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150 financial institutions advancing the Longevity financial industry

There are over 1 billion people currently in retirement. New types of financial institutions are evolving to satisfy the needs of this aging population. Investment banks, pension funds, and insurance companies are developing new business models, and are using AI to improve the quality of the analytics used to formulate them. In the near future, the synergy between innovative AI and wealth management will lead to the creation of a new financial institutions optimized for the aging population. Age-friendly Longevity banks will make banking services easier and safer for seniors.

Over 150 financial companies are already developing innovative WealthTech and AgeTech products and services and AI is central to the process. AI drives Longevity, Longevity enables AgeTech, AgeTech enables WealthTech, and WealthTech supports interest in Longevity as an industry. This makes the ongoing growth of AgeTech and WealthTech inevitable.Many innovative financial institutions are in development such as Longevity-focused venture funds, Longevity-AgeTech banks, Longevity index funds and hedge funds, and even a specialized stock exchange for Longevity-focused companies and financial products.

The 7th Continent - 1 billion people in retirement globally.

AgeTech

AgeTech refers to technologies and services optimized for people over 60. AgeTech services enable older people to conduct banking with less difficulty and also helps protect them from financial fraud. AgeTech products for seniors include tablets, smartphones, computers, banking interfaces, medical alert systems, and phone amplifiers. AgeTech is not limited to the financial industry. For instance, theres a growing demand for smart homes for older people. Age friendly smart homes provide AI products and services that make it possible for people to stay in their own homes even if they require special care. The AgeTech segments potential is forecasted to reach $2.7 trillion by 2025, showing 21% annual market growth.

WealthTech

WealthTech companies produce products and services that simplify and enhance the creation and maintenance of wealth. WealthTech companies, which offer advice based on AI and big data, are adapting existing products and services to enhance the financial situation of people over 60. These companies are implementing innovations to address the financial challenges that many seniors face. The following are four examples of WealthTech.

Top 150 pension funds, banks, insurance companies, reinsurance companies, and asset management firms ... [+] advancing Longevity, AgeTech, WealthTech

Longevity Stock Exchange

There are hundreds of Longevity startups in the UK, EU, US and Asia and 99% of them are not publicly traded. This means that they are limited to seeking funding from angel investors and venture investors, which represents a very small fraction of available global wealth. This situation creates an extreme funding deficit and a major illiquidity problem.Almost all DeepTech sectors are facing this situation, but the negative repercussions are particularly bad for the Longevity industry, as it leads to reduced quality of life and unnecessary suffering for many older people. It also threatens to inflict crippling economic effects on national healthcare systems, pensions, social security systems, and national economies. Furthermore, in many cases investors exploit the gross illiquidity for their own financial advantage, to the detriment of Longevity and DeepTech startups.

In the future a Longevity Stock Exchange will be developed to deal with specialized derivatives. This will be a means by which investors can provide increased liquidity to the Longevity industry, and will lead to a self-sustaining cycle of growth in the Financial Longevity Industry whereby the effect of aging on GDP is repeatedly offset and the wealth created is reinvested into technologically reinvigorated human capital. The increased liquidity will enable greater flexibility and growth for companies listed on the exchange, and will help advance the Longevity industry as a whole. Setting up a Longevity Stock Exchange will require the public listing of at least 100 Longevity focused companies to create enough diversity and potential volume for trading.

Novel Financial Institutions for the Longevity Economy

AgeTech Longevity Banks

The growth of the aging population will be accompanied by a proliferation of other products including new types of savings accounts, specialized retirement plans, and specialized financial advising. As a consequence, new types of financial products, new asset classes, new investment strategies, and longer-dated bonds and securities will be developed. Traditional banks, as opposed to challenger banks, are taking the first steps in AgeTech and adapting their infrastructure for people over 60. For example, HSBC has partnered with the Alzheimers Society to create dementia-friendly products, and Barclays is actively developing software for seniors to make their customer experience more comfortable.

Over the next few years, it is likely that WealthTech and AgeTech will come to be regarded as complementary functions and AgeTech Longevity Banks reconfigured specially for seniors will emerge. Rising life expectancy is creating new opportunities for the financial sector and as the proportion of people in retirement continues to grow, an increasing number of products and services will be offered. New financial institutions optimized for people 60+ will help transform the growing aging population from a global threat into a global opportunity and will spawn a whole new industry the capitalization of which could exceed anything ever conceived of by financial markets.

Click here to preview a new book that I co-authored with my colleague Dmitry Kaminskiy Longevity Industry 1.0 - Defining the Biggest and Most Complex Industry in Human History.

See the article here:
AI Is Central To The Longevity Financial Industry - Forbes

This entry was posted on December 15, 2019 at 7:43 am and is filed under Longevity. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |