People and retirement provision
Most people have thoughts about aging and the uncertainties that come with it. They want to know that they will be okay, that they don’t have to worry. They want to end their working lives with a good feeling and be secure.
A typical approach that is encountered time and again is the recommendation to simply put money aside and calculate how much money will be available in the future (currently in the context of a low-interest phase). It can be useful to talk about whether the assets you invest in as an individual can still be optimized. But behind all this is still the old thinking that you put money aside today to get more in the future. That falls short.
The payout profile is first thought in terms of money. If you are only thinking in terms of numbers, then you are thinking too short. Think in effect and keep in mind what gives people a sense of security, then you will realize that it is not about being transferred a certain amount in retirement. Rather, it is a matter of maintaining purchasing power in old age. The money is merely a means to an end. You, as a regional bank, will find new business when you install entire ecosystems focused on impact.
What are the opportunities for regional banks?
Maintaining purchasing power – this can be done in a number of ways. Putting aside a lot of money, and thus receiving a lot of money in the future, increases future purchasing power. The same is possible by offering the customer other services and thus added value as a regional bank. By changing the place of residence within a region – from an area where rents are very high to a more favorable area – the customer’s disbursement profile can be adjusted, for example. The solution you, as a bank, would offer in this case would be residential counseling that optimizes purchasing power. Another solution would be to advise your customers to start a business in old age. These do not necessarily have to be things that are primarily economically oriented. It should rather serve interests for which there is a certain passion or a special joy. In this way, you enable your customers to combine several needs in a meaningful way. On the one hand, to maintain purchasing power, at least in part, the need to remain active in old age as well as to remain part of the region and thus socially integrated.
You can reach these solutions, as already mentioned, by considering the effect and thinking about it. As a regional bank, you are predestined to offer such solutions. You have the appropriate network, the necessary skills and the proximity to the people in your region.
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Have a bright future!