1

Contents

Our mission 3
Market opportunity 6
5 biggest unmet needs 12
5 ideas and prototypes to solve them 22
Getting ideas live 50

2
 OUR MISSION
How can we provide financial services
that are better, more meaningful and
more valuable for senior citizens?

3
 D 5 A P P R OAC H

In 5 weeks, we D5 isn’t your standard whitepaper. We

don’t deliver theoretical reports based
researched, on secondary research. Rather, we
designed and listen to the stories and struggles of
prototyped 5 actual customers to collect insights.
We coordinate interviews, workshops
propositions to and concept testing all in just 5 weeks.
fulfil the 5 biggest
unmet needs. D5 doesn’t stop after 5 weeks. It’s the
beginning of a journey, a vision for ideas
we’d like to continue to explore and
develop.

4
Weeks Biggest Ideas to Prototypes to Plays to get
unmet needs solve them solve them them live

5
6
M AR K E T OP P ORTUNIT Y

Silver Society
A growing market opportunity
Our society is ageing. By 2040, 1 in 4 people in the
Netherlands will be a senior over the age of 65.

But this growing market is yet to reach its full

potential as Financial Services have been focussing
their innovation efforts on Millennials.

Senior Citizens form an interesting segment that

we can’t overlook. Not only are there opportunities
for social impact but seniors are in fact one of the
wealthiest in our society.

7
 M AR K E T O P P ORT U NIT Y

The dutch senior market ...

... is large ... is growing ... is attractive

3.239.000 + 1,5 million €489 billion
Dutch seniors aged Dutch citizens will be of the total Dutch wealth
over 65 in 2018, senior in 2040, is in hands of seniors,
19% of the society a 50% increase 42% of total

Source: CBS

8
M AR K E T O P P ORT U NIT Y
The world around Seniors and financials services is
continuously evolving
Aging at home
becomes the normal
People live at home for
a longer period in their
lives. The percentage
of older people living in
an institution has been
decreasing for years.
Nowadays, 95 percent
of the over-65s in the
Netherlands live at home.
Informal carers, relatives,
neighbours, friends and
other acquaintances
from social networks
also contribute to this
development.
Government is
digitizing
The Belastingdienst,
Kadaster, RDW, SVB, UWV
and your municipality are
digitalised and aggregated
in one view, accessible via
DigiD.
Tax declaration becomes
easier, since it is now
prepopulated. In the
past years the action plan
‘seniors in safe hands’
was executed, making
seniors aware of financial
exploitation.
Banks reduce Implementation of
“costs to serve” open banking
Banks are closing ATMs Open banking is a system
and branches and steer that provides a user with
users towards digital a network of financial
services. Payments institutions’ data through
companies want to the use of APIs. By relying
increase the volume of on networks instead
digital payments services, of centralization, open
while banks want to cut banking helps financial
costs on rent and staff. services customers to
securely share their
financial data with other
(non-)financial institutions.
PSD2 is coming into force
in 2019 in the Netherlands.
Lack of tailored
digital tools for 65+
Ready access to digital
information has
empowered people to be
self-sufficient, and there
is no lack of tools aimed
at helping Millennials
manage their spending
and burgeoning financial
lives. Yet today’s digital
tools typically fall short
for the do-it-yourselfers
in the 65+ segment, let
alone those with less
financial experience and
digital knowhow.
9
 M AR K E T O P P ORT U NIT Y

The majority of services in the market today focus

on financial advice, accessibility improvements and
insurance.

We can do more to serve these people.

10
 How could we tap into this
opportunity by designing new
financial services for seniors?

11
12
I N S IG HT S

We immersed ourselves in the lives of Senior

Citizens to better understand their motivations

7 49 236 9
Shortlisted
5
Proposition
Workshops Hour long Ideas
interviews generated ideas concepts

25 10 14
Senior Citzens Carers Experts

The journey is documented at www.d5silversociety.com

13
 I N SI G H T S

Age does not define Senior Citizens – they are not all
the same

INDEPENDENT IRIS
~1.400.000 people
Leads financially comfortable
life and is confident in managing
money. Pro-active planner that
thinks about the future.
Confidence in Digital
IN THE MOMENT MAURICE DEPENDENT DIDI INFORMAL CARER CARLOS
~700.000 people ~1.200.000 people ~1.000.000 people
Lives day-to-day and makes the Has physical or cognitive disabilities Looks after finances for a
most of the retirement with the and relies on carers for support in family member or friend who is
money he has. Deals with problems managing finances day-to-day. dependent. Leads a busy life and
when they occur. has to juggle work, child care and
elderly support.
Confidence in Digital Confidence in Digital

low high low high low high Key financial needs

Level of independence Level of independence Level of independence • Make it easier to deal with his
parent’s finances
low high low high low high • Ability to help remotely
Planning horizon Planning horizon Planning horizon • Reassure his parents

short-term long-term short-term long-term short-term long-term

14Estimated segment sizes in NL, based on 2018 CBS data, and 2017 ‘staat van de woningmarkt’, Rijksoverheid
By diving deep into their
lives, we identified
5 big unmet needs
in banking and beyond.

15
 1
I N SI G H T S

As I get older, death is the only thing

that’s certain

“
Senior Citizens seek assurance that their and their
We spent a lot of family’s future is secured.

money making our They want to ensure they optimally plan and
bathroom more prepare their financial future ideally where they live
now.
accessible if we need
it in the future.” They save for the uncertain years to come whilst
also leaving something behind for their family.

How can we remove uncertainties and allow senior citizens to make the most
of their retirement?
16
2
I N SI G H T S

Death and money

are dirty words

“
Carers need to act quickly when one of their parents
I should be more dies or has an accident.

organised around my Carers often have little insight into their parent’s
future. I just can’t be financial situation, and are concerned that they are
left in the dark when something happens.
bothered. Tomorrow
is another day.” Senior Citizens tend to avoid or postpone arranging
something because it is boring and complicated.

How can we make the transition of finances from seniors to carers smother
and easier?
17
 3
I N SI G H T S

A life where I have

no say is not a life
Senior Citizens strive to retain their independence

“
as long as possible.
There is simply no
Society pigeon-holes elderly people. Some people
way for my mother make broad assumptions about their abilities which
to interact with the frustrate them. They might be capable, but don’t
have a means to manage money in a way that suits
bank.” them.

Banks are closing branches but not offering viable

alternatives that support them.

How can we empower senior citizens to manage their finances independently

for longer
18
4
I N SI G H T S

Money is too important

to gamble with
As seniors age, their level of trust decreases in

“
several ways:
I ask my son to
• Trust in technology: they feel insecure and less
help me with my digital-savvy than others
banking because
• Trust in their abilities: they fear making mistakes
I’m scared to make which could have a big financial impact
a mistake.” • Trust in others: they worry about becoming an
easy victim of fraud and theft

How can we make financial services fool proof and secure?

19
 5
I N SI G H T S

I don’t want to be
a nuisance.
The loss of independence creates a difficult

“ My mother says
she doesn’t want
situation both senior citizens and their carers.

Carers often see it as their duty and responsibility

to help their relatives, but can find it difficult to
us to come just balance their support with their own busy lifestyles.
to help her. She
Senior citizens are often very conscious of
doesn’t want to be their reliance on others. They can feel guilty or
a burden.” embarrassed to ask for help as they don’t want to
be a burden.

How could we allow carers to support their loved ones more effectively so
that they can get more quality time together?
20
 Seniors have
bigger unmet financial needs
than just large text and buttons.

21
 FIVE IDEAS
& PROTOTYPES
22
P R O P OSIT IONS

MONEY
WORKS

A bank account A secure home A digital tool Brings all An all-inclusive

that provides a device that assists that brings all your personal service that
phased approach you with your your finances into information and provides
for granting people everyday banking one place and last wishes into everything you
access to your and puts your advises you in your one place need for the rest
financial life money into your retirement of your life
own hands

• Digital banking • Hardware device • Data aggregation • Cross industry • Lifestyle Insurance
service • Banking • Insight & robo-advice service • Service bundling
• Professional functionality • Software platform
support

Core Adjacent Transformational

23
 1
INSI GHT S

SELECT
FEW

Universal Truth:
Giving others access
to your money is a big
deal. But today, it’s all
or nothing.

“ I have no one that I can completely trust with my

can we remove uncertainties and allow senior citizens to make the
How finances.”
mostHannie,
of their
82
retirement?
24
 1 in 10
seniors have no one to ask for
Seniors have financial help when they are
unable to do so themselves

30,000
bigger unmet financial needs
rules for
Different

than just large

grantingtext and buttons.
power-of-
attorney
are applied Seniors are target of
financial exploitation yearly,
by Dutch
in 85% of cases by family.
banks.

Source: CBS
25
A service that provides
a phased approach for
granting people access to
your financial life.

Keep your finances in one place and give the people you trust access to
your money more easily and flexibly...

Money doesn’t grow on trees.

Stay in control of your finances even if you need help.

Retain access to your money
Peace of mind that your money is in safe
hands and accessable when you can’t
manage it yourself.
26
All your money in one place More flexibility to involve others
Easy and simple to set up with the convenient A fully flexible solution with different access
overview that gives your loved ones clarity on levels, that puts you in control of whom you
your finances. want to grant access.
Flexible Power- Single view of all Simple A personal Configurable Financial
of-Attorney finances setup plan permissions support

A highly flexible and See all your The service does Define who gets Add or remove people Optional professional
simple way to grant accounts in one most of the work by access to your from your account at advice and support to
family members or place incl. everyday prepopulating details account incl. access the click of a button manage your finances
other carers Power- banking, savings for you levels (read only, for you
of-Attorney to your and investments, authorisation, full
accounts pensions transaction) and
duration

27
 PR O P O S I T I O N S

Select Few solves a customer problem Riskiest assumptions

for further validation
and could turn into a viable business.
Lovable
Will customers choose Select Few
over a regular Power-of-Attorney?
Subscription Upselling Cost savings Deeper relationship Will we reach the ‘in the moment
senior’?

 - e.g. as part of a Managed finances by Eliminates administrative Builds stronger,

‘Senior/family a professional advisor process of granting
if no informal carer​is power-of-attorney, and
available the process of recovering
frozen accounts after
death ​
inter-generational
relationships over the Doable
How will open banking legislation
long-term with entire deal with third party access?
family

Profitable
Will the carer or senior pay for the
account? 
Will customers purchase
professional management / advice?
1.2 million     x     5%     x    €600/year     =     €36 million/year
Consumers Adoption Services IN NL
Total addressable • 1 in 10 does not have • Service personnel
market (Didi) financial help costs €50/h
• Targeted at more • One hour per month
wealthy segment help needed

28
2
INSI GHT S

BANKING
BUDDY

Universal Truth:
New ways of
banking can be
confusing and
scary.

“ I get a call three times a week from my mothers to ask if she

How has
can
mostRob,
remove
wemoney
enough left. uncertainties and allow senior citizens to make the
of 60their retirement?
29
 36% Seniorsof all seniors don’t use on-
have
line banking. In the age
bigger unmet financial
group 75+ it’sneeds
higher: 52%

19
than just 2 out of 3
paper large text and buttons.
‘accept giros’
were sent in bank branches have closed
Million 2016 in the last 15 years

Source: CBS, NOS

30
 Your current
Welcome back Wim. Account Balance
£1632.23 Get Help

banking
What would you like to do today?
buddy Recent transactions

A secure home device that

30 Nov HEMA €12.74
28 Nov JUMBO €21.48

28 Nov RENT -€800.00

assists you with your everyday Tell me my

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insert your card. a
Back View more

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banking and puts your money
into your own hands.

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Interact with your bank in the most easily accessible way from the comfort
an advisor

What would you like to do today?

Recent transactions

of your home. 30 Nov HEMA

28 Nov JUMBO
€12.74
€21.48
Call my son

28 Nov RENT -€800.00

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Digital is not the one and all. Bank in a way that suits you.
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Easy and intuitive Financial control in the 100%
banking alternative comfort of your home secure
Bank in a way that you are familiar and Stay in control and manage your money A direct connection to the bank that
comfortable with so you don’t need to whenever it suits you without having to go to ensures all your transactions are safe
rely on others for help. the bank branch. and protected from fraud. 31
 Please insert your card.

Your current
Welcome back Wim. Account Balance
£1632.23 Get Help Video call
an advisor
banking
What would you like to do today?
buddy Recent transactions
30 Nov HEMA €12.74
Call my son
28 Nov JUMBO €21.48

28 Nov RENT -€800.00

Tell me my Makea Recall last

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Your current
Account Balance
£1632.23 Get Help Video call
an advisor
Dedicated bank Basic Accessible Security Reminders and Live
device Recent transactions
30 Nov HEMA
functionality
€12.74
inputs guaranteed (remote) advice support
Call my son
28 Nov JUMBO €21.48

A secure table top

28 Nov RENT An accessible interface
-€800.00 Tactile hardware with Authorize payments Optional insights Video call a family
device provided by that can be adjusted to physical inputs and withRecall
cards
last
and pin, into your balance and member or bank
Back
your bank that allows yourView more
needs incl. basic voice commands to finger print or facial
transaction
spending with manager if you
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you to bank at home balance views and transfer money to recognition while the pro-active reminders need help, with live
simple transactions trusted address book, device connects to the for certain payments screenshare so they
valid thru
01/99

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without the need bank directly can guide you
to manually input
complicated IBAN
32
PR O P O S I T I O N S

Banking Buddy solves a customer Riskiest assumptions

for further validation
problem and could turn into a viable
business Lovable
Does a dedicated device
establish sufficient trust and
give users the confidence to bank
Monthly subscription Personal help premium Cost savings independently?
What specific customer groups
are interested in the device?
Payed by the senior or carer, Video call with bank manager Reduce cost to serve buy
because both benefit if personal help is needed for a reducing the need for a bank
one-off service fee or pay per branches and other customer Doable
How will open banking legislation
use services deal with third party access?

Profitable
Will the carer or senior pay for
the account? Will customers
1.2 million   x     10%     x     €180/year     =     €22 million/year purchase professional
management / advice?
Consumers Adoption Services IN NL
Total addressable • 1 in 10 do not have • €10/month device
market (Didi) access to help • €10/month personal
• People don’t want help adopted by 50%
to be a burden of users

33
 3
INSI GHT S

MONEY
WORKS

Universal Truth:
There’s no shortage
of services to help you MONEY
save for retirement. But WORKS
once you retire, you’re
on your own.

“ I worry about the future – what happens if I need

How tocan
mostMaartje,
remove
wehouse
sell the
of their
67
or needuncertainties
more care”
retirement?
and allow senior citizens to make the

34
64% 42%
Seniors have
OF ALL
bigger unmet
SENIORS financial
USE needs
ONLINE BANKING
than just large text andof buttons.
PSD2
the Dutch wealth is in the
is coming into force in 2019 in
NL and opening the market to hands of seniors
non-traditional FS players

Source: CBS
35
 MONEY
WORKS

A digital tool that brings all

your finances into one place
and advises you in your
retirement.

We help you navigate retirement so you reach your goals and make most
of your retirement giving you confidence in your finances.

Life is full of surprises. Make the most of it.

Clarity on your finances Personalised to your situation Focussed on your retirement

Stay on top of your finances and get Advice and ideas that help you stay on Get support to make more out of
peace of mind that you are prepared for track and achieve your goals and your your money such as maximising your
eventualities. lifestyle ambitions. inheritance or accessing benefits.
36
All-in-one finance Retiree specific Proactive A personal Face-to-face Money
overview insights suggestions plan support protection

An overview of your Get insights on your Get proactive advice See forecasts and Video call advice from World-class security
finances in a single circumstances and that helps you achieve predictions of your a personal financial that ensures your
place incl. bank the things that are your goals and make finances so you advisor to help resolve money and information
account(s), pensions, important to you, like more out of your can make decisions any queries is 100% safe
insurances, savings and gifting/inheritance money. Or try out confidently e.g if you
investments or applying for senior scenarios yourself sell your home or
benefits or need healthcare
support
37
 PR O P O S I T I O N S

Money Works solves a customer problem Riskiest assumptions

and could turn into a viable business
Freemium
Free basic account aggregation
and planning tools for existing
account, premium service
including personalised advice for
a small monthly fee
Upselling
Assistance with setting up and
updating wealth via professional
advisor and advice for certain
scenarios
Cross-selling
Financial products incl. short-
term loans, equity release of
home (reverse mortgages),
short-term investment products
Third party (lifestyle) services,
e.g. insurance, travel, estate
agents
for further validation
Lovable
Who would customers trust with
all their financial details?
How confident would customers
be with digital advice?
small monthly fee
Doable
What model underpins the advice
we provide?
Will the new Dutch Open Banking
standards enable this idea?

Profitable
How often are people willing to
1.4 million   x     5%     x    €100/year     =     €7million/year engage with personal advice?

Consumers Adoption Services IN NL

Total addressable Total addressable Setup and update help €50
market (Iris) market (Iris) Scenario help €50

38
4
INSI GHT S

MY
WISHES

Universal Truth:
Losing a loved one is
hard enough.
At least the admin
should be easy.

“ It took us 2 years to find all my husband’s

How accounts
can weafter
mostthat
of he
remove uncertainties
he died. Eventually
had 24!”
their retirement?
and allow senior citizens to make the
we discovered

Caroline, 82
39
 4.8
seniors by

Million
Seniors have
2040
bigger unmet financial needs
than just large text 127,000
and buttons.
Number of online

118
accounts per person
deaths in The Netherlands
above the age of 65 in
2017

Source: CBS, Dashlane

40
Bring all your
personal information
and last wishes into
one place

Share your wishes with your loved ones so that they can make decisions in your best
interest and minimise the administrative burden when you pass away.

Leaving a loved one is hard and overwhelming. We help you cope.

A holistic view An engaging way to Reduce the hassle for

of your life
Give your loved ones clarity on all the
services you use and what your wishes
are so that they can make decisions
confidently.
record your wishes
Simple and easy to use with prepopulated
information so you only input your details
where necessary.
your family
Give your loved ones everything they
need to know should you pass away so
that they can deal with the situation
more easily. 41
 Interactive Secure digital Will Flexible Starter 1-click
decision log vault generator access kit unsubscribe

An engaging A hack-proof online A interactive will Grant your loved Receive a physical A service for your
questionnaire that tool that allows you that help you write ones permission starter kit including family that cancels all
prompts you and to store all your your will in the right to view your information, your subscriptions in
records your wishes information and way, and let’s you information and thought provokers one go saving them
as well as services login details in one easily update it determine what and ways to start time and effort
and subscriptions place anytime details they conversations with
you use can see your family

42
PROPOSITIONS

My Wishes solves a customer problem Riskiest assumptions

for further validation
and could turn into a viable business
Lovable
Are users comfortable to store all
their information in one place?
One-off fee Cross-selling How do we gain awareness and pull
customers into action?

Free to setup and one- Referrals to 3rd party

off fee due after death,
deducted from the
inheritance​
services, e.g. funeral
services, account and Doable
How does the service hold legally?
subscription cancellation
services

Profitable
Is the service differentiated enough
to drive sales?

127,000 /year   x     6%     x  €300    =     €2.3 million/year

Deaths per year Adoption Services IN NL
Total addressable Increase from 4% Roughly half the
market who currently have price of creating a
a testament to 10% testament
due to ease of use

43
 5
INSI GHT S

LIFE
CRUISER

Universal Truth:
Retirement’s uncertain.
Nobody knows how long
they’ll live and how much
money they’ll need.

“ I worry about how I can keep the lifestyle I have today”

can68we remove uncertainties and allow senior citizens to make the
How Mikki,
most of their retirement?
44
14% of Dutch
Seniors citizens
have have a
life insurance
bigger unmet financial needs
48%
FROM the
than just large text and buttons.
4% residents
above 55 in
TO care homes of 65+ households receive

2% from 1998 healthcare subsidy and 21%

to 2016 receive rental subsidy

Source: CBS, Consumentenbond, National Police

45
An all-inclusive
service that provides
everything you need
for your retirement

Live your desired lifestyle for the rest of your life,

without hassle or money worries.

Life is too short to worry about money

No need for planning and budgeting
Completely remove the need and
the hassle of keeping an eye on your
finances and enjoy the things you enjoy most.
46
No more financial worry
Remove the chance of big financial
surprises with the peace-of-mind that
everything is arranged for the rest of
your life.
All inclusive services
Live your retirement to its full potential
with all inclusive servives without
having to ask anyone for help.
Choice of lifestyle Package Wealth Life Basics All inclusive Switching
packages configurator overview + extras services services

A choice of all-inclusive Tailor a package to A view of of you Basic life services All services selected Includes a switching
lifestyle packages that your desired lifestyle wealth and what’s left like housing (rent or in the package are service that prepares
ensure you can live based on services so you can plan your reverse-mortgage) inclusive or voucher you for your life-
your desired life at a you’d like to receive inheritance or gifting and food, plus extras based without extra as-a-service, e.g. to
fixed price with confidence like holidays and charges reverse mortgage on
entertainment your house or utility
switching

47
 PR O P O S I T I O N S

Life Cruiser solves a customer problem Riskiest assumptions

and could turn into a viable business
Insurance Model
Monthly premiums for basic service
bundles e.g. housing, health,
transport, with contracts lasting until
death. Insurer underwrites risk in the
‘traditional’ way, converting the value
calculated against a set of services
leveraging its scale to negotiate
service rates with supplier
Cross-selling
additional luxury packages, like
holidays, entertainment etc.
for further validation
Lovable
Are customers willing to give
up control of their finances and
choices in return for full certainty?
Would customers trust a provider
to live up the promise?
Doable
Can financial service providers live
up to the promise?
What does the risk model look
like?

Profitable
How does the commercial model
700,000    x     10%     x    €660/year     =     € 46 million/year work?

Consumers Adoption Services IN NL

Total addressable Many • 5% Premium
market (Maurice) interviewees • over an income
showed interest of €1100 a
month

48
49
50
51
 In the next mission we will develop detailed
propositions and commercials
SEARCH SOLVE SHIP

Discover new Design the detailed proposition, Deliver new

opportunities and design customer experience and MVP propositions
proposition concepts to market
LOVABLE - Will customers use it?
• Design detailed proposition and user experience
• Design and test high-fidelity prototype

PROFITABLE - Can we realize it?

• Define commercial model and business case

DOABLE - Can we make money?

• Assess detailed capability requirements
• Define MVP and growth path

52
 Great things are done
by a series of small things
brought together.
Vincent van Gogh

53
 TEAM

You have the power to disrupt your industry and we

can help you do it

Henry Egan Tim Mueller Rogier de Jong Anna Snijdoodt Paula Schwabe
Managing Director MG NL Project lead Innovator Innovator Designer
henry.egan@marketgravity.com tim.mueller@marketgravity.com rogdejong@deloitte.nl asnijdoodt@deloitte.nl pschwabe@deloitte.nl

A special thanks to everyone who supported us during the D5 project, the sponsors, interviewees and people attending
our co-creation sessions.

www.d5silversociety.com
54
Thank you!

55
56