Considerations regarding ageing impact on banking system – challenges, strategies

The global tendency of ageing population has consequences on different areas, such as: economic growth, financial markets, financial intermediaries, monetary policy, public finance, financial regulation. This tendency has several consequences on banking system that has to adapt to the needs and special requirements for bank products and services of older customers. The specialty literature mentions among the challenges the banking systems may face in the context of ageing population: reconsidering portfolio of banking products and services, adapting to the special needs of older customers, pressure on banking profitability. In the context of an ageing population, the studies in field consider that credit activity of banks is likely to decrease and provision of some services targeting older customers to increase. At the same time, technological advances raise several issues to older customers.