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Myth-busting study shows that 'silver surfers' use digital banking channels, too

Tech-savvy young things aren't the only adopters of Internet and mobile banking channels; a British study found a surprising number of users over the age of 60.

January 27, 2015

Nearly 2.3 million U.K. consumers between the ages of 70 and 100-plus are now using Internet banking, a study by the British Bankers Association shows. The study, which was released today, also shows that more than 450,000 customers age 60 and older have banking apps on their smartphones, iPads and other tablets.

The figures are the latest part of BBA’s "Way We Bank Now" work, which has charted the rapid rise of a range of new consumer-friendly banking technologies, including contactless cards and text alerts, according to a news release

The new findings show that:

• 2,267,597 customers age 70 and older are registered to use Internet banking, and more than 600,000 of these users are 80 and older;
• customers age 60 and older account for 457,031 banking app downloads, and nearly 20,000 of these customers are 80-plus;
• more than 306,000 customers age 60 and older have signed up to receive text alerts from their bank, which can help them avoid fees for exceeding borrowing limits;
• overall, customers of U.K. banks have chalked up more than 12 million banking app downloadss in recent years.

The latest study also found that older customers who use mobile and Internet banking typically use it just as frequently — or only slightly less frequently — than younger customers, and that some banks are currently experiencing faster growth rates for digital services among customers in their 70s and 80s than among younger generations, according to the release.

“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," BBA chief executive Anthony Browne said in a statement. "Banking on the move is as much a reality for silver surfers as it is for students."