Home banking is for everyone, but its design does not always take into account the elderly
Home banking and apps that allow you to have a bank branch on your phone are convenient, but they are not always friendly to older people.
The branches of traditional banks are disappearing, mobile applications of the same banks are emerging and the offers of neo-banks, which are 100% digital entities, are growing. This is how users see it Encouraged to use online services Through mobile apps and home banking. But this proposal is far from equally friendly to everyone.
For some it is better, for some it is worse
In the case of the elderly, digital tools and home banking can be very helpful. Digital channels are very important for this age segment because they allow customers to work without having to go to a branch, which is essential during a pandemic and for people with limited mobility. In addition, according to the consulting firm Carrier & Asociados, the penetration of smartphones in people over the age of 65 reaches 71%.
“In this segment, we have two types of users: the youngest, who have been active in the emergence of applications and home banking, which makes them more experienced in these tools. The situation is difficult for those over 80“, The bill Edward Del Rio, Delivery Manager in the financial services segment of Accion Point, a firm specializing in the development, configuration and implementation of technology-based business solutions. And he continues: “Despite this warning, if we speak at the general level within this profile of people, we see that they are vulnerable to the use of banking and finance-related digital channels, and that Often relies on family and friends to manage“.
Of course, while the learning curve may be fast for young users who are accustomed to completing endless tasks with a smartphone, they usually do not think that Bank Transfers, Service Payments or Balance Checkers are a challenge for many people over the age of 70Who has to deal with passwords, dual authentication, security tokens, tiny menus and many other issues that have not been most of his life.
Gabriel BergerAdila Fin & Pay, a team leader at Consulting Startup, analyzes the situation: Many older people were partially or completely excluded from the financial ecosystem. The revolution we saw in the new apps and the addition of more functionality that occurred during this period, in our opinion, was not particularly relevant to older users and focused on digitally active users.
Good practice and more user-friendly apps for the elderly
All respondents explain that they often conduct usability tests with different age range groups to understand their needs, expectations and find out their answers to the submitted design suggestions. However, each of them is advancing with different peculiarities. In this regard, some financial applications have implemented functions that are very useful for the elderly. For example, Berger points out that in the context of digital inclusion (i.e. the process of adding a customer to an online service), when verifying an identity, Voice Assistant (not just text) guides new customers through each step. “Technological tools exist, but there are a few institutes that take the elderly into account when creating a user experience,” he reflects.
While at Adila they do not identify an app that stands above others convincingly, they point out that public bank proposals such as the BNA + and DNI Account have a large audience of seniors as many accumulate pensions. And pensions are in those institutions Easier and less functional and that helps To find the desired surgery faster. On the other hand, within the mobile applications of the Fintex world, Berger emphasizes that it is easier for many seniors to use the Mercado Pago option.
Khalil DeguerBanco Santander’s Strategy and Customer Experience Manager, tells his story. Currently 9.7% of consumers belong to this segment of older users. And 48% of that total use digital channels, while the bank’s overall average is 93%: “We always check the concerns and needs of customers of all ages, and in this regard, the elderly show more. They prefer to use a coordinate card instead of an electronic mark. While the point is clear, this is an outdated technology and electronic token is much more secure. On the other hand, another common complaint is that of consumers They forget passwords and find it difficult to follow step by step when they need to do a recovery With online banking and app. Similarly, it is difficult for them to meet all the basic generation requirements such as not repeating numbers, that they are not correlated and do not repeat the previous key, by the way. In order to solve this issue, we have a function in the mobile application, in case of activation of which it is necessary to enter the keys only once. “
Another case is Ualá, Fintex, which has more than 4 million customers, 20,000 of whom are over 70 years old, “and the number is growing,” he says. Martin BellockChief Marketing Officer (CMO): “The Digitization in this age group has accelerated since the onset of the pandemic“.
As he explains, and despite all the superstitions, Ualá’s customers over the age of 70 have a similar consumption: “They contract on streaming platforms, fill in cell phones, shop online …” That costs are above average, indicating that they are people with good purchasing power. “In this age range, 50% of the total number of customers are CABA and GCBA, in addition, 56% are women and 44% are men. We do not really see a difference compared to young consumers, “- said Belok.
How to approach these users
Logic indicates that The digital divide between banking and older users will continue as long as it is the interface design with which they interact Be the same for the experienced user as for others less digital or older. The problem is not insignificant; For example, people over the age of 40 are more likely to have presbyopia or farsightedness, which makes it difficult to read a small text. In this regard, from Personal Pay, which is one of the latest virtual wallets on the market and owned by Telecom Group, they comment that aspects such as consistent contrasts were discussed during the design phase of their application. And font sizes that meet the access conditions for this segment.
In turn, Nicolas YaregiberiBanco Galicia, head of design, prefers to talk about general availability. “We do not work only according to the group of customers, but we also consider the product. That is why we are looking for improvements in products that affect many consumers beyond their age, ”he says.
An app for everyone
Berger comments on this Users’ needs, experiences and even expectations vary by age; It is therefore difficult to satisfy everything with one app. However, in Argentina, there is no facility or commercial product in the market for this segment of the population, which in itself can be an opportunity to position a brand or product and, in turn, reduce the digital divide. In this regard, the expert believes that it would be a good idea to have a specific app for this segment that has, for example, a limited menu.
“Another alternative could be for financial institutions to generate different experiences for the same app, for different groups of users, to create application versions to meet the needs of less digital users, with experiences that reduce friction as they mature digitally.” Berger is evolving. And along the same lines, del Río states: “Today technology allows us to differentiate between customers and offer them a hyper-personalized experience. However, we do not see its reflection, the tendency goes there. ” For Berger, “it is possible to have one app, but it can be configured in a very simple way, depending on the needs of the user. That way, it can be extremely versatile, “he says. They are frustrated with change because they need stability and a pre-built path. That said, there are two options: either when the user logs in according to their DNI number, it shows them a more or less complex function and, if desired, they can add and subtract icons and font sizes as they see fit. Or similar to the Binance cryptocurrency app we offer when downloading Default Simplified view, but if you want you can activate the icon to access a much more complete version.
In this regard, the Santander executive comments that the bank has added many features and that it is now “in the moment of simplifying the application”. At the same time, the employees of the organization teach the customers who come to the branch to use digital channels. On the other hand, they name Uala: “Something we have done specifically after hearing this community is that we are simplifying the balance between the account balance and the invested balance.” Related to this point, the Banco Galicia app review offers users the ability to configure the features they use most often. Y, To unlock forgotten keys, they have biometric authentication.
According to the April financial inclusion study prepared by the Central Bank of the Republic of Argentina, L.The penetration of joint ownership, i.e. people who have an account in a traditional bank and Fintech, is increasing. Annually and despite the December 2021 data, every two people aged 30 to 64 owned both accounts; Surprisingly, the elderly showed the highest increase in joint ownership in the last 6 quarters. “In the fourth quarter of 2021, this age group recorded a quarterly increase of 18%, which doubled the growth observed in middle-aged people and doubled the growth recorded by young people. These data show what the respondents said: “Increasing the consumption of digital channels in the elderly is a very strong trend.”
Source: La Nacion
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.