How Testing FinTech Supports Catering to the Baby Boomers

How Testing FinTech Supports Catering to the Baby Boomers

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We are living in a revolutionary time, a disruptive era, led by smart devices and a smart generation. Digitization has become the norm, the acceptable way of doing things. Cashless transactions overtake cash-based payments, physical bank visits are replaced by multiple mobile and net banking sessions, and AI and ML bots are taking over the jobs of bank representatives. Traditional banks are closing down their operations with digital banking becoming the preferred choice among the majority.

While we are bracing ourselves by becoming tech-savvy for a digitally-driven present and future, while we are embarking on a pathway rendered with sophisticated futuristic technologies, we might be forgetting a generation that in its own way has led us to this future. While the generation X, Y, Z are gearing up for a future of robotics, deep learning, and artificial intelligence, baby boomers – the people born between 1946 and 1964 – are already living in their futuristic world.

From the time of telephones and super-huge computers to the present day of compact smart phones and all the services being ‘only a tap away’, baby boomers have witnessed a colossal transition in technology and behavior. With the agility of the modern world and the speed at which innovative features are rolled out, the elderly finds themself into a state of bewilderment. The same technology, which makes lives easier for the younger generation, is overwhelming and highly complicated for the people over 65 in age.

Due to these complexities, they are often a victim of financial frauds and internet scams. The Senior Investor Protection Resource Center reported that one in every five people over the age of 65 have been a prey to such abuses. Annually, senior citizens lose an average of $2.9 billion as a result of such scams. These exploitations happen from both strangers as well as acquaintances and family members. One of the major reasons for the ‘success’ of these frauds is the lack of technological proficiency among the targets.

Across the world and in the U.S., the majority of population comprise baby boomers, who also happen to be the wealthiest segment. But, their dependency on the caregivers for wealth management leaves them vulnerable to financial exploitations. With digital banking shaping up FinTech, the baby boomers may finally live in peace and well in control of their assets. Several FinTech startups are launching services and offerings dedicated to the elderly, providing them the means to independently handle their finances and protect themselves from vulnerable situations.

The baby boomers are a generation of legacies and traditions. They are a generation that believes in physical, cash-based transactions, a generation of skeptics and critics for the evolving technology. The seismic shift in the processes from traditional to digital and the technical-ineptness of seniors cause significant apprehension among them regarding the FinTech adoption. In order to counter this, it is of utmost importance that the FinTech applications function smoothly. Otherwise, the seniors will fall deeper into the perplexing quicksand of non-intuitive technology that further bogs them down to seek help from others.

FinTech to the Rescue

Jim Marous, the co-publisher of The Financial Brand and the publisher of the Digital Banking Report, aptly says, “Financial institutions must be able to deliver an easy to navigate, a seamless digital platform that goes far beyond a miniaturized online banking offering.”

While the senior citizens are already dealing with symptoms of ageing like losing eyesight, dementia, tremors, and reduced mobility, the last thing they need is the struggle with a complex banking application that takes away control from their finances. For causing this segment to drop their apprehensions related to modern technology, additional focus should be given on making the applications as user friendly as possible.

As Ron Shevlin, Director of Research at Cornerstone Advisors, puts it, “The challenge for banks isn’t becoming ‘digital’ – it’s providing value that is perceived to be in line with the cost – or better yet, providing value that the customers are comfortable paying for.”

80% of the people over 65 in age have a cellphone, whereas, 67% use the internet. This statistic brings focus to an important aspect – the elderly is not averse to technology, they are averse to complex and demanding technology. If they are provided a user-friendly interface, a simple to operate application, they quickly get onboard the ‘smart wave’ of this ‘digital world’. However, a single glitch in the application can take them from the station of euphoria to the station of despair.

To ensure that this does not happen, it is imperative that the FinTech service providers invest well in testing their finance applications. Performing timely and optimal quality assurance can prove substantial in guaranteeing delivery of a seamless experience for the target users.

FinTech Testing Enabling Great Experience

Testing a FinTech application not only raises the quality bar of the software but also drives down the costs for both the service providers and the receivers. FinTech application testing encompasses various testing types to yield highest efficiency and maximum satisfaction for the baby boomers.

The elders are already on the higher side of the vulnerability scale. With their finance management system getting digitized, newer vulnerabilities open up in terms of data breaches and cyber attacks. Financial service being the most sensitive field has to have a robust, impenetrable security system to develop credibility and trust among the users. FinTech application and service providers must build and integrate security right from the start of the application development cycle for releasing a completely secure product to the consumers.

Additionally, performance and functionality testing along with continuous integration ascertains development and deployment of a seamless application. Whereas, UX testing takes care of the user interface, interaction, and designing. It checks whether the application is simple to use and easy to navigate or not.

Cigniti has successfully delivered testing services for nearly 20 years, implementing its Test Center of Excellence, delivering Managed Testing Services, and providing end-to-end BFSI testing services for leading companies in the BFSI industry across multiple geographies. Our client testimonials and recognition by leading industry analysts are proof of our reliability and capabilities. Connect with us today.