Seniors satisfied with their digital skills; younger generation not so sure

Seniors say they’re keeping up.

As more and more bank branches are closing, online banking is becoming the norm. Most seniors think that they are keeping abreast of the digital developments. They make purchases online and claim that they would be lost without the Internet. They see online banking as progress. Just one in six of the over-70s still use giro payment slips. Most make payments using the app or online banking. A third use Tikkie. And yet, over half of the over-70s ask their children or grandchildren for help with computer programs or apps. Seniors give themselves a mark of 7.3 for their ability to arrange their banking affairs digitally.

Children and grandchildren are concerned

Children and grandchildren are not as generous with their marks and give the older generation a mark well below a pass. Almost six in ten of them think that seniors find it hard to get to grips with online banking, nearly three-quarters of them claim that their parents or grandparents sometimes need help with their online affairs, and more than half say the older generation are simply unable to cope with certain transactions. And, in sharp contrast to what the over-70s themselves think, they feel that seniors are nothing like as comfortable with online banking as they claim to be. The majority also say that their parents or grandparents cannot always tell the difference between genuine messages from the bank and attempts at fraud, such as phishing. Children (30%) and grandchildren (42%) are concerned about this, although the seniors themselves lose very little sleep over it (8%).

Starting the conversation

So are seniors overestimating themselves, or are the younger generations underestimating the older ones? It’s the youngsters (not the older generation), for example, who forget their PIN (19%) and passwords (31%), as well as losing their debit cards (14%). Is it true that the over-70s find it difficult to ask for help if they need it? Apparently not; seniors seem happy to accept any help on offer. Younger generations are more than willing to help seniors. They show an interest in their computer and smartphone skills, talk to their parents and grandparents about the latest digital options and provide help where needed. Seniors do, however, think that they could do more. That's why it's so important to talk to each other.

Banking even more up close and personal

It’s not only children and grandchildren who offer support – the bank is also there to help. Jorissa Neutelings, Chief Digital Officer at ABN AMRO, explains that new technology has enabled the bank to help clients in person and online: “The survey revealed that 78% of all over-70s have not been to a bank branch for at least a year. This is one of the reasons we want to be an inclusive bank that is, and feels, close to its clients in this digital age. We want to make people of all ages feel secure and comfortable. For 73% of seniors, today's banking is easier than ever before; the same is true of 79% of the middle-aged generation and 77% of youngsters. Impressive figures, but we still need to do more to see that the remaining 27%, 21% and 23% also experience more convenience, security, contact and tailor-made banking services. The results of this survey will help us make banking even more up close and personal. For all.”

Good balance

Professor of Sociology Theo van Tilburg cites another reason for the contrasting opinions: “It’s a fact that many seniors consider their peers to be less capable than themselves. They see themselves as an exception to the rule, which can work against them. People who think they know it all are less likely to ask for help. There is a relatively small group who do run into problems, and it’s up to organisations like banks to strike a good balance between security and user-friendliness. We don’t want anyone slipping through the net.”

ABN AMRO intends to substantially expand its team of financial coaches so that it can offer more support to elderly and vulnerable clients. The coaches answer questions and help with issues that seniors find difficult, either by phone, video banking or by visiting people at home. When asked, almost half of the seniors said they would use these services. The bank is also organising seminars, courses and workshops.