
5
“Wealth Gap Widens between Young and Old Families.” St. Louis FED, Jul 2015.
6
Li, Ye, et al. “Sound credit scores and financial decisions despite cognitive aging.” PNAS, January 2015, Vol 112, No.1.
4. DST Robert L. Gould Scholastic Award 2016-2017
3
1 in 1000 chance of getting a disease was the greatest, 29% were unable to choose the correct answer.7
Although financial advisors may already experience these challenges, financial services companies as a
whole need to understand that older people have trouble processing financial information and need to
adapt their communications and product offerings.
Additionally, older people struggle when making decisions with too many options. Behavioral
economists call this phenomenon choice overload - people are overwhelmed by having too much choice
and tend to stick to the status quo, even if such a choice is suboptimal. In a 2008 study, younger and older
adults were asked to make healthcare decisions for hospitals or prescription drugs. Against the economic
paradigm that more choice is better, the results showed that older people preferred having a smaller
choice set. Other studies have found that having too many options increases the likelihood that older
people fail to choose the best product for themselves. Thus, financial services companies need to carefully
consider how they present and structure choice to elderly customers. By restricting the choice set, wealth
managers can actually help people make better decisions.
Moreover, financial advisors also need to understand how to better relate to and reach older
customers. Findings from psychology reveal that positive emotions play a major role in older people’s lives.
They are drawn towards experiences that create positive affect and remember them better, for example
spending time with grandchildren or traveling the world.8
This in turn helps us understand how to
communicate more effectively with elderly customers. For example, psychologists Laura Carstensen and
Helene Fung have found that older people prefer advertisements that generate positive emotions and tend
to better remember positive pictures, as further explained in Appendix A.9
Instead of trying to reach older
people with fear-based messages or economic appeals, firms and advisors need to introduce, explain and
advertise financial products with an emotional underpinning through positive imagery and language.
With current trends of closing branches and encouraging more online interactions, financial
services providers must carefully consider the impact on older customers. Given the needs of older
customers, it is clear that robo advising and online banking are not viable alternatives. Zero fee models and
fancy technology that appeal to younger customers may lose their appeal as people age. Instead, older
people prefer having a personal relationship with an advisor who can relate to them. Face-to-face
interactions will remain important as ever, and older people may be willing to pay a premium for it.
The Rise of Freelancers and New Services for Them
Freelancers are rapidly on the rise, and are disrupting the status quo of the regular workforce.
According to Forbes, there are currently 53 million freelancers in the U.S. and could increase to over 50%
7
Peters, E. The Aging Consumer: Perspectives from Psychology and Economics. New York: Routledge, 2009. 75-101. Print.
8
Turk, S., et al. “Aging and Emotional Memory: The Forgettable Nature of Negative Images for Older Adults.” Journal of
Experimental Psychology, Vol. 132, No. 2, 2003, pp. 310 – 324.
9
Fung H., Carstensen L. “Sending memorable messages to the old: age differences in preferences and memory for
advertisements.” Journal Pers Soc Psychol. Vol. 85, No. 1, 2003, pp. 163 -78.
5. DST Robert L. Gould Scholastic Award 2016-2017
4
of the U.S. workforce by 2020.10
Of these 53 million freelancers, 17.8 million are full-time. These
professionals are also proving to have real earnings power, as 2.9 million or 20% of full-time freelancers
currently earn over $100,000 annually. Freelance service provider, MBO Partners, further projects that
roughly 3.8 million freelancers will command above a six-figure annual salary by 2020.11
While freelancers
are quickly increasing, very few services cater toward their needs, as they earn variable salaries and have
vastly different needs from full-time employees. For example, a freelancer takes on a project and only gets
paid a lump sum of $20,000 at the end of three months of work. This prevents them from enjoying
corporate benefits such as matching contributions, tax deductions, and insurance. Hence, I firmly believe
that this changing need will create an opportunity for brand new markets to emerge and serve freelancers.
One of the most essential services that will surface is specialized retirement and tax services for
freelancers. It is difficult for freelancers who earn a variable income every month to effectively allocate
savings for retirement and taxes, as they can easily discard the idea and be shortsighted as they do not
have a full-time employer making automatic deductions. Moreover, freelancers have to save even more for
retirement as they do not have employer matching benefits. This menial but crucial task is easily forgotten,
and there is statistical research to show that people typically do not manage their finances well when left
to their own device; in turn failing to plan for retirement or have an emergency fund.12
In light of these
needs, firms will start to offer consulting services to help freelancers effectively manage their financial
planning and taxes and find the optimal allocation for all their financial accounts.
Another service that will surface is affordable healthcare for freelancers. Average health care
premiums cost around $521, and although roughly $432 of the total cost is paid for by employers, this is
not an option for freelancers.13
Thus, freelancers will need more feasible means to obtain health care
insurance. Health insurance firms will start offering new insurance policies and programs for freelancers as
they realize the potential profitability of the addressable market, and consulting firms and benefits brokers
will start increasing their expertise on freelancing insurance to approach freelancers to offer them health
insurance services. New health service models would also emerge. Given that many freelancers who earn
variable salaries may not be able to afford consistent monthly payments, new models could introduce
payments that would better suit freelancers, for example, making payments in installments at suitable
times or right after completing a project.
Future Healthcare Trends and its Implications
Among many uncertainties of the healthcare industry going into the future, there are two
important trends that are showing signs of continuing its trajectory. First, healthcare costs have been
10
Rashid, Brian. “The Rise Of The Freelancer Economy.” Forbes. 26 Jan. 2016.
11
Clifford, Catherine. “The Rise of the 6-Figure Freelancer.” Entrepreneur.com. 13 May 2016.
12
Gabler, Neal. “The Secret Shame of Middle-Class Americans.” The Atlantic. 1 May 2016.
13
Brandeisky, Kara. “7 Dos and Don’ts for Freelancers Buying Health Insurance.” Time. 14 June 2016.
6. DST Robert L. Gould Scholastic Award 2016-2017
5
steadily rising and increased the most this year since 32 years, and it is projected that $1 in every $5 in the
U.S. will be spent on healthcare by 2024.14
Following this, healthcare planning will become a bigger priority
for many and play a larger role in the financial planning process.
Due to these trends, the financial services industry must account for this changing customer need
and increasing importance of healthcare. One of the biggest changes that I foresee through extensive
research is a complete shift towards Health Savings Accounts (HSA), which has already seen yearly growth
over 20% in accounts and assets since 2013.15
Regardless of healthcare reform outcomes, HSAs will likely
increase tremendously in the coming years as it is among the most superior health savings instrument
available. Essentially, HSAs are a triple-tax benefit health savings instrument for people with high
deductible health plans. Capped annual contributions are made pre-tax, and are allowed to grow tax-free
through investments of available asset classes. Savings can then be withdrawn tax-free for qualified
healthcare purchases. HSAs are a huge advantage for people as they effectively reduce the healthcare
spending amount by at least a person’s tax rate. Moreover, account balances are rolled-over to the
following year and are never lost, and people can save and grow that balance each year, tax-free, and build
up a more padded healthcare fund for the future to better prepare against rising healthcare costs.
In addition to healthcare benefits, HSAs could also aid in retirement. Although traditional 401Ks
and IRAs will remain as customers’ primary choice of retirement accounts and plans, the triple-tax benefits
and rollover feature HSAs provide make them ideal supplements, not replacements, to traditional 401Ks
and IRAs, given their much lower contribution limit. The basic strategy is simple. First, max out your annual
HSA contributions before age 65. Second, do not spend your contributions on eligible expenses, rather,
save it and let it grow tax-free while you pay for your expenses out-of-pocket. Finally, here is the catch; in
order to gain access to accumulated funds, receipts of previously eligible expenses should be saved and
used to reimburse yourself at a later date, allowing you to withdraw the total amount of your combined
receipts. All funds, eligible or not, can also be withdrawn after 65 at a taxable rate without a penalty, and
you could take advantage of a lower tax-bracket to liquidate your account. This way, potential gains of
your HSA contributions can be maximized. Although this reduces your disposable income in the short run
by paying out-of pocket, you will reap lucrative benefits in the long run. To demonstrate the effectiveness
of this strategy, using very conservative estimates, you start saving at 40 and contribute only $200 a month
until age 65. Assuming all contributions are reinvested and earn a 5% annual return, you would end up
with over $114,000 in your account. In a best case scenario, you could reap over $1 million.16
Detailed
calculations are shown in Appendix B.
14
Codemo, Robert. “Rising Costs Through 2024 Drives Projected Job Growth.” Future of Healthcare. 1 Jun. 2015.
15
Remjeske, E., Robb, J., Hansen, Lori., “2015 HSA Market Statistics and Trends.” Devenir Research. 17 Feb. 2016.
16
Fontinelle, Amy. “How to Use Your HSA for Retirement.” Investopedia. 16 September 2015.
7. DST Robert L. Gould Scholastic Award 2016-2017
6
Due to the expected proliferation of HSAs, financial services firms must be adept in HSAs and
differentiate themselves by taking proactive measures to recommend HSAs to customers and providing
constructive advice to help customers maneuver the intricacies of HSAs and maximize their benefits.
In light of the recent presidential election, major healthcare reforms may happen in the coming years.
However, we must not be overly fixated on short-term implications and overlook the long-term trends that
are underway. Hence, I strongly believe that regardless of political climate, rising healthcare costs and a
shift towards HSAs are two long-term trends that will continue on its trajectory.
Direction of Regulation in Financial Services
In recent years, the financial services industry has attracted regulation of highest scrutiny across
industries. This highlights the sharply rising risks in the past few years due to disruptive changes in the
industry. Despite this, regulation has always been chasing after the industry at its tail end, and this trend is
likely to continue. Despite an expected decrease in corporate regulation based on recent political changes,
the long-term trajectory of regulation will most likely be upwards, as disruptive technology would outrun
the short-term implications, and regulation will still be playing catch-up.
One of the key areas that would experience increased regulation is customer protection.17
Fiduciary policies - acting in the customer’s best interest and putting them first will be increasingly
enforced to ensure that customers receive the best service and are not taken advantage of by firms.
Already, legislative rules are now being written in order to enforce fiduciary rules upon firms in the future.
Yet another key area rests upon cybersecurity, as it will be paramount in the next decade because there
are high stakes involved in managing customers’ private data. Ferocious cyberattacks of late both within
and outside of the industry have caught the attention of regulators, and regulators will be more stringent
in ensuring that firms have substantial controls and governance, while firms must go one step beyond
regulators by making wise investments in cybersecurity and other initiatives to ensure that they can
withstand cyberattacks from all directions.
As regulation increases, competition among firms will shift towards owning “better regulation
controls.” In 10 years, regulation will not be seen as a cost of business, but rather an investment towards
building a firm’s name a reputation, as the industry operates highly based on “trust,” where one major
cyberattack would cause a firm with a perfect track record to fall to its knees. Specifically for cybersecurity,
firms will differentiate themselves based on the level of cybersecurity they have, and this will be a major
determining factor in decision making for consumers in the future. Perhaps regulators may even assign
regulatory ratings, similar to credit ratings, to rate a firm’s regulatory-worthiness. Thus, regulation will play
a bigger role in a firm’s dealings, and firms must take proactive measures to always have internal controls
17
Gauthier, Vincent. “10 Disruptive trends in wealth management.” Deloitte. 2015
8. DST Robert L. Gould Scholastic Award 2016-2017
7
and security beyond what regulators require in order to differentiate themselves from competitors and
provide a safe and trustworthy customer experience.
Technological Landscape and Environment of Financial Services in 2027
Democratization of Financial Services
We have seen across industries that technology lifts barriers of entry, fuels competition, drives
down prices and overall democratizes the market. Everyone with a computer now has access to the
financial markets. But not only that, everyone with a smartphone can now trade stocks for free using apps
such as RobinHood. Given this exponential growth and innovation, I believe that other financial markets
will soon be widely accessible and also see decreasing transaction costs that will quickly approach zero,
including the bond market, foreign exchange trading, and index funds. With new and easy methods to
invest through robo advisors or cheap managed funds built on index funds, such as British wealth manager
Nutmeg, everyone with a smartphone will be able to participate in the financial markets.
In addition, with new peer-to-peer lending markets developing, online providers are cutting out
traditional banks and credit unions as middlemen, resulting in lower rates for borrowers and higher yields
for lenders. From making personal investments such as purchasing cars, peer-to-peer markets are now
expanding into the property market, risk-capital, and business financing.
Lastly, I also foresee the emergence of new forms of distributions. Over the past few years, many
social media and non-finance tech companies have made first advances into the consumer finance market
by offering money management and payment tools, such as using Facebook and Snapchat to send money
and paying with Google Wallet and Apple Pay. These tech behemoths who already possess a wealth of
information about people’s online and offline lives now also have access to their financial lives. This
provides them with opportunities to further develop money management tools that leverage these
existing data resources. In the coming years, these tech companies may even offer financial services
themselves or partner with well-established players in banking and wealth management.
Regardless of how tech companies will increase their involvement in the financial services industry,
it is clear that technology will democratize the financial services industry by bringing new players into the
market and lowering costs for consumers.
Using Behavioral Profiling to Reach Customers at the Right Time
Insights from consumer psychology and behavioral science can also help financial services firms
understand when people are most likely to get their finances in order and make a financial plan for the
future. Research on habit formation has shown that a major life change, a transition between life stages, or
9. DST Robert L. Gould Scholastic Award 2016-2017
8
a teachable moment provides one of the best opportunities to create new habits.18
In these periods of
change such as leaving college, getting engaged or married, having a kid, death of a parent, college
graduation of children, and so on, our existing behaviors and habits are disrupted. The context of people’s
behavior changes, so old routines are replaced with new habits. This insight allows financial services
companies to increase the effectiveness of marketing campaigns by reaching out to existing and potential
customers at times when they are more likely to get their finances in order by taking up new savings
habits, making investments for the future, and start contributing to a retirement plan. Behavioral profiling
goes hand in hand with big data analytics to reveal further behavioral trends. Together, they allow
companies to boost their marketing efforts and increase their customer base.
Blockchain’s Role in Financial Services
The limitless capabilities of blockchain has captivated Wall Street’s largest institutions. While
enthusiasts often talk about how blockchain could change the world, I believe that blockchain will not
evolve into the backbone of a decentralized platform, where every firm uses the same technology to
communicate. Rather, blockchain usage will proliferate and become a powerful addition to legacy systems
and procedural operations to lower transaction costs, increase efficiency, and greatly disrupt the financial
services industry. In 2027, firms will be well underway in executing partial or full swing changes to their
legacy systems to incorporate blockchain technology to some extent in their operations.
Out of this will come valuable use cases that would disrupt the financial services industry, one of
which are smart contracts. With blockchain, firms can create “programmable contracts that automatically
execute when predefined conditions are met.”19
Traditional financial contracts are simply falling behind
the digital age, as reliance on physical documents result in greater delays, inefficiencies, and risk, while
financial intermediaries lead to increased overhead costs and regulation. Studies confirm that smart
contracts can solve or heavily mitigate these problems by reducing overall risk, administrative and service
costs, and increasing process efficiencies. Customers will benefit from more competitive products and
simpler processes that are hassle-free, contrary to today’s customer experience.
Specifically, smart contracts provide inherent benefits to these three areas - investment banking,
retail banking, and insurance.20
First, smart contracts could reduce lengthy settlement cycles in investment
banking from 20 days to under 10 days. This leads to lower operational costs and additional demand
growth of 5%, resulting in additional income of $2 billion to $7 billion annually. Second, smart contracts
could benefit retail banking through customer savings of $480 to $960 per loan, while banks could save
anywhere from $3 billion to $11 billion annually due to lower processing costs. Finally, smart contracts
could be used to automate claims handling in the insurance market. This reduces processing overhead and
18
Dughigg, C. “The Power of Habit.” Random House. 2012
19
“Smart Contracts in Financial Services.” Capgemini Consulting. 2016.
20
Ibid
10. DST Robert L. Gould Scholastic Award 2016-2017
9
could result in $21 billion of annual savings while lowering insurance premiums as insurers pass fractions
of savings to customers.
Introducing Artificial Intelligence into Financial Decision-Making
In the next few years artificial intelligence (AI) will play a much greater role in people’s financial
lives. AI describes computer systems that are able to perform tasks that require human intelligence - to do
this, the computer is able to learn by itself to make intelligence decisions. This goes several steps further
than predictive analytics, which sifts through data looking for trends and correlations. AI is able to analyze
data in the context of existing knowledge, learn from human feedback, draw its own conclusions, and most
importantly make these insights accessible in simple but meaningful formats.
Apple’s Siri, which is pre-programmed to answer specific questions and queries will no longer be
able to keep up with true AI that actually learns and processes data from the entire web. In less than 10
years, each smartphone will be equipped with an AI that becomes our personal assistant, serving as our
independent advisor and expert.21
It has our best interests at heart and will help us live a better life. The
foundation for these developments is already set given the commercialization of IBM’s Watson, Google’s
Pixel phone, and Amazon’s innovative Alexa voice recognition that truly learns to adapts to people’s voice.
Based on extensive research, I predict that the AI will have access to our bank accounts,
smartphone usage, online interactions, travel planning, and much more. It will not be able to interfere in
any of our decisions, but it will be a silent observer that gets to know our preferences and behavior. This
allows the AI to become our trusted and unbiased advisors, particularly when it comes to financial
decisions. This vision is built on the premise that many people are willing to let an intelligent machine
access their accounts to help them better manage their finances.22
Given the dramatic extent of financial
illiteracy, ever-increasing complexity of financial products and irresistible temptations like credit cards,
many will realize they have more to gain than lose by having a benevolent advisor at their side. Although
there may be privacy concerns, they will probably not deter people from using the AI. Specifically, younger
generations have gotten used to giving up their personal data in exchange for enjoying the benefits of
valuable online services such as social media platforms.
In its primary capacity, the AI will help us make better financial decisions in our daily lives and plan
our financial future. It will analyze how we spend money; it will know we spend too much on expensive
coffee on the way to work and will understand our financial ambitions such as our next travel plan to
Egypt. Additionally, the AI will unlock true behavioral insights by recognizing financial pitfalls. It might
remind us that we will not be able to pay our rent or utility bills later in the month, if we continue our
current spending patterns. It could also warn us in real time that we are going to exceed our overdraft. It
21
Tan, C. “Huawei's Ken Hu says 5G, AI will drive smartphone development.” CNBC News. 27 Oct. 2016.
22
DeMers, Jayson. “Consumers Willing to Trade Privacy for a Price?” Huffington Post. 7 Feb. 2014.
11. DST Robert L. Gould Scholastic Award 2016-2017
10
takes into account installment payments that we have forgotten and makes sure we will not go into debt.
Essential, the AI would compensate for our human flaws including our forgetfulness, short-sightedness,
and impulsiveness.23
Moreover, the AI will get to know us better than most financial advisors ever would, because it
follows our every move. It would also aggregate data on societal trends and spending patterns, and match
these to our behavior to predict what really matters to us. It would provide superior services compared to
financial advisors, who merely guess our ambitions or are too busy to take the time to truly get to know us.
The AI will understand our lifestyle and can help make difficult decisions about our risk profile, investment
goals, and retirement plans. On top of that, it can factor in how likely we are to stick to these plans and
plan for contingencies. For example, the AI may be aware that our current job is in an industry that is
undergoing dramatic changes, and the chance of a layoff is higher. In addition, the AI may recognize that
we are leading an unhealthy lifestyle and need to set money aside for unexpected health care costs.
Conversely, a human advisor may easily overlook such details. Lastly, people may also ask the AI to review
and analyze different financial products to make a pre-selection. A hypothetical question could be “pick
out the top three bank accounts or wealth managers based on reputation, performance, and reviews.” In
sum, AI will revolutionize financial decision making. From budgeting our everyday spending to creating a
financial plan for the future, AI will become our trusted and unbiased advisor.
Conclusion
Over the next 10 years, I firmly believe that the competitive landscape of the financial services
industry will change significantly. Companies that will emerge as industry leaders are those that are
adaptable, invest into research and development, and quick to respond to the evolving needs of key
demographics and opportunities provided by innovative technology. This will be especially true for
companies that have a technology-driven mindset and invest in in-house incubators or venture capital
arms, as these companies will most likely successfully capitalize on latest disruptions. For example, the
retail and online bank Capital One considers itself more of a technology than a banking company, and
recently opened an innovation hub in San Francisco which resembles a tech startup office. Similarly, other
companies that acquire and integrate existing startups will most likely be able to keep up with latest
innovations and perform decently in the next decade. In contrast, companies that are too slow to innovate
and held back by a conservative culture that values the status quo are most likely to be left behind. Change
is imminent, and while some companies will emerge as winners, others will emerge as losers.
23
Koch, Christopher. How to Make Better, Bias-Free Decisions with Artificial Intelligence. Forbes. 24 Aug 2016
12. DST Robert L. Gould Scholastic Award 2016-2017
11
Attachments
Appendix A: Tapping into positive emotions with older people
Psychologists Laura Carstensen and Helene Fung found that in comparison to a younger audience,
older people showed a clear preference for emotional advertisements that rely on positive affect. Their
research revealed that older people preferred emotional airline slogans such as “Take flight…your loved
ones await” as compared to a more knowledge-based appeal “Take flight…expand your horizons”. The
majority of older participants (59%) preferred the emotional message while only 10% preferred the
knowledge-based message - the other 31% were ambivalent. In comparison, only 24% of the younger
audience preferred the emotional message. In the first condition, older people also demonstrated a better
memory for both the slogan and airline brand.24
Appendix B: Using your HSA to supplement retirement savings
To use your Health Savings Account (HSA) effectively for retirement, the basic strategy is simple.
First, max out your annual HSA contributions before age 65. Second, do not spend your contributions on
eligible expenses, rather, save it and let it grow tax-free while you pay for your expenses out-of-pocket.
Finally, here is the catch; in order to gain access to accumulated funds, receipts of previously eligible
expenses should be saved and used to reimburse yourself at a later date, allowing you to withdraw the
total amount of your combined receipts. All funds, eligible or not, can also be withdrawn after 65 at a
taxable rate without a penalty, and you could take advantage of a lower tax-bracket to liquidate your
account. This way, potential gains of your HSA contributions can be maximized. Although this reduces your
disposable income in the short run by paying out-of pocket, you will reap lucrative benefits in the long run.
To demonstrate in more detail the effectiveness of this strategy, consider a best-case scenario
where you start saving at 21 and make maximum contributions until age 65. Assuming you reinvest all your
contributions into the stock market, earning an average annual return of 8%, you would end up with
almost $1.3 million in your account. Using more conservative estimates, you start saving at 40 and
contribute only $200 a month until age 65. Assuming you reinvest all your contributions into the stock
market, earning an average annual return of 5%, you would still end up with $114,000 in your account.25
Detailed calculations can be seen below.
24
Fung H., Carstensen L. “Sending memorable messages to the old: age differences in preferences and memory for
advertisements.” Journal Pers Soc Psychol. Vol. 85, No. 1, 2003, pp. 163 -78.
25
Fontinelle, Amy. “How to Use Your HSA for Retirement.” Investopedia. 16 September 2015.
14. DST Robert L. Gould Scholastic Award 2016-2017
13
Bibliography
Brandeisky, Kara. “7 Dos and Don’ts for Freelancers Buying Health Insurance.” Time. 14 June 2016.
Clifford, Catherine. “The Rise of the 6-Figure Freelancer.” Entrepreneur.com. 13 May 2016.
Codemo, Robert. “Rising Costs Through 2024 Drives Projected Job Growth.” Future of Healthcare. 1 Jun.
2015.
DeMers, Jayson. “Consumers Willing to Trade Privacy for a Price?” Huffington Post. 7 Feb. 2014.
Fontinelle, Amy. “How to Use Your HSA for Retirement.” Investopedia. 16 September 2015.Dughigg, C.
“The Power of Habit.” Random House. 2012
Fry, Richard. “Millennials Overtake Baby Boomers.” PewResearchCenter, 25 Apr 2016.
Fung H., Carstensen L. “Sending memorable messages to the old: age differences in preferences and
memory for advertisements.” Journal Pers Soc Psychol. Vol. 85, No. 1, 2003, pp. 163 -78.
Gabler, Neal. “The Secret Shame of Middle-Class Americans.” The Atlantic. 1 May 2016.
Gauthier, Vincent. “10 Disruptive trends in wealth management.” Deloitte. 2015
Glum, Julia. “Student Debt Crisis 2016.” International Business Times, 6 May 2016.
Jones, Charisse. “For Millennials goal is financial freedom.” USA Today, 11 Apr 2015.
Koch, Christopher. How to Make Better, Bias-Free Decisions with Artificial Intelligence. Forbes. 24 Aug
2016
Li, Ye, et al. “Sound credit scores and financial decisions despite cognitive aging.” PNAS, January 2015, Vol
112, No.1.
Peters, E. “Aging-related changes in decision-making.” The Aging Consumer: Perspectives from Psychology
and Economics. New York: Routledge, 2009. 75-101. Print.
Rashid, Brian. “The Rise Of The Freelancer Economy.” Forbes. 26 Jan. 2016.
Remjeske, E., Robb, J., Hansen, Lori., “2015 HSA Market Statistics and Trends.” Devenir Research. 17 Feb.
2016.
“Smart Contracts in Financial Services.” Capgemini Consulting. 2016.
Smith, Anne. “Financial Planners for Young Clients.” Kiplinger, 1 November 2014.
Tan, C. “Huawei's Ken Hu says 5G, AI will drive smartphone development.” CNBC News. 27 Oct. 2016.
Turk, S., et al. “Aging and Emotional Memory: The Forgettable Nature of Negative Images for Older
Adults.” Journal of Experimental Psychology, Vol. 132, No. 2, 2003, pp. 310 – 324.
“Wealth Gap Widens between Young and Old Families.” St. Louis FED, Jul 2015.