While targeting Millennials has become a norm, American Banker validates that technology focused on multigenerational financial planning will be crucial going forward. Gen X and Baby Boomers need technology to help manage their finances too.
Quoted from American Banker: Twenty-five percent of millennials and 50% of Generation X members are caregivers for older family members, according to Brad Kotansky, founder and CEO of Onist Technologies.
“When you think about technology for the older market, it’s fair not to just think about the older person, you have to think about the network around them — their children, the professionals they work with,” Kotansky said. “Seventy-five percent of that group is in their 30s, 40 and 50s, and that generation is tech forward.”
Kotansky is one of a handful of fintech entrepreneurs who have developed financial technology geared toward multigenerational families, where children are helping parents, and vice versa, with their finances.