Helping Older Adults Understand Online Banking
New technology helps make the completion of everyday tasks more convenient and accessible. But, these advancements can also seem daunting to anyone who has difficulty learning or trusting new technology. As the financial industry embraces digitization through online platforms, seniors can’t always follow their traditional methods of managing their finances. A grandparent, elderly friend, or partner may need some assistance navigating the ins and outs of online banking. Here are some pointers on how you can guide them.
Emphasize the convenience that online banking provides
Online finance management has made it possible to easily check your account balances, pay bills, transfer funds, and even deposit checks without having to visit a brick-and-mortar building. In a CUSO Magazine® article, Editor Emily Claus points out that this at-home accessibility can be vastly beneficial for seniors who don’t have the mobility, proximity, or physical capability to visit a local branch in person any time they want.
If your senior is skeptical about the advantages of adopting online banking practices, take time to address their concerns and answer their questions. Listen to and affirm their perspective, and they’ll be more willing to hear out your rationale.
Get them registered and secured
Simply guiding a senior through the online registration and login process can empower them to master digital banking. Schedule a day when you can allot multiple hours to join them on their digital journey. Help them find their account number, personal identification information, and the correct registration page.
When creating an account, work alongside them to create a secure password and storage method. Ensure the device they’re using is safely protected. Install antivirus software and direct them to avoid public computers or Wi-Fi networks. Review the signs of phishing and scams: weird links, requests for personal information, obvious typos, and urgent or strange requests.
Take time to teach the basics
To you, the layout and user journey of a financial management website seems self-explanatory. However, anyone who lived most of their life before the internet existed sees the icons, verbiage, and design of any website as an entirely new language.
“Many of these members have never used digital banking technology before,” points out Claus, “and while it may seem like second nature to younger generations, it may take more time for them to become accustomed to how it all works.”
Start with the basics of interpreting and navigating the website, interacting with webpage elements, and locating specific information. Seek out supplementary education materials or tutorials for new users through the website or other trustworthy financial education outlets online.
Start simple and safe
Online banking can seem overwhelming if you’re new to it, so don’t have your senior dive into the deep end. Start small by gradually wading into the pool through basic, fundamental practices like logging in, finding account balances, and reviewing recent transactions.
Wait until your family member or friend has mastered these tasks with confidence before introducing other undertakings like setting up online bill payments, transferring funds between accounts, and using the chat feature.
While you can navigate online banking through a mobile device anywhere, your senior may feel more comfortable learning on a desktop or laptop computer in the comfort of their own home.
Many seniors are curious about online banking but need your guidance to learn the process and ease their concerns about security. Appraise their online activity on a regular basis with them by sitting down and reviewing monthly account statements. You can also enable transaction alerts for additional oversight as your senior begins mastering online banking.