Silver surfers ride the waves of mobile banking in the UK
Nearly 2.3 million consumers between 70 and 100-plus years old are now using Internet banking, according to new industry figures compiled by the British Bankers Association.
Nearly 2.3 million U.K. consumers between 70 and 100-plus years old are now using Internet banking, new industry figures compiled by the British Bankers Association show today.
The study also shows that more than 450,000 customers over 60 have banking apps on their smartphones, iPads and other tablets, according to a press release about the report.
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.
The new findings show that:
- 2,267,597 customers age 70 and older are now registered to use Internet banking, and more than 600,000 of these people are 80 and older;
- there have been 457,031 downloads of banking apps by customers aged 60 or over, 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;
- banking apps, which allow users to safely pay bills, transfer money and read account statements, have been downloaded more than 12 million times in recent years by customers of U.K. banks.
The latest study also found that older customers who use mobile and Internet banking typically use it as frequently or only slightly less frequently than younger generations, 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 announcement.
“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."