AARP | Banking's biggest miss? The opportunity in the 50+ market
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What is the main topic discussed in this episode?
Welcome to RFI's Banking Uncovered, the podcast going behind the industry PR, the media spin, the product awards and the investor reports to look at what's really going on in the customer data. And to ask Global Thought leaders about their thoughts and views on the future of banking and payments.
Hi everyone, my name is Mark Donahue. I'm the founder of iSky Research, more recently the managing director of iSky at RFI and today your host for Banking Uncovered. And it's an absolute delight to be here in Washington, DC with Carrie Kyler, who is at AARP. Thanks for joining us.
Delighted to be here. I'm glad that we are having nice weather for you today. That's rare for DC in June. So couldn't have
asked for more.
It's perfect. Yeah
it is. So you're the senior director of consumer insights at AARP. Can you tell us a little bit about what it is that AARP does and in particular your role?
Yeah, of course. So ARP is uh the largest social mission organization in the United States and we're focusing We focus on needs of people that are over the age of 50 and making sure that they can live as they choose as they age. That's a fantastic social mission. Now where I said, I'm gonna give a little tweak on what you said, is AARP Services Incorporated. So we are a separate division that focuses on those commercial relationships. So we're the for-profit leg actually of AARP. And you know those discounts that people get, like Denny's or United Health. Care or or New York life, those are all come out of our division. So we manage those commercial relationships to kind of keep the separation of church and state between the nonprofit and the for-profit.
My role in Research and Insights is understanding what people want, what the habits are, what the practices, what the trends are, so that we can deliver a really spectacular member experience.
Fantastic. Excellent work. Okay, so we've been we've spent years talking about getting older consumers online. And do you think we're now at a point where the bigger challenge is building confidence and trust rather than driving adoption?
Oh, 100%. 100%. I think, you know, I I don't love this term, but old tapes. It's kind of old tapes. I used to work in television. It's old tapes that people that are older aren't online. They are. We know that 90% of people over 50 have a cell phone. We know that 99% of people over 50 have at least one connected device uh device. And the average is actually seven. Seven connected devices, and that's almost doubled in the past nine years. So people are absolutely online. Um and again, the other thing is if you think about it, you know, Gen X is now forty six to sixty one years old. And this is a generation, I'm in it, right? That had thank you. We had we had one foot in the physical world and one foot in the digital world, so we've grown up with it.
Millennials are turning fifty and start to turn fifty in five years. Uh boomers are also very digitally savvy online. And then also we've got our silent generation folks who are also uh using digital properties.
What is AARP’s role and how does Carey Kyler contribute to consumer insights?
So I think the the the whole conversation around just getting them online is old news. They're on. They're on. And and the pandemic really did accelerate that, right? People started using QR codes, they started using telehelp. Um, they started communicating with people more, there were better platforms to do that. So, yes, so that's the first half of your question. The second half of your question around trust. is so interesting to me, Mark. I've been doing tons of reading around this trust issue. So look at consumer confidence. It has been plummeting really since January of this year, if you look at it, it goes down almost every single month. We're about at the levels where we were during the pandemic. Right?
So consumer confidence is down, trust in most institutions, government, a lot of companies, the media certainly, It's down. I feel if I can plug, I feel really fortunate to work for AARP. Amongst our members our trust is actually really, really high. Because we're out there and we're fighting for them and advocating for them, right?
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–2:57
2
What is AARP’s role and how does Carey Kyler contribute to consumer insights?
2:57–7:38
3
Why is digital adoption no longer the biggest challenge for the 50+ market?
7:38–18:13
4
How large and economically powerful is the U.S. 50+ consumer segment?
18:13–26:18
5
Why is age alone an insufficient way to segment older consumers?
26:18–31:25