Help our elderly with their finances – do you know all the options that online banking offers?
Online banking allows us to carry out a wide variety of transactions. In general, all transactions that are carried out in person can now be done online, except for certain very specific services for which the physical presence of the account holder is still required, such as cash withdrawals.
The pandemic impeded our mobility, and this has accelerated the immersion of the entire population, including the elderly, in the financial digitalisation process. According to a report by the Spanish Confederation of Savings Banks (CECA), the number of elderly people using digital channels has increased by 27.7% in the last two years.
In this article, we indicate some of the most frequent services that banks offer their customers online without having to go to the branch, as well as some of the advantages of using them.
Firstly, online banking allows us to sign up to almost all financial products (accounts, loans, cards, deposits, etc.) and carry out the most common payment service transactions, such as transfers, direct debits and standing orders, management of bills and, of course, consultation of account and card statements. Online banking also allows us to manage our relationship with the bank, making changes such as in the case of card limits. And you can also use your mobile phone to make payments or send money to other people (for example, through Bizum).
Online banking has obvious advantages for customers, including the speed and immediacy of transactions. However, it also has certain drawbacks, such as the risk of cyber-attacks or fraud attempts. This risk is even greater when the consumers are the elderly, who are much more affected by the digital divide. In fact, although many elderly people are already familiar with digital channels, many still prefer to go into the branch because they are not used to using online banking or are not confident enough to do so in optimal conditions of security and accessibility. Another significant risk for the whole population and also for the elderly is that arising from easy and convenient access to loans, which may promote risky borrowing decisions and lead to over-indebtedness.
In order to minimise these risks and help the elderly get to grips with online banking, they need our support. Therefore, in the following articles of the "Help our elderly with their finances" series, we will address these issues to make it easier for the elderly who wish to do so to familiarise themselves with digital channels.