Summary
The shift to online banking offers convenience for many but raises concerns about digital exclusion for older individuals and increased scam risks; developing cyber security practices tailored to their needs is essential to ensure they can bank safely and confidently.
The rise of online and app-based banking has transformed the way many of us manage our finances, offering convenience and accessibility at our fingertips. However, as banking increasingly moves online, it’s important to ensure that no one is left behind; particularly older individuals who may be less familiar with digital banking or more vulnerable to scams. Research highlights the challenges some older people face in adapting to online banking. An Age UK survey found that nearly a third (31%) of Britons over 65 with bank accounts feel uncomfortable banking online, while nearly three in five (61%) in this age group have been targeted by fraud or scams (Independent Age). These figures underline the need for initiatives that build digital confidence and security.
To support those less familiar with digital banking, financial institutions and community organisations can work together on solutions such as tailored digital literacy programs, hands-on workshops at community centres, and simple in-app prompts that encourage safe practices like setting up two-factor authentication. Additionally, financial institutions can implement "nudges," which are subtle prompts or reminders to encourage safe habits such as regularly changing passwords or enabling extra security features. By offering these gentle reminders within the online banking interface, banks can empower older users to take proactive steps toward protecting themselves. With a combination of hands-on support, digital literacy training, and nudges that encourage good habits, banks can help elderly customers manage their finances online confidently and securely, fostering both independence and security in the digital banking world. Ensuring that digital banking is both accessible and safe for everyone is a shared responsibility, and with the right support, older customers can benefit from the same ease and efficiency that so many already enjoy..