By Priyanka Bhatia

Digital banking has become an essential part of managing finances in the modern world. For senior citizens, mastering digital banking can provide convenience, security, and independence. While initial hesitations are common, with the right support and tools, many seniors are adapting to these technologies and enjoying their benefits.

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Understanding The Basics

The first step for any senior citizen new to digital banking is understanding the basics. This includes familiarizing themselves with online banking platforms, mobile banking apps, and ATM usage. Many banks offer free workshops or one-on-one tutorials designed specifically for older adults. These sessions provide hands-on experience in navigating banking apps, setting up online accounts, and using features like balance checks, transfers, and bill payments.

Choosing A User-Friendly Bank

Not all banks are created equal when it comes to user-friendliness. So, senior citizens should opt for banks that offer straightforward digital interfaces with large fonts, simple navigation, and clear instructions. Some banks even have dedicated customer support teams that specialize in assisting older adults with digital banking queries. This becomes even more important considering that a survey revealed over 78 per cent of participants believed elderly individuals face challenges in utilising online banking services due to discomfort with technology.

Learning Through Practice

Practical experience is one of the best ways to build confidence. Seniors can start with simple tasks like checking their balance online or transferring a small amount of money. Gradually, they can move on to more complex operations such as paying bills or setting up automatic payments. Frequent practice helps reinforce learning and makes digital banking a regular part of their routine.

Ensuring Security

Security is a major concern for many seniors when it comes to digital banking. This is especially relevant given that in 2022, over 50 per cent of reported cybercrime victims in India were aged 60 and above, with losses exceeding Rs 1,000 crore nationwide. To address this, it's important for them to educate themselves about best practices, such as creating strong passwords, recognising phishing attempts, and enabling two-factor authentication. Many banks provide detailed security guidelines and even offer customer support to help seniors protect their accounts.

Utilising Customer Support

Most banks have strong customer support systems, including dedicated helplines and chat services. Seniors should be encouraged to make full use of these resources whenever they encounter difficulties or have questions about their digital banking experience. Personalised assistance can make a significant difference in their confidence and ability to navigate digital platforms.

Staying Updated

The digital world evolves quickly, and staying updated is crucial. Seniors can benefit from regular updates about new features, security updates, and banking trends. Subscribing to newsletters from their bank or attending periodic workshops can keep them informed and prepared for any changes.

Overcoming Initial Hesitations

In India, the adoption of digital banking among senior citizens has been influenced by various factors, including the COVID-19 pandemic. A study focusing on central India found that performance expectancy, effort expectancy, perceived risk, self-efficacy, perceived trust, and anxiety significantly impact older adults' intentions to use e-banking services. Encouragement from family members and friends can play a crucial role in overcoming these feelings. Sharing success stories of other seniors who have mastered digital banking can also inspire confidence.

Conclusion

Mastering digital banking is not only possible but also highly beneficial for senior citizens. It allows them to manage their finances from home, eliminating the need to visit a bank branch, which is very helpful for those with mobility challenges.

Furthermore, it provides instant access to account information, giving them better control over their finances and the ability to make informed decisions.

With the right support, user-friendly tools, and a little practice, seniors can confidently handle their finances online, leading to increased financial independence and security. As technology continues to advance, the banking industry is likely to become even more accessible, making it an exciting time for seniors to embrace digital banking.

(The author is the Co-Founder of Women on Wealth, a financial education firm. Views expressed are personal and do not reflect the official position or policy of Outlook Media Group and/or its employees. The article is for information purposes only; please consult your financial planner/s before investing.)