Ailsa says she had never wanted to switch to online or mobile banking because of security concerns. She also worried she might click something wrong and make a mistake in her transaction.
She isn’t alone. 2018 research commissioned by ANZ found the emergence of digital technology for consumer transactions, including banking, presents one of the most significant barriers to the financial wellbeing of older people.
Rapid changes in mobile devices, apps and the physical challenges of using a smaller screen (such as a phone) were also likely barriers to older people’s ability and confidence to complete tasks such as online banking.
As the COVID-19 pandemic spread and began to cause wide-spread restrictions, Ailsa and Les decided to self-isolate to protect their health. However, this made it near impossible for them to continue looking after their finances in the same way.
This potential problem became more apparent once my cousins and I began doing the food shopping for Nana and Grandpa. Because they hadn’t been able to visit a branch, Ailsa and Les found they didn’t have any cash to pay for the groceries. I suggested it might be time for them to try mobile banking.
Over the course of a few days, Ailsa worked with ANZ over the phone to set up her Customer Registration Number (CRN) and register for internet banking. She downloaded the ANZ Australia app to her phone and was surprised at how simple it was to use.
“It was much easier than I thought it would be and I do feel secure with it,” she says.
“I used it to pay off the grandchildren who are doing our shopping and leaving it at the front door. Being able to transfer money to their accounts was very convenient.”
Ailsa says she plans to keep using mobile banking after COVID-19 restrictions are lifted.
A history of banking for older Australians