Study warns banks to adapt offerings to help consumers to use mobile or online banking
'With Britons increasingly turning to digital payments, consumers aged over 55 and those on low incomes “risk being left behind” by banks, according to new research.
The findings come in the wake of a major report earlier this month that says more than 8 million UK adults would struggle to cope in a cashless society.
According to the survey of 3,000 consumers, three-quarters (74%) of those aged 55-plus never use mobile-banking apps, while the figure for low-income earners was 57%.
In addition, in both these categories, one in four (26%) of those surveyed said they never used online banking via a computer.
But at the same time, the research from management consulting company Accenture found that only 10% of UK consumers visited a bank branch at least once a week – falling to 7% of people aged over 55.
With banks increasingly focusing on their digital platforms, it is important for them to adapt their offerings to ensure certain groups of consumers “are not left behind in the digital revolution”, says Peter Kirk, managing director of financial services at Accenture. “Our research shows that low-income earners and those aged over 55 are using branches less, but they’re not using digital channels either,” he adds.
However, the survey indicated many of these people would like some help with using mobile or online banking. When it came to in-branch services that would appeal to them, 58% of over-55s and 55% of low-income earners would find in-branch education sessions appealing to help them improve their digital skills.
With bank branches and ATMs closing, a report published by the Access to Cash Review earlier this month said companies and organisations providing essential services should be required to ensure that consumers can continue to pay with notes and coins.'
Read more: Cashless Britain: over-55s and low earners at risk of being left behind