Online and mobile banking growth rates accelerated by older generation

By Nicole Miskelly | 26 January 2015

Over 2 million people aged over 70 years old use online banking and nearly half a million over 60 year olds have downloaded mobile banking apps on their smart phones, iPads and tablets, according to the British Bankers’ Association (BBA).

The data collected by the BBV indicates that UK banks are experiencing faster growth rates for digital services by customers over 70 and challenges perceptions that only younger generations are interested in utilising technology.

The figures, which have been collected from Britain’s biggest banks including Royal Bank of Scotland, Barclays, Lloyds, HSBC, Santander and Metro Bank, help to shed new light on the influence of digital banking across all generations.

BBA chief executive Anthony Browne said: “These figures shatter the myth that this technology is only for younger generations - millions of older people are avid users of banking websites and apps. Banking on the move is as much a reality for silver surfers as it is for students."

HSBC have seen a 130 per cent rise in downloads from account holders aged over 70 in the past year, with data showing that online banking customers in the same age group log in more frequently than any other age group and their oldest mobile customer is 108. Online banking customers at Barclays aged over 80 who log-in 0.46 times, compared to customers aged 35-49 who log-in 0.47 times per week.

The study could influence many banks’ decision to reduce their branch networks in the next few years in order to save resources. These plans have gained opposition from some politicians who argue that vulnerable and elderly account holders have no other way of accessing their funds, other than by coming into branch.

“Customers of all ages like the fact that they can now make payments, check balances and do other banking tasks from the comfort of their home without trudging into town," says Brown. 

 

By Nicole Miskelly, bobsguide Lead Journalist

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