The banking sector in Spain faces a major challenge when it comes to meeting the needs of the elderly. Despite efforts to improve services, recent research shows that older customers are still dissatisfied with the services provided by banks. Their wish list highlights the need for personal attention, training and simplification of digital services, as seniors keep repeating: “Mayor, no idiot” or “I am old, but not an idiot.”
First on the wish list is face-to-face personal service in branches. From the investigation ’65YEARS ‘Mayors and Labyrinths 2024’ It appears that 67% of respondents request this personal attention. This is down from 80% two years ago.
For seniors aged 55-64, who are often still working, the standard banking hours of 9am-2pm are difficult. They find it difficult to combine their work with arranging banking matters in person. This can lead to stress and discomfort.
Second, 11% of older banking customers are seeking some form of training or education on financial matters and the use of digital banking services. This is double the proportion from two years ago, indicating that seniors are willing to learn and use new online banking technologies.
10% of Attendees It also called for simplifying digital banking, up from 5% two years ago. This suggests that seniors are becoming more digitally engaged, but still struggle with the complexity of online banking.
Banks say they are working to tailor their online services and apps to seniors by offering simpler, more user-friendly interfaces. However, seniors don’t always experience it that way. This suggests a gap between what banks think and how seniors actually experience their services.
Key issues for seniors include complex navigation of mobile apps, confusing menus and options, small font size and difficulty reading text, complex login procedures, and lack of clear help and support options.
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