Paperwork: Guiding Older Adults Toward Comprehensive Financial Well-Being

By Mark Ogilbee posted 08-31-2023 08:28 AM


Paperwork, an AgeTech Collaborative™ startup participant, is a financial wellness platform that automatically organizes, analyzes and monitors users’ financial accounts, insurance policies and important documents, providing guidance and actionable insights that lead to improved financial outcomes at every stage of life. Led by a team of experienced FinTech and financial literacy experts, Paperwork is on a mission to democratize access to financial health for millions of American families.

Co-founder and CEO Kevin Cimring sat down with us to talk about Paperwork and how it stands out in the AgeTech space.

This interview has been edited for clarity and length.


Please tell us about Paperwork.

We’re a comprehensive financial wellness platform that partners with credit unions and other financial institutions to help improve the financial well-being of their members. Our app is offered as a white label or co-branded app to the members of those financial institutions so their members can manage debt more effectively, set savings goals, plan for retirement and organize all of their important financial information in one place — all through our app.


What inspired you to start Paperwork?

I had a personal health scare a few years ago, and during that time, one of my greatest concerns was my family. If something happened to me, would they be able to access all the important accounts, insurance policies and other financial information they would need to look after themselves?

We initially developed a solution to help people easily store and share vital information with loved ones. During testing, we got feedback from people who said, “It’s useful to have this information gathered in one place, but can you also help guide us to what important documents we need in the first place?” So we added a broader financial wellness capability with personalized insights and actionable guidance. You can think of us as a digital financial coach to help guide people through the important actions they should take to ensure their financial well-being.


What’s an example of how the app guides people through those decisions?

When you sign into the app, the first thing you’re presented with is what we call the paperwork path. It’s six or seven modules on topics ranging from everyday finances, saving for emergencies and having the right insurance, to retirement and estate planning.

As you progress through these modules, we gather data such as whether you’re married, have kids or are a homeowner. Then the app gives you personalized guidance through the actions you need to take, all in an easy-to-understand, conversational format.


Does Paperwork have any features that are particularly helpful to people who are 50-plus?

We have a number of features and functions that are tailored toward people who are 50-plus, such as planning for retirement and estate planning. Other features help combat fraud and financial abuse of older adults; for example, through our partnership with a major credit agency, people can quickly report suspected ID fraud right from our app and get help 24/7. The app has a robust set of features to help people take control of their financial lives, which is especially important for people in their 50s because they often own homes, have kids, and have a lot of financial complexity in their lives.


How do you balance customers’ privacy with their ability to share their information?

It’s totally in control of the user. They can set the parameters regarding who they share information with, and when — for example, whether they want to share information now, or only in the event of an emergency. 


What are some of the notable challenges you’ve encountered as you’ve grown the business?

A lot of FinTech companies and banks are talking about helping people with their “financial wellness," but financial wellness means different things to different people. So one big challenge that we’ve faced is rising above all the noise surrounding financial wellness and carving out a distinct space for ourselves and amplifying our differentiators. 

One of our core messages that is really resonating with people is how we’re a comprehensive financial wellness solution, because if you’re going to give somebody the best possible guidance in a given situation, you need to look at things holistically. That has been a big differentiator for us.


What has been your experience with the AgeTech Collaborative™?

It’s been fantastic. Working with the Collaborative initially helped us understand our demographic — their needs, what they’re looking for, and the fact that they’re crying out for a comprehensive financial wellness solution. Being part of the Collaborative, we have been able to leverage AARP’s research and resources to really understand more about the acute problems that we’re helping people address.


What’s up next for Paperwork?

We’re heads-down focusing on the financial services industry, working with credit unions as well as community banks. We’re also looking at working with some very interesting adjacent verticals, such as the caregiving industry and how caregivers could leverage our app to help care recipients look after their finances. People are approaching us and saying, “Paperwork is a comprehensive financial wellness platform that we could potentially use in our industry.” So we’re looking forward to expanding to other verticals when the time is right.


You can learn more about Paperwork at their website