Case Study on NeoBanking for Elderly
Recently, quite a large number of neo banking products like Jupiter, Walrus, Fi, FamPay and the likes have come up catering majorly to teenagers or millennials. You want a product that aims to build a neo banking app for the elderly.
What is NeoBanking?
A neo-bank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neo-banking is entirely online.
It’s a wide umbrella of financial service providers who implore today’s tech-savvy customers. Neo-banks can be called fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending, and more.
Understanding Other Neo-Banks
The target audience is the generation who belonged to the era of Nationalization where they trust Government most and to them investments mean FD. The research was now shifted to what they traditionally used and how can we convince them to switch to newer models. I talked with a few elder ladies in the family and realised the use of carrying money transactions with the grocery store nearby in a diary. My grandmother explained that even my grandfather used to maintain a similar diary for his shop logs and it is still relevant to many which is called Khata Bahi.
During this little survey, the idea was to understand the dynamics of the probable audience so the market size could be figured easily with better understanding of the target audience.
The survey helped us identify a more specific target cohort, better services to provide as already explained. Conversion funnels could be tracked with user inputs.
But why will they switch?
Since Boomers cannot move easily, they have low risk appetite so they should be provided a curated solution available with a 24x7 helpline, virtual assistance can be painful because at times. We have added a quick connection to Whatsapp Voice Bot too, as they are comfortable with Whatsapp’s UI and typing can be a hassle for them so a Voice Bot can work wonders.
We have named our Bot as Muneem Ji so elders can associate to that as a Muneem, who is the accountant who manages the files for any business organization and the boomers trust that person.
Identify the Usabilities
Usually the features available are a lot in numbers for the neo-banking as most aim to target millennials who are techie and can learn quickly on how to use the features, but the target Audience for CasHelp is boomers who are not friendly with tech and they tend to hold phone in one hand and click with another.
It’s really not important to minimize the features and keep the clickable items in a size larger than the average as they usually change the font size of their mobiles to the largest possible. All these were decided keeping in mind, the longer it takes the lesser engagement it grabs.
Make an impression with play store
- Try to clearly explain your project
- Don’t be too technical as it might intimidate them.
User Onboarding and Login page
- Sign Up and Sign In screens
- I tried to simplify the steps and eliminate the unnecessary steps
- It gives the customer an idea of why it is important to provide this information.
Home
- Language Button to easily change the language with whatever they are comfortable with.
- Using an easy word like Passbook helps them to easily associate with their terms and what is to be expected over there.
Services
Services are highly curated according to the resources that a user will require like to order food online in case somebody pays them a visit, Car driver might be required, Will addressed by a practising lawyer. Coupons including daily needs, food orders, pharmaceuticals. They might require services such as helpers — cook, maid, car wash.
Medicine is a very primary requirement in old age so this app has connected to another service partner with auto-pays. It can help in generating revenue through pay-per-clicks.
- Coupons customized- (monthly auto-pay for essentials)
- Medical services
- Grocery
- Finance management alerts
- Zero Risk, Fixed reward investments (government schemes, sovereign gold bonds)
- Make your will and get it verified by a lawyer
- Select your native language
- Voice assistance is also beneficial for visually impaired
- Link with whatsapp (assisted by whatsapp voice bot)- focuses on what they already know!
- Subscription to old evergreen songs and bhajans
Investments
- They have low risk appetite and trust the government agencies the most
- We provide the suggestions to the government funds with fixed rewards
- This feature may also help in beating inflation while obtaining a fixed income from a stagnant money allowance. Since the risk appetite decreases with increasing age, investments with limited or zero risk and fixed reward suit the best.
Marketing strategies:
- Brand mascot- Muneem Ji
- Second degree (referral coupons) connectivity via young adults through social media marketing
- Linked with government banks- trustworthy, fraud-resilient
Learnings:
Protecting data is crucial : There’s a lot of sensitive information involved in banking, and cybersecurity is non-negotiable. Money laundering, online hacking and copying digital identity can be severe threats. Fin-tech organizations need to be compliant under the Jurisdiction of Information Technology in India.
Policy Paralysis : Present scenario calls for a paradigm shift in the banking sector to improve its resilience and maintain financial stability. In this context, the government has recently announced new banking reforms, involving the establishment of a Development Finance Institution (DFI) for infrastructure, creation of a Bad Bank, and privatisation of public sector banks (PSBs) to ease its burden in terms of mobilising additional capital. However, governance reforms will always form the underlying layer of every generation of making reforms.
This case study was done with Pragya Asati in duration of 30 hours and aims to help the boomers.
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