Older Australians are embracing digital banking
Exploring Digital Capability In Older Australians examines the banking experience of older Australians and suggests that digital banking is as relevant for older people (over 65) as it is for younger people.
The report found that while the pandemic has increased the need for online banking, banking practices have changed little, as most older respondents were already using digital banking methods.
However, the report pointed to concerns about cybersecurity and ongoing changes to software, websites and digital devices as obstacles. It also showed that people with age-related impairments had more difficulty, especially on tasks involving voice communication or when using screens where the font size might be small.
In terms of digital banking channel preference, the data showed that as age increased, there was a stronger preference for using internet banking (81% of people over 65 years) compared to the use of mobile banking applications (only 26% of people over 65). .
ANZ’s Managing Director, Retail Banking, Kath Bray, said: “Contrary to popular belief that older people are reluctant to use digital technologies, this research has found that most older people are able and willing to engage in the online environment.
“Many of us are susceptible to age-related impairments as we age, whether in our vision, hearing or mobility. This report provides us with valuable insights into how which we can create better solutions that will make a meaningful difference and provide more choice and dignity for older Australians”.
Key findings include:
- 81% of people over 65 have used internet banking in the last 12 months, compared to just 26% who use a mobile banking app.
- 45% of those over 65 have used a bank branch, compared to 33% of those under 64.
- 72% know how to protect their privacy online.
- 83% are confident they can recognize suspicious links in emails, websites, social media, messages and pop-ups.
- Data across all age brackets shows that older Australians have responded in line with the national average when it comes to embracing digital banking.
About the research: The Exploring Digital Capability In Older Australians report brings together data from the 2021 ANZ Financial Wellbeing Survey and new research conducted by the University of South Australia from interviews and group discussions with older Australians.