A common perception that young people bank online, whilst older people visit traditional branches has been challenged by research showing that silver surfers are avid users of digital banking.
The great thing about the Internet is that it makes things accessible; especially useful for the older generation. Never before has it been so easy to stay in contact with loved ones, have shopping delivered direct to your door, making appointments with medical practitioners or taking care of your banking. In fact, data taken from the British Banking Association (BBA) identified that UK banks are experiencing faster growth rates for online banking from customers in their 70s and 80s than any other age range.
The recent study by the BBA found that almost 2.3 million people over 70 are now using online banking, while more than 450,000 customers over 60 are embracing banking apps on smart phones and tablets as a means of taking care of their finances. The study also found that older customers who use mobile and internet banking typically use it as frequently or only significantly less often than the younger generations – proving it’s not just the tech-savvy youngsters who are harnessing this banking revolution.
The data, complied from a range of banks, including Bank of Scotland, Barclays, Halifax, HSBC, First Direct, Lloyds Bank, Metro Bank, Natwest, Santander and Royal Bank of Scotland, sheds new light on the persuasive spread of digital banking across all age ranges. For example, Barclays’ over 80s customers logged into their online account on average 0.46 times per week – compared to 0.47 times per week for customers ages 35 – 49. HSBC also stated their over 70s customers logged on more frequently than any other age group. HSBC has seen a 130% rise in app downloads from account holders over the age of 70 in the past year. HSBC’s oldest customer to download its banking app is aged 108!
The proof is in the pudding, these figures destroy the myth that digital banking is just for the younger generation. With over half of web traffic now coming from mobile, today, banking on-the-go is as much a reality for the silver surfer as it is for students. People of all ages can now make payments, check balances and do other banking chores from the comfort of their own living rooms – and that’s exactly why technology like this is so popular and why banks are investing so heavily in their digital presence.
Author: David Pope, EMEA Marketing Director, Jumio