"80 minutes of live broadcast, 400 million single orders", middle-aged and elderly people become a new driving force for financial live broadcast | Super View
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“80 minutes of live broadcast, 400 million single orders”, middle-aged and elderly people become a new driving force for financial live broadcast | Super View

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Text | Duan Mingjie, Special Observer

Editor | Cui Yandong

Duan Mingjie

China has the highest savings rate in the world. According to the survey data of the National Middle-aged and Elderly Network, the average deposit of the elderly in China is nearly 80,000 yuan.

Aging is accelerating, and the number of elderly people in the more affluent generation continues to increase, and more and more social assets are gathered in the hands of middle-aged and elderly people, stimulating the increasing demand for financial/financial management services for the elderly, and the requirements are getting higher and higher.

On the one hand, the consciousness of relying on children for the elderly has gradually faded, and the living conditions of the elderly have become more and more independent, and some of them have to be gnawed by their children.

On the other hand, the financial knowledge of the elderly continues to increase, they have a deeper perception of inflation, and a deeper and more comprehensive understanding of the financial and wealth management market. They have an urgent need to maintain and increase the value of funds through wealth management, funds and other products.

During the epidemic, middle-aged and elderly people trapped at home actively or passively learned online operations. Smart phones and various apps have penetrated more and more deeply into their daily lives, including online financial management.As the live broadcast wind blows, the brand-new form of “live broadcast financial management” has gradually become popular and is quickly accepted by middle-aged and elderly people. 

Meeting needs/crossing thresholds/changing habits, financial live streaming continues to penetrate middle-aged and elderly people

Elderly needs

Although my country’s middle-aged and elderly people have low risk investment preferences in general, their demand for asset appreciation has always existed:

· Focus on the preservation and appreciation of wealth 

my country’s pension insurance system is not yet complete, and deposit interest rates are low. The elderly have a growing desire to maintain and increase their pensions.“Where is the money to beat inflation” has become a common anxiety of the general public, including middle-aged and elderly people who have been used to saving money for many years.Their financial awareness is getting stronger and stronger, they have a continuous “hard demand” for asset appreciation, and there is an urgent need to learn professional financial management knowledge.

· Popular science, knowledge-based live broadcast, anti-fraud

What is more popular among middle-aged and elderly people is the professional content of popularizing financial knowledge.

Banks have always understood middle-aged and elderly users relatively well and often hold related activities offline. Nowadays, more and more videos about financial scams are published online to remind middle-aged and elderly people not to “fall into the pit”.

During the epidemic, the “financial management live broadcast” was accepted by middle-aged and elderly people and adapted naturally.A new senior said that he is more willing to see the fund manager himself than a text introduction, and the real-time Q&A session can also increase understanding and trust in fund products.

Gradually, the live streaming of financial management has become part of the daily fun of the new elderly at home-in the live broadcast room, the style of financial anchors is often professional and fun, and the boring and difficult investment knowledge becomes easy to understand, and there are also grabbing red envelopes. Interactive activities.

Let’s first look at Alipay, which has brought up the “live-streaming wealth management style”

At the beginning of this year, affected by the epidemic, 30 financial institutions, including the Industrial and Commercial Bank of China and Agricultural Bank of China, moved their products to Alipay, making it easier for users to choose online—this is the premise.

In order to drive these online products, on February 19, Alipay held the first “Live Class on Anti-fraud Knowledge of Financial Management for Middle-aged and Elderly People” on the Kuaishou platform, which opened a new way of “live financial management” and continuously attracted financial institutions to stop.

In the days when they can’t go out, watching and learning financial knowledge in the live broadcast has become the choice of many users with financial needs. Interact in real time during the process to establish new trust.

Only two weeks after the Spring Festival, nearly a million people watched the live wealth management on Alipay, and about 13% of the viewers were middle-aged and elderly people. 

What does this 13% share mean? 

Take the middle-aged and elderly users of the bank as an example. According to a previous research report released by AgeClub, although the number of elderly customers of banking institutions accounted for only 30%, their deposit amount accounted for more than 70%.

In the same way, the 13% of middle-aged and elderly people who watch live financial management have far more assets behind.Their enthusiasm for learning financial management is high-they have assets and needs, but at the same time they lack professional financial management knowledge and are afraid of being deceived. The contradiction between needs and reality has become a recoil for the influx of middle-aged and elderly people into the live financial management room.

As of June this year, ICBC also launched its first live broadcast on Alipay. It is aimed at middle-aged and elderly investors with popular knowledge of financial management and fraud prevention. The high popularity of “600,000 fans watching in 1 hour” was widely published by various financial media as the headline, and another wave The popularity of live financial management.

In order to meet demand and strengthen investor education for middle-aged and senior citizens, ICBC also moved the “three-year deposit” that is more popular among middle-aged and senior citizens to Alipay.

Up to now, Alipay has carried out more than 450 live broadcasts of wealth management, covering nearly 70 million people.

Through the integrated functions of the platform and the advantage of gathering a large number of middle-aged and elderly users, Alipay continues to embed the wealth management products of more institutions into the platform, and cooperates with more than 300 institutions to launch more than 1,000 wealth management products.

Aiming at investors with different risk tolerance, Alipay has launched regular, fund, gold and other wealth management products. The risk types are divided into 5 levels from low to high. At present, it has accumulated a user group of more than 600 million people. 

In the past, due to the barriers caused by the “threshold” of the Internet, the needs of some middle-aged and elderly financial management were suppressed, and they could only choose to go to offline bank branches to choose the savings-type low-yield financial management method.The “trigger” of the epidemic and the gradual popularity of live financial management have allowed more middle-aged and elderly people to cross the cognitive threshold of online financial management in one fell swoop. They learn and operate while adapting to change.

According to data recently released by Alipay, “financial management” is the service most frequently used by the elderly in recent years.

Financial institutions cooperate with the media for online live broadcast

On the one hand, the elderly are getting richer and richer; on the other hand, there are more and more elderly people living alone, with declining cognitive function and memory, lacking sufficient judgment in financial management, and more likely to be targeted by scammers.

The age of fraud victims and the distribution of the amount defrauded

Financial fraud is an area where the elderly are easily recruited and involve a huge amount of money. In 2019, successive P2P thunderstorms have harvested a large amount of pensions and pensions for the elderly.

“How to prevent fraud” is the top demand on the road of middle-aged and elderly financial management.

“289 Finance Class” is a financial cloud class hosted by Nanfang Daily. A bank specifically cooperates with it on “how to improve the risk prevention skills of the elderly”.In view of the relative lack of financial knowledge of the elderly, the ignorance of product characteristics and risks, and the blind purchase of financial products that are not compatible with their risk-bearing ability, a special live broadcast will be conducted.

Focus on popularizing the security precautions of mobile payment tools, preventing illegal fund-raising traps such as “high-yield financial management”, and the use of self-service equipment and other financial basics that the elderly should focus on in daily production and life.

The live broadcast process is lively and interesting. It combines boring knowledge points with vivid cases. It is simple and easy to understand. It is welcomed by middle-aged and elderly customers and has more than 70,000 viewers.

Financial accounts enter short video live broadcast platforms such as Douyin

As the live broadcast of wealth management has become more popular, there are currently millions of professional financial accounts stationed on Douyin. The best result that has been publicly reported is that an organization “lived it for 80 minutes and made a single 400 million.”

The official accounts of financial institutions mainly focus on wealth management, fund and other professional knowledge. The content is relatively vertical, and the number of fans is not large, mostly between tens of thousands to tens of thousands. Among them, the largest number of fans is the customer service account of the CITIC Bank credit card, with about 1.3 million fans.

AgeClub found that China CITIC Bank has three official accounts on Douyin. Among them, “China CITIC Bank Douyin Wonderful” focuses on middle-aged and elderly users. There are many small video content that guides middle-aged and elderly users to use mobile apps and online financial management. They are also set on the homepage of Douyin accounts. The official website entrance and mobile APP download link.

It is not difficult to see that financial institutions are also constantly catering to changes, using innovative and vivid content to continuously tap short video platform traffic to reach users more comprehensively. In the future, this trend will become more obvious.

Banking institution self-built live broadcast platform

For example, the “Postal Storage Canteen Star U Club” live broadcast platform created by Postal Savings Bank of China supports both PC-side video live broadcast and mobile-side live broadcast, and aggregates e-commerce, entertainment, and financial scenarios.


The epidemic “forces” middle-aged and elderly users to release their demand for online financial/financial services. Bank offline scenarios and service channels have accelerated the migration to online.

The new crown epidemic has become an opportunity for “middle-aged and elderly investor education”.

In the post-epidemic era, the influx of middle-aged and elderly users will bring new traffic dividends to banks’ online business. Where the middle-aged and elderly users are, the bank’s services will follow. The live broadcast is hot, and banks are also actively embracing the Internet to educate middle-aged and elderly investors.

High-value elderly users are critical to banks and financial institutions. They must continue to serve high-value middle-aged and elderly users based on actual conditions and changes in the external environment. 

Middle-aged and elderly users and financial institutions influence each other, and “online” financial management continues to spread

The existing customers of bank financing are mainly middle-aged and elderly people.

Banks are changing, middle-aged and elderly financial planners are changing, and the external environment is also changing. This is a process of continuous adjustment and adaptation to changes.

The epidemic has accelerated the online development of banks as a trigger point, and live broadcasting is just one manifestation. Before the live broadcast of financial management became popular, financial institutions had been paving the way for middle-aged and elderly users for a long time.For example, banks continue to optimize user experience through channels such as mobile apps and WeChat official accounts to guide, help, and educate users to implement online operations. At the same time, with the help of official accounts, live broadcast and other tools, the efficiency and density of communication with middle-aged and elderly people are enhanced.

In addition, the various adjustments of mobile phone hardware and software that are suitable for aging have also objectively promoted middle-aged and elderly people to adapt to online operations.

In terms of advantages, online channels are efficient and convenient. Once they have tried the sweetness of the Internet and new media, middle-aged and elderly people are easy to be “circled fans”.

Take China CITIC Bank as an example:

As of the end of 2019, CITIC Bank had 13.7621 million elderly customers, and the balance of assets under management brought by elderly customers reached 1.13 trillion, accounting for 53.86% of its retail assets under management.

China CITIC Bank has also produced a series of short videos for mobile banking use and learning, teaching the elderly to check account balances, transfer funds, and play smart phones without leaving home.

With active user operations and education, CITIC Bank’s elderly customer base has grown exponentially, and the management assets of elderly customers account for more than 50% of the total assets under management. High-quality elderly customers provide prerequisite guarantees for the construction of a new financial ecosystem for the elderly.

In fact, all banks are gradually building or launching an elderly customer service system.

With the broadening of customer acquisition channels, the lowering of financial management thresholds, and the more diverse and efficient communication channels, online financial marketing methods will become more popular.

An obvious trend is that with the recovery of the epidemic, bank branches have resumed their previous jobs. However, the phenomenon of a large number of elderly people queuing for business with numbers is almost invisible-if they can handle it at home, who would be willing to line up.

Online is becoming more and more popular, and elderly users are an important blue ocean area for online wealth management in the future.They pay more attention to the robustness and reliability of financial products.Previously held offline wealth classes, professional investment and financial advice, relying on the trust relationship established between offline outlets and elderly users, have become the key to the expansion of online “stickiness” and the continuation of the relationship between banks and users.

In this process, banking institutions will more efficiently educate the elderly to help them establish a comprehensive risk awareness and improve financial literacy.

In the new situation, how to build a new customer-centric marketing system to further understand customers, attract customers, serve customers, and retain customers is a topic that banking financial institutions need to think about.

The “impeding power” of middle-aged and elderly people in the process of “cloud financial management”

The elderly still have some hard-to-change habits and preferences for financial services

Get used to the counter manual “contact” service:

Some traditional elderly people have been accustomed to doing business at the counter for a long time, and they can only feel relieved when they have paper documents. This is a sense of steadiness that cannot be replaced by online.

The elderly prefer safe investments:

On the whole, the elderly in our country tend to save more and choose more time deposits. Compared with benefits, they put “security” in the first place.

The elderly have limited knowledge of financial management: 

It is undeniable that most elderly people are still adapting to automated and intangible forms of services such as online banking and personal financial management. Banks are still not enough to disseminate financial knowledge for the elderly. This has led to an increasingly serious lack of financial knowledge among the elderly. This part of the elderly population and new financial products are actually drifting away.

Despite the willingness to buy wealth management products, they are more afraid of being deceived and dare not get involved easily.

For financial management live broadcasts, middle-aged and elderly people can’t buy, and the conversion rate of live broadcasts is low 

According to analysis by industry insiders, short financial videos and live broadcasts are an inevitable development trend, but one of the current problems is the low degree of user matching.

“The number of viewers seems to be large, hundreds of thousands of people, but after the excitement, the actual conversion rate is low. Live broadcast can only promote the brand, and it is unlikely to bring conversion almost as an industry consensus.”

It takes time to build trust in new channels

In 2019, successive P2P thunderstorms have harvested a large number of pensions for the elderly. The older they are, the more they worry about financial management.

The IP image of wealth management live broadcasts is difficult to form a sense of trust like offline one-to-one services in the short term.

In addition, for the “carrying goods” type of live financial management, most of the products are of medium to high risk, which will further “persuade” middle-aged and elderly people to purchase.

The bank also has the same pain point: more and more products are sold online, but the bank does not meet with consumers, unable to fully understand whether the products sold are suitable for customers, and can not determine whether customers understand the risk-return characteristics behind the products.

“In the past, offline sales were very compliant in form, and consumer protection was in place. It is easier to resolve problems and disputes when problems arise, while online financial management still needs to be strengthened in terms of consumer protection and future rights and responsibilities. .” 

Therefore, don’t blindly follow just because it is the “general trend.”

For financial institutions, it is more important to understand and tap the real needs of elderly users. In the current market environment and rapid changes in users, we continue to subdivide, provide different supplies for different needs, and promptly improve and innovate service methods for increasingly updated needs.

Live streaming and various online channels are not the goal, they are just a better way to reach users. 

Middle-aged and elderly financial management future & trend

User-centric, financial management efficiency is greatly improved

Behind the strong wind in the live financial management is everyone’s thinking on business efficiency.

Under the trend of comprehensive digitization and online and offline integration, the boundaries between online and offline are becoming more and more blurred, complementing each other, meeting consumer needs more comprehensively, and greatly improving overall business efficiency.

In the past it was product-centric, but now it is increasingly user-centric.

The innovative model of live financial management forced by the epidemic is a manifestation of being closer to users. With the development of this channel, there will be more surprises and possibilities:

In terms of customer acquisition, live broadcast provides a brand-new advertising method for bank financial management, which can attract more users;In terms of personnel, live financial management may give birth to new professional positions, which also puts forward new requirements for existing personnel’s business level and marketing skills.

All parties strengthen the professional cultivation of middle-aged and elderly financial management and further standardize

In particular, banking institutions have recently held a large number of professional financial management/financial knowledge seminars for middle-aged and elderly people. such as,Hold financial and consignment business financial consumer insurance knowledge lectures, so that middle-aged and elderly people can understand how to prevent the bank’s “flying orders” risk, and how to complain and report when they find abnormalities such as bank’s “flying orders”; identify products sold by banks and know how to bear their own risks Ability to choose the right combination of consignment products.

Utilize business outlets and online channels to carry out online financial knowledge education, focus on popularizing mobile banking, online banking and other online business handling methods and safety knowledge, and strengthen the popularization of prevention of epidemic fraud, illegal financial advertising identification methods, and finance Knowledge of the eight basic rights of consumers and correct financial management will enhance the risk management capabilities of financial consumers.

Pension finance is becoming a new outlet for various asset management agencies to compete

Various banks are accelerating the deployment of “old-age finance”, and the issuance of pension financial products is showing a continuous growth trend. Puyi standard statistics show that as of July 8, 16 banks have issued 122 products this year.

Satisfying consumers’ different needs for pension wealth management has become an important part of bank asset management.

Bank-based pension financial institutions have natural account management advantages-gathering a large amount of personal account information, have important flow advantages at the C-end of pension finance, and provide core flow entrances for personal pension financial products of the “third pillar” of pension insurance in the future.

Most of these products are faced by elderly investors with low risk appetite and strong tolerance for long-term insurance investment.For example, China Merchants Bank’s “Golden Sunflower Rich Life” comprehensive service system was officially released in July this year, specifically for the elderly Sunflower customers over 55 years old, and focus on the pension financial market-its “Golden Sunflower” customers over 55 accounted for The ratio is close to 30%. They have high acceptance of the Internet, love investing and socializing, but their investment philosophy is generally conservative.

Among the insurance institutions, there are currently 8 pension insurance companies including China Life Pension, Taikang Pension, Yangtze River Pension, and CCB Pension Management Co., Ltd. who are working hard in the pension finance field. The market size of individual pension security management products issued exceeds 600 billion yuan.

According to analysis by industry insiders, the commercial bank pension financial management market, which started in 2007, may enter a period of fierce competition from 2020.

The “Super View” column now launches the “Special Observer Settlement” program, inviting entrepreneurs from various tracks, business line leaders of large companies and other front-line business practitioners to share your entrepreneurial experience, dry goods, methodology, and your Industry insights, trend judgments, look forward to hearing your voice from the forefront.

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