Digital offerings of all kinds are increasingly popular with the 65+ generation: Three-quarters of seniors are now online – almost double the number as in 2010. And two-thirds of them own tablets or smartphones. Those who never go online are now in the minority and are usually over the age of 80.
Appreciation of the benefits of Digital Banking is also increasing among the younger generation of senior citizens. Though a low as 40 percent in 2009, the proportion of users in Switzerland in the 65+ age cohort had climbed to around 60 percent by 2020.
Overcoming barriers to entry
Overcoming barriers to entry
In the study “Digital Seniors 2020,” a survey conducted by the Center for Gerontology at the University of Zurich, respondents were asked why they did not or did not yet use certain services on the internet. The most common answers were: too complicated, time-consuming to learn, security concerns, lack of support, and lack of any benefit.
Most of the barriers stopping the elderly from using Digital Banking are easily overcome: Is Digital Banking really secure? What if I make a mistake? Can I get it all done? But once they have made the leap, older generations usually find that it is not so difficult after all and much safer than carrying a wallet full of cash.
To address these barriers, UBS offers “Digital Banking Q&A Sessions” throughout Switzerland. Senior citizens can register free of charge, and even bring someone along if they like. In small, manageable meetings, UBS experts illustrate the advantages of digital applications clearly and comprehensively, share valuable tips on security, and answer individual questions. During a session, participants are introduced stepwise to the digital world at a comfortable pace. The events are of course held in strict compliance with current COVID safety protocols.
Benefits that senior citizens particularly value
Benefits that senior citizens particularly value
Seniors who have overcome the barrier to entry and their initial fears particularly appreciate the following benefits:
- Ability to check incoming payments anytime: Has my pension already been transferred? Has the health insurance company approved reimbursement?
- Ordering home delivery of foreign currencies for their next trip abroad.
- No need to withdraw large amounts of cash that you have to carry from the bank to the post office or to another bank.
- No morearchiving of paper documents in bulky folders. Digital Banking offers a full overview. Documents can be stored indefinitely in UBS Safe. And if you prefer, you can also store digital documents locally on your computer and print them out when needed.
- Protection against typos when transferring payments: Based on the reference number, the system will recognize an incorrectly typed account number. And when you order a payment to a new recipient, you have to approve the transfer a second time.
- Ability to pay invoices easily on your smartphone, ideally without having to type in payment information, by directly scanning the QR code or reference number on the payment slip.
Digital Banking offers many other benefits, such as domestic transfers free of charge. Additionally, senior citizens who feel safe using digital banking usually do well with similar services on the internet, such as shopping online or booking trips. This gives them access to all those technical innovations that are so important in daily life today.
Tips for beginners
Tips for beginners
For beginners, UBS recommends placing limits on individual transfer amounts and setting up notifications. Clients can stay up to date on all events in Digital Banking via email, text message or push notification, and check them at their leisure. It also makes sense to block payments to countries to which you usually do not make transfers. When you need to, you can lift the block at anytime. In general, it is easier to make regular payments via direct debit or e-invoice (eBill), because the latter only needs to be checked and approved for payment, not entered as well. Once set up, you won’t ever want to do without it again.
