New Financial Apps Aim to Protect Seniors

Financial-technology (fintech) companies are starting to provide online solutions designed to help adult children of aging parents track their finances and well-being, reports the Wall Street Journal . Such tools often employ artificial intelligence (AI) to perform tasks ranging from bill payment to flagging suspicious financial activities. Pioneering fintech services include EverSafe, an account-monitoring tool to combat financial exploitation, and True Link Financial, which supplies a prepaid debit card that can be tailored to specify both holder spending limits and accepted places of card usage. Meanwhile, Golden Corp. analyzes accounts to cut redundant spending and assist with paying bills. Thus far, the market for these services is nascent, since most fintech products are designed for millennials. However, increasingly affluent baby boomers should remake the market. Some of these services are gaining credibility and appeal due to regulatory changes, which are making it simpler for financial institutions to contact relatives of older customers and advise them on online protection solutions.