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Banks look to earn baby boomer customers

While many banks aim to attract more millennial clients, they sometimes forget there's another important - and large - demographic they need to cater to. Baby boomers make up a significant portion of the population, and with generation aging relatively quickly, financial institutions will need to enhance their service offerings, perhaps by implementing a coin counter kiosk, to appeal to older adults.

Smart consumers shop around for the best deals, especially those with plenty of life experience. This may mean baby boomers have more requirements when it comes to banking, as they seek great service capabilities, limited fees, the potential to access accounts online and friendly tellers to assist with any issues they may have. Older adults may research multiple banks before finding the one that is right for their needs, as they likely have retirement accounts, investments and daily finances to manage.

Giving baby boomers the service they need
Because many seniors grew up in an era when they had to visit physical bank branches to complete transactions, make account changes, transfer funds and cash or deposit checks, most may feel more comfortable working with a bank that offers the most friendly and professional in-person service. This makes it essential for financial institutions to have enough tellers to effectively manage lines and eliminate long waits. Giving customers access to a self-service coin counter may shorten these lines and make it easier for baby boomers to get the assistance they require more quickly.

However, aging adults themselves may also benefit from the installation of coin counting machines at their local banks. Like most people, baby boomers were hit by the economic downturn and have had to revise their attitudes toward saving and make every penny count. This has led many households to create a coin jar and save up for emergencies or retirement slowly. Many older individuals may be unable to wait in line with a heavy jar of change by the time they're ready to bring these funds to the bank, but if there's a self-service coin counting machine available, they'll be able to quickly handle the task themselves.

As more boomers are concerned about finances, they're also seeking banks that offer accounts with low or no fees. While bank charges can be small, they have the potential to add up over time, and current retirees and those who plan on leaving the workforce soon may need to save as much as possible. Offering more options for seniors may serve to lure in older individuals and convince them to open an account.

June 10, 2013