Banking strategies for INSS loans: learn about the retiree's journey
Posted: Sun Dec 22, 2024 6:05 am
Every five years, the Brazilian government organizes a crucial auction to determine which financial institutions will be able to offer their services to new INSS beneficiaries. This bidding process, also known as the INSS benefit sheet auction, aims to select the banks that will be responsible for paying social security and welfare benefits granted between 2025 and 2030.
The last auction took place between November 5 and 7, 2019, and generated significant revenue for the public coffers, estimated at R$24 billion over the following five years. The date for this year's auction is still being defined.
However, according to a recent article published by Brazil Journal , the Brazilian financial market is in turmoil due to intense competition between banks for control of INSS loans. The auction in question is extremely important for these companies, since it is the ideal opportunity to gain access to a stable and predictable customer base with the possibility of expanding their market share.
To achieve this reality, it is essential that the banks in question are aligned with the get russian phone number online needs of this audience. We discuss these points in detail throughout this content. Keep reading!
Crucial challenges for banks when serving the 60+ public
Despite the fierce competition for INSS loans and the specifications required for banks to participate in the auction, it is essential to highlight the importance of understanding the specific needs of retirees.
According to a study commissioned by MATH and carried out in partnership between Bistrô and Hibou, banks do not have specific services for retirees, which may distance this group from some institutions.
This segment, which is growing rapidly due to the aging of the Brazilian population, not only relies heavily on social security, but also faces significant financial challenges that affect their banking decisions. Such as:
Digital Security :
Concerns about digital fraud are high among retirees, making trust in online services a significant challenge. Many retirees still prefer in-person services due to fear of scams and the perceived complexity of digital interfaces.
Accessibility and Usability :
The usability of digital platforms can be an obstacle for these users, who may not be familiar with modern technologies or find the interfaces complicated.
Family Dependency :
Many retirees rely on family members to make financial decisions, which can complicate direct communication between banks and customers.
Bureaucracy and Complexity :
The bureaucracy and complexity of banking processes can be demotivating for people in this age group, who prefer simple and direct solutions.
On the other hand, there are opportunities that can be explored as solutions to the impasses along the way.
How to stand out in the “war for consignment”
To gain an advantage and explore solutions, banks must consider clear communication, meeting users’ needs and expectations in a respectful and secure manner.
Some points raised in the study “The Retirees’ Banking Journey – revealing the hidden influencers” are:
Family Influence : The study reveals that family members, especially children, play a crucial role in the financial decisions of the 60+ audience. Banks that incorporate this dynamic into their marketing and service strategies will be able to create more effective and engaging campaigns.
Digital Security : Security is a key concern for retirees when using digital banking services. Implementing robust security measures and offering human support can increase trust and adoption of these services.
Product Personalization : Seniors have distinct financial needs that go beyond payroll loans, including investment products and loyalty programs. Banks that develop personalized offerings to meet these specific needs will have a competitive advantage.
Education and Support : Many retirees need guidance and support when navigating digital banking services. Providing educational materials and ongoing assistance can significantly improve the customer experience.
Ease of access : Ensure that service channels, both physical and digital, are accessible and user-friendly for retirees. Making support easy to access is vital to serving this audience well.
How to adapt to this market
With increasing competition for INSS benefits, understanding and meeting the needs of retirees is more crucial than ever. According to the study, approximately 28% of the Brazilian population will be 65 or older by 2050.
Taking a customer-centric approach should be the main focus. In addition, it is essential to consider both the immediate needs and long-term goals of retirees. This includes:
Develop Targeted Campaigns : Create campaigns that involve retirees’ families, highlighting the security and benefits of digital banking services.
Invest in Technology : Use CRM tools and data analysis to offer personalized and proactive service.
Improve Digital Experience : Ensure digital platforms are intuitive and secure, with support available to help with complex operations.
By investing in safe and intuitive technologies, simplifying processes and offering personalized service, banks not only gain a competitive advantage in the dispute for INSS loans, but also build stronger and more lasting relationships with retirees.
This alignment between financial strategies and the needs of this age group is fundamental to transforming challenges into opportunities, ensuring an effective and respectful approach to users.
Want to learn more? Download the full study and gain access to more insights into the complete journey of retirees.
The last auction took place between November 5 and 7, 2019, and generated significant revenue for the public coffers, estimated at R$24 billion over the following five years. The date for this year's auction is still being defined.
However, according to a recent article published by Brazil Journal , the Brazilian financial market is in turmoil due to intense competition between banks for control of INSS loans. The auction in question is extremely important for these companies, since it is the ideal opportunity to gain access to a stable and predictable customer base with the possibility of expanding their market share.
To achieve this reality, it is essential that the banks in question are aligned with the get russian phone number online needs of this audience. We discuss these points in detail throughout this content. Keep reading!
Crucial challenges for banks when serving the 60+ public
Despite the fierce competition for INSS loans and the specifications required for banks to participate in the auction, it is essential to highlight the importance of understanding the specific needs of retirees.
According to a study commissioned by MATH and carried out in partnership between Bistrô and Hibou, banks do not have specific services for retirees, which may distance this group from some institutions.
This segment, which is growing rapidly due to the aging of the Brazilian population, not only relies heavily on social security, but also faces significant financial challenges that affect their banking decisions. Such as:
Digital Security :
Concerns about digital fraud are high among retirees, making trust in online services a significant challenge. Many retirees still prefer in-person services due to fear of scams and the perceived complexity of digital interfaces.
Accessibility and Usability :
The usability of digital platforms can be an obstacle for these users, who may not be familiar with modern technologies or find the interfaces complicated.
Family Dependency :
Many retirees rely on family members to make financial decisions, which can complicate direct communication between banks and customers.
Bureaucracy and Complexity :
The bureaucracy and complexity of banking processes can be demotivating for people in this age group, who prefer simple and direct solutions.
On the other hand, there are opportunities that can be explored as solutions to the impasses along the way.
How to stand out in the “war for consignment”
To gain an advantage and explore solutions, banks must consider clear communication, meeting users’ needs and expectations in a respectful and secure manner.
Some points raised in the study “The Retirees’ Banking Journey – revealing the hidden influencers” are:
Family Influence : The study reveals that family members, especially children, play a crucial role in the financial decisions of the 60+ audience. Banks that incorporate this dynamic into their marketing and service strategies will be able to create more effective and engaging campaigns.
Digital Security : Security is a key concern for retirees when using digital banking services. Implementing robust security measures and offering human support can increase trust and adoption of these services.
Product Personalization : Seniors have distinct financial needs that go beyond payroll loans, including investment products and loyalty programs. Banks that develop personalized offerings to meet these specific needs will have a competitive advantage.
Education and Support : Many retirees need guidance and support when navigating digital banking services. Providing educational materials and ongoing assistance can significantly improve the customer experience.
Ease of access : Ensure that service channels, both physical and digital, are accessible and user-friendly for retirees. Making support easy to access is vital to serving this audience well.
How to adapt to this market
With increasing competition for INSS benefits, understanding and meeting the needs of retirees is more crucial than ever. According to the study, approximately 28% of the Brazilian population will be 65 or older by 2050.
Taking a customer-centric approach should be the main focus. In addition, it is essential to consider both the immediate needs and long-term goals of retirees. This includes:
Develop Targeted Campaigns : Create campaigns that involve retirees’ families, highlighting the security and benefits of digital banking services.
Invest in Technology : Use CRM tools and data analysis to offer personalized and proactive service.
Improve Digital Experience : Ensure digital platforms are intuitive and secure, with support available to help with complex operations.
By investing in safe and intuitive technologies, simplifying processes and offering personalized service, banks not only gain a competitive advantage in the dispute for INSS loans, but also build stronger and more lasting relationships with retirees.
This alignment between financial strategies and the needs of this age group is fundamental to transforming challenges into opportunities, ensuring an effective and respectful approach to users.
Want to learn more? Download the full study and gain access to more insights into the complete journey of retirees.