Silver surfers quick to adopt online banking

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A new study from the British Bankers Association (BBA) has shown that older generations have enthusiastically taken up new banking technologies.

More than 450,000 over-60s are using banking apps on smartphones and tablets, with 2,267,597 customers aged over 70 registered to use internet banking.

The findings question received wisdom that older people are slow to take up new technologies. The BBA compared the figures with population estimates, finding that while adoption of internet banking decreased with age, take-up was still high. 59.5% of people in their sixties were users of internet banking technology, falling to 35.9% with 70 to 79-year olds and 20% in those over 80.

Similarly, Lloyds Bank customers aged between 60 and 79 who used internet banking typically log-in 2.1 times a week, only slightly less than 35 to 59-year-olds who log in 2.7 times per week.

The use of the technology even extends to people over 100, with the oldest downloader of HSBC’s banking app aged 108 years old.

BBA Chief Executive Anthony Browne said of the numbers:

"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."

"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. It’s precisely because these technologies are so popular with people of all ages that banks are investing so heavily in them."

The figures, relating to October 2014, were put together by banks including Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds Bank, Metro Bank, NatWest, Royal Bank of Scotland and Santander.

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