Are Older People Battling with Digital Financial Services?
Pages 139 - 146
Abstract
The proliferation of technology is the cause of converting many of the services to digital form which pressurizes everyone to adopt the internet. Online services which consist of financial transactions are required in this digital realm to gain benefits which would result in leading a convenient life in various ways. However, older people aged 65 and over are encountering obstacles that exclude them from the use of digital financial services, for example, fear, lack of experience/knowledge and interface issues. We discovered how older people interact with these services and some explanations for why older people in Scotland do not leverage these services. Data was collated from 14 semi-structured interviews with older people (those aged 65 and over) and intermediaries. Consequently, the hidden costs of not using digital financial services were revealed. Not only do these costs produce an impact on the everyday lives of older people but also on people who aid them with digital financial services.
References
[1]
Thomas, D., Chowdhury, G., Ruthven, I.: Exploring older people's challenges on online banking/finance systems: early findings. In: Proceedings of the 2023 Conference on Human Information Interaction and Retrieval (2023).
[2]
ONS. Internet users, UK:2020. 2020 [cited 2021 14 December]. https://www.ons.gov.uk/businessindustryandtrade/itandinternetindustry/bulletins/internetusers/2020
[3]
Finance, U. Financial Inclusion in a Digital Age. 2018 [cited 2021 15 December]. https://www.ukfinance.org.uk/system/files/UK-Finance-Financial-Inclusion-AW-web.pdf
[4]
Polasik M and Wisniewski TP Empirical analysis of internet banking adoption in Poland Int. J. Bank Marketing 2009
[5]
Onyia, O.P. and S.K. Tagg, Effects of demographic factors on bank customers’ attitudes and intention toward Internet banking adoption in a major developing African country. J. Financial Serv. Mark. 16(3), 294–315 (2011).
[6]
Annamalah, S.: Factors determining consumer adoption of Internet Banking. Available at SSRN 1021484 (2007).
[7]
Lam JC and Lee MK Digital inclusiveness–Longitudinal study of Internet adoption by older adults J. Manag. Inf. Syst.Manag. Inf. Syst. 2006 22 4 177-206
[8]
Gunkel DJ Second thoughts: toward a critique of the digital divide New Media Soc. 2003 5 4 499-522
[9]
Jun W A study on cause analysis of digital divide among older people in Korea INT J ENV RES PUB HE 2021 18 16 8586
[10]
Ofcom. Adults’ Media use and Attitudes report. 2022 [cited 2022 25 October]
[11]
ONS. Internet access-households and individuals, Great Britain: 2020. 2020 [cited 2021 4 November]. https://www.ons.gov.uk/peoplepopulationandcommunity/householdcharacteristics/homeinternetandsocialmediausage/bulletins/internetaccesshouseholdsandindividuals/2020
[12]
Guritno S and Siringoringo H Perceived usefulness, ease of use, and attitude towards online shopping usefulness towards online airlines ticket purchase Procedia Soc. Behav. Sci.Behav. Sci. 2013 81 212-216
[13]
Gatto SL and Tak SH Computer, Internet, and e-mail use among older adults: benefits and barriers Educ. Gerontol.Gerontol. 2008 34 9 800-811
[14]
Milne S et al. Are guidelines enough? an introduction to designing Web sites accessible to older people IBM Syst. J. 2005 44 3 557-571
[15]
Omotayo, F.O., Akinyode, T.A.: Digital Inclusion and the Elderly: The Case of Internet Banking Use and Non-Use among older Adults in Ekiti State, Nigeria. Covenant Journal of Business and Social Sciences, 2020. 11(1)
[16]
Ameme B The impact of customer demographic variables on the adoption and use of internet banking in developing economies J. Internet Bank. Commer.Commer. 2015 20 2 1
[17]
Jun, M., Cai, S.: The key determinants of internet banking service quality: a content analysis. International journal of bank marketing (2001)
[18]
Finance, U. 2021 Half year fraud update. 2021 [cited 2021 29 December]. https://www.ukfinance.org.uk/system/files/Half-year-fraud-update-2021-FINAL.pdf
[19]
Harvey, M., Hastings, D.P., Chowdhury, G.: Understanding the costs and challenges of the digital divide through UK council services. J. Inf. Sci., 01655515211040664 (2021).
[20]
GlasgowLife. Digi-PALS. 2023 [cited 2023 5 December]. https://www.glasgowlife.org.uk/event/1/digi-pals
[21]
Barclays. Post Office Banking. 2021 [cited 2021 14 November]. https://www.barclays.co.uk/ways-to-bank/post-office-banking/
[22]
Morris A, Goodman J, and Brading H Internet use and non-use: views of older users Univ. Access Inf. Soc. 2007 6 1 43-57
[23]
Aldas-Manzano J et al. Key drivers of internet banking services use ONLINE INFORM REV 2009 33 4 672-695
[24]
Koskosas I The pros and cons of internet banking: a short review Bus. Excellence Manage. 2011 1 1 49-58
[25]
CEBR. The economic impact of Basic Digital Skills and inclusion in the UK. 2015 [cited 2023 13 August]. https://www.goodthingsfoundation.org/wp-content/uploads/2021/02/the_economic_impact_of_digital_skills_and_inclusion_in_the_uk_final_v2.pdf
[26]
Bhattacharjee, P., Baker, S., Waycott, J.: Older adults and their acquisition of digital skills: A review of current research evidence. In: Proceedings of the 32nd Australian Conference on Human-Computer Interaction (2020).
[27]
Mukhtar M Perceptions of UK based customers toward internet banking in the United Kingdom J. Internet Bank. Commer.Commer. 2015 20 1 1-38
[28]
Kaijanen, S., Stenberg, L.: How to empower old people to join the digitalization of services? Gerontechnology 17(s), 58 (2018)
Index Terms
- Are Older People Battling with Digital Financial Services?
Index terms have been assigned to the content through auto-classification.
Recommendations
Exploring older people's challenges on online banking/finance systems: Early findings
CHIIR '23: Proceedings of the 2023 Conference on Human Information Interaction and RetrievalUse of technology is a prerequisite to conduct a normal life and people recurrently use online financial services (i.e., any website which involve monetary transactions, for example, Internet banking, online shopping, transport service websites etc.) in ...
A Framework to Facilitate Older People in Leveraging Online Financial Services
Sustainability and Empowerment in the Context of Digital LibrariesAbstractOlder people are encountering digital exclusion due to the evolving technological realm. The use of digital financial services among older people aged 65 and over is low in comparison to other age groups. A wide range of challenges are associated ...
Evaluation of techniques defined in WCAG 2.0 with older people
W4A '09: Proceedings of the 2009 International Cross-Disciplinary Conference on Web Accessibililty (W4A)Although WCAG 2.0 offer techniques for making web content more accessible to all people, very little is known about how these techniques enhance web accessibility for older people. This paper addresses two techniques, keyboard-based navigation and ...
Comments
Please enable JavaScript to view thecomments powered by Disqus.Information & Contributors
Information
Published In
Apr 2024
450 pages
ISBN:978-3-031-57849-6
DOI:10.1007/978-3-031-57850-2
© The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.
Publisher
Springer-Verlag
Berlin, Heidelberg
Publication History
Published: 15 April 2024
Author Tags
Qualifiers
- Article
Contributors
Other Metrics
Bibliometrics & Citations
Bibliometrics
Article Metrics
- 0Total Citations
- 0Total Downloads
- Downloads (Last 12 months)0
- Downloads (Last 6 weeks)0
Reflects downloads up to 16 Feb 2025