February 25, 2015

UK finds fastest digital banking growth among Britons aged 70 and over

A new survey by the British Banking Association finds that British banks are seeing their fastest growth rates in digital and mobile banking adoption among consumers over the age 70. Over 2.3 million Britons over age 70 are now using digital banking services, bringing the so-called “silver surfers” roughly in line with the millennials in terms of digital banking use.

Digging further, the analysis found that HSBC has seen a 130% rise in banking app downloads from users over the age of 70 in the past year. The oldest of these was 108!

The Personetics View: This should come as no surprise given how smart phones and tablets have enjoyed eye-popping adoption rates. And yet, there’s just something about picturing a 108-year old downloading a bank app that makes us stop and say: “Whoa, this is big.”

The results of the British Banking Association survey and accompanying analysis show that the transformation is not simply a generational trend — it won’t live and die with millennials. Because of this, the solutions banks provide in their digital banking platforms need to go beyond youth-market user-interfaces; they need to solve the problems, needs and challenges for a widely divergent set of demographic circumstances.

This is why personalization is so important. The banking guidance that offers a twenty-something tips on how to start saving will not resonate with a retiree on a fixed income. The sooner banks can get personal with each of their digital banking customers, the sooner they will be able to tap the enormous potential in creating truly useful – and engaging – online experiences.