Older people are willing users of online banking

  • By Zilla Efrat

Contrary to popular belief that people over 65 years are hesitant to use digital technologies, new research reveals that most older people are able and willing to engage with the online environment.

The research by ANZ and the University of South Australia also finds that while the pandemic heightened the need for online banking, there was little change to banking practices. That’s because most older interviewees were already using digital banking methods before the start of COVID-19.

The report, titled Exploring Digital Capability In Older Australians, highlights concerns about cyber security and ongoing changes to software, websites and digital devices as barriers.

That said, 72 per cent of respondents to the study know how to protect their privacy online and 83 per cent are confident they can recognise suspicious links in emails, websites, social media, messages and pop-ups.

The study also shows that people with age-related impairments have more challenges, especially with tasks involving voice communication or when using screens where font size might be small.

“Many of us are likely to experience age-related impairments as we get older, whether that be with our vision, hearing or mobility“, says ANZ managing director, retail banking, Kath Bray.

“This report provides us with valuable insights into how we can create better solutions that will make a meaningful difference and build greater choice and dignity for older Australians.”

When it comes to digital banking channel preference, the data shows that as age increases, there is a stronger preference for using internet banking (81 per cent of people over 65 years) compared to using mobile banking apps (only 26 per cent of those over 65 years).

People over 65 also appear to be bigger fans of bank branches. Indeed, 45 per cent used a bank branch, compared to 33 per cent of under 64-year-olds.