Letters
Dear Mr. Green,
We have a distributor on the East Coast, who in dealing with several business owners that cater to the elderly, has run into the selling objection of "elderly people don't like using ATM machines."
I come from a background in the banking industry and know that several years ago the attitude in banking was that the wave of the future would be plastic money and wire services and that paper checks would be on the way out over a period of time.
Banking institutions seemed to be catering to the "baby boomer" crowd with electronic banking as the "future" in banking but they also maintained the physical bank locations for the elderly since they felt that banking, for them, was as much a social event as a financial one.
Are you aware of any industry research in the area of age factors vs. financial industry services? I have a feeling that the numbers and attitudes are probably changing due to the convenience of use and the myriad of locations of electronic banking locations.
Thank you!
Blake Scoff
SAMSAR ATM CO.
Blake:
I am sorry to say I am not aware of any such study materials. I do agree with your reasoning, however, and must count myself among your "elderly" category since I see a checking account as central to my life, an ATM card as a plastic means of getting at my money, and an AMEX card as something to travel with. Credit cards are a way to buy what you can't afford, and in my world unnecessary.
The 1997 Check Study, which will be released next week, suggests that I am not alone in this thinking, and that checks are alive and well.
Good Selling!SM
Paul H. Green
Editor In Chief
