Episode #111
AARP | Banking's biggest miss? The opportunity in the 50+ market
With more than 125 million consumers in the US alone and a $12.5 trillion economic footprint, the 50+ segment is one of the largest and most influential customer groups. Yet many financial institutions approach this audience with outdated assumptions - particularly around digital adoption. In this episode of Banking Uncovered, Mark Donohue sits down with Carey Kyler, Senior Director of Consumer Insights at AARP, to explore how financial institutions can better engage the rapidly growing 50+ market. Carey explains why the industry’s long-standing focus on getting older consumers online is no longer relevant. Today, the vast majority are digitally active, with high levels of device ownership and increasing engagement across digital banking and services. Instead, the conversation has shifted from adoption to trust. As fraud becomes more sophisticated and confidence in institutions declines, security, transparency and human support have become increasingly important drivers of customer behaviour. From digital accessibility and fraud prevention to retirement planning and life-stage transitions, Carey shares practical insights into what financial institutions need to do to better serve one of their most valuable and fastest-growing customer segments. Topics discussed include: Why digital adoption is no longer the core challenge for the 50+ market The scale, diversity and economic power of older consumers Why age alone is a poor way to segment the 50+ market Why all financial institutions need a clear 50+ strategy How trust is becoming a strong driver of engagement and loyalty The growing role of fraud prevention, security and visible safeguards Why good accessibility and usability benefit customers of all ages The value of combining digital convenience with human support How life stages, retirement planning and financial confidence shape customer needs What banks can do to serve the next generation of older consumers better
