Older Aussies ‘lack’ confidence with financial technology

It’s not that older Australians lack the capacity to engage with modern banking technology, but that they lack the confidence, a major Australian bank has said.

New data from the Commonwealth Bank shows that older Aussies are “increasingly” using technology to stay on top of their finances. However, while the bank noted that this group has “strong ATM usage” and has seen a “big uplift in online banking”, they nevertheless lack confidence.

The head of retail sales strategy and projects at CBA, Anna Mankiewicz said: “What we find in our everyday interactions with older customers is that, when it comes to keeping up with the fast evolution of technology, it is confidence they lack, and not capacity.

CBA noted that around 15 per cent of its customer base consists of over 65-year-olds and within that group, one in four banks via NetBank and the bank’s CommBank mobile app. That equates to an increase of 41 per cent over the last two years, CBA said.

Further, 50 per cent of customers over 65 are using ATMs. CBA argued that these figures are in contrast to industry research which shows that age is key factor in customers’ ability to engage with and keep up with technology.

Ms Mankiewicz said the growth in technology adoption by older Australians indicates a “clear shift away” from inter-personal transactions traditionally used by those customers.

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Source: Older Aussies ‘lack’ confidence with financial technology | Nest Egg