People over 60 are dramatically switching to digital banking

The majority of respondents are less likely to attend a physical subsidiary after a pandemic

digital banking pandemic

People over 60 are dramatically switching to digital banking. Source: pexels.com

More than 90% of people over the age of 60 used digital banking for the first time during the COVID-19 pandemic, according to iResearch Services.

In comparison, 17% of people under 30 said they were accessing services for the first time through an app or web browser.

The results show how banks must adapt to help serve the inflow of new digital users and build their trust, fueled by the coronavirus pandemic. This way, 97% of young people aged 18-24 trust their data to the bank, compared with 33% of people over 66.

Our study demonstrates the lasting impact of coronavirus on how people will access banking services from now on. Banks will be required to refocus on really understanding customer needs in order to engage with the different requirements of each individual customer
Gurpreet Purewal, Associate Vice President, Thought Leadership at iResearch 

The vice president also revealed that 54% of respondents are less likely to attend a physical subsidiary after a pandemic. This highlights a dramatic shift in the way people access banking now and in the future.

According to other results, 63% of respondents said their bank acted in their best interest during the pandemic. However, a third said they would consider switching banks for better and more personalized communication.

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