A new breed of developing technology has become prominent among the likes of Millennials and Gen Xers called Fintech (Financial Technology). As the younger generations have become early adopters of the new technology there has been a group that more resistant towards this massive shift to nontraditional financial institutions; the Baby Boomers.
In an interesting article I read recently entitled, “Boomers, it’s time to embrace the power of fintech“, the author talks about some of the useful applications that the older generations may have for this new technology.
Paying Bills
Recently, there have been a number of mobile applications that assist with centralizing and automating the hassle of paying bills on a monthly basis. These applications could help simplify the monthly financial obligations faced by individuals into a simple interface that allows the user to be more cognizant of their current financial positions.
Health and Medical
Another use the author mentions for these new financial technologies is in the medical and health arena. From pricing out and managing medical prescriptions to test results and other health based information there are applications that assist with many different medicinal areas. With the benefits of secured, portable and accessible information, many people are beginning to take an active role in managing their health through the suite of free and paid for technology.
Investment and Cash Management
As the number of Boomer retirees is set to increase for the foreseeable future, the importance of wealth management is rapidly increasing. With applications such as Mint, which centralizes all your financial and investment information and provides analysis based on spending and investment return, retirees can utilize this information to make informed decisions about their finances.
Source: http://www.chicagotribune.com/business/sns-201701131830–tms–savagectnts-a20170113-20170113-column.html