Demographic Disruption: Banking in an Aging America, Joe Sullivan, President & CEO, Market Insights
America is on the verge of a demographic crisis that will disrupt every aspect of our society, our economy... and the banking industry. Millennials are entering their 40s, birth rates are falling, death rates are rising, and by 2034, older adults will outnumber children for the first time in U.S. history. Most industries — financial institutions in particular — are ill-prepared to meet the challenges, pain points and opportunities presented by a customer and employee base that is both aging and shrinking.
This powerful session explores how bankers must rethink their strategic plan for long term relevance and success in the face of accelerating demographic shifts. It is time to prepare for how consumers will spend, borrow, and save. Participants will learn:
• How the inevitable tectonic shifts in demographics (i.e. birth rate, mobility, diversity, debt, etc.) will impact demand for financial services
• Implications for service delivery and how consumer spending/savings trends will shift
• Key metrics to gauge, estimate, measure and forecast the long-term viability of existing markets
• How you will need to redefine your workplace, attract talent, and adapt your workforce for the future