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.

Tagged

2015

Related articles

The changing face of UK banking

Jane Howard discusses the changing face of UK banking and how RBS is adapting to serve customers better.

RBS and NatWest block over £1 million in payday loan broker fees

RBS and NatWest announce they have blocked over £1.05 million of hidden fees from payday loan brokers on the day the FCA change the rules.

Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox