Millions of “Silver Surfers” use mobile and internet banking


Millions of “Silver Surfers” use mobile and internet banking

The British Bankers Association have published their latest update to the ‘Way We Bank Now’ series with data showing that nearly 2.3 million “Silver Surfers” (people aged between 70 and 100 years old) are now using internet banking.

Supporting individuals

26 January 2015

More and more customers over the age of 60 are taking advantage of being able to do their banking where and when is convenient for them.

 

The figures are the latest instalment of the ‘Way We Bank Now’ work, which has charted the rapid rise of consumer-friendly banking technology, including contactless cards and text alerts.

The new findings show:

  • Nearly 2.3 million customers aged over 70 are now registered to use internet banking; more than 600,000 of these people are 80+.
  • There have been 457,000 downloads of banking apps by customers aged 60 or over. Nearly 20,000 of these customers are 80+.
  • More than 306,000 customers aged 60+ have signed up to receive text alerts from their bank, which can help customers avoid fees when breeching borrowing limits.

RBS specific findings show:

  • RBS customers aged over 80 logged into their internet banking on nearly 400,000 occasions in October 2014.
  • The number of customers in their 70s who have downloaded the RBS app has grown by 93% in the past year - more than any other age group.
  • 40% of RBS customers registering for SMS alerts over the past year are 50+.

The latest study also found that older customers who use mobile and internet banking typically use it as frequently or only slightly less often than younger generations. Some banks are currently experiencing faster growth rates for digital services by customers in their 70s and 80s than for younger generations.

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.”

More from the BBA’s ‘Way We Bank Now’ series can be read here.

The BBA’s figures have been compiled from a range of banks, including Bank of Scotland, Barclays, First Direct, Halifax, HSBC, Lloyds Bank, Metro Bank, NatWest, Royal Bank of Scotland and Santander. All of the numbers of compiled by the BBA relate to October 2014 unless otherwise stated.

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2015

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