By Virginia (Ginny) Merritt
Estimated read. 3:18 min

I’ll get to the question posed in the title and what caused me to write this blog in a moment. But first, what do you immediately think of when you hear or see the words ‘emerging market(s)’? There is a good chance you may think of developing countries or developing economies. The International Monetary Fund (IMF) classifies approximately 39 economies as ‘advanced’ economies. The remaining are considered ‘emerging’ markets that define a distinct investment class.

There’s another way to look at emerging markets, demographics. If you are a regular reader of Top Sixty’s newsletter, you’ve read articles and editorials about the growing global cohort of older adults and the benefits of marketing to that group.

Closer to home, Canada’s population of adults over age 65 already exceeds seven million, that’s a fifth of the population and a far greater number than there are children under the age of 14. Even more surprising is that those over age 85 are the fastest-growing demographic within this age group.

Evidence from the World Health Organization (WHO) shows that the world’s population over sixty is growing five times faster than the rest of the population and will almost double by 2050. The US-based, AARP, predicts that those over age 50 already represent half of the consumer spending worldwide. Now that’s an Emerging Market!

OK, back to the ‘WHY’. Why did my bank, with its former professional and inclusive look, change its branding to zero in on a much younger demographic to the exclusion of mature and older adult clients? By the way, the bank’s new digital style, as they refer to it, is black, black, and more black, interrupted only by garish, neon colours, and black-and-white images of young people. The new branding, both online and in their app, makes it quite clear that ‘my’ older cohort is no longer sought after or appreciated.

When the bank’s new look was introduced, I joined the online deluge of people expressing their dismay and threatening to move to another financial institution if the new design was not put on hold and re-examined. There was, of course, no response. This outrage was also expressed by adults in their forties and fifties, not just people considered older adults. What on earth were those bankers thinking? Psst, maybe they’ve never heard of emerging markets!

I had banked with my financial institution for over twenty years. A digital bank, it was associated with and is now a division of one of Canada’s five major banks. Clients could access their accounts through the associated bank’s ATMs and visit its branches when smaller banknotes, change, and other services were needed. Alas, these amenities eroded over time.

The associated major bank in my community became a financial services centre; teller services were no longer available. For a while though, it was possible to at least bulk-purchase different denominations of banknotes; for instance, one could buy twenty $10 bills for $200. Eventually, access to cash disappeared altogether causing me to smack my forehead and ask myself, “How can they call themselves a bank without money?” No doubt many of you have had similar experiences. Sigh! So much for environmentally-friendly,15-minute communities where people can work, shop [and bank] where they live. Banks continue to reap windfall profits while their customers drive greater and greater distances in search of long-forgotten services.

I don’t anticipate ever knowing the answer to my question, why? However, as I wrap up this blog, you may be pleased to know that I put my money where my mouth is. It took a bit of effort, but I switched to another financial institution, this time a credit union. The institution not only carries real money, but it also has all the services of a bank and a network of credit union ATMs that are abundant and easily accessible. I would be remiss if I didn’t also mention the outstanding customer service and the warmest, friendliest staff I have experienced in many years.