No Password, Pin: How to simplify banking for older persons and prevent fraud

No Password, Pin: How to simplify banking for older persons and prevent fraud

No Password, Pin: How to simplify banking for older persons and prevent fraud

When compared to other demographic groups, older folks experience more annoyance from frequent security checks, having to memorize PIN numbers, and automated session logouts.

When using digital financial services, seniors want reliability and efficiency.

The Reserve Bank of India's FY23 annual report states that from 9,097 in 2021–2022 to 13,530 in 2022–2023 there were more fraud instances involving the elderly. Although fraud affects all bank clients, it is particularly severe for older adults, who are a particularly susceptible demographic, and it is becoming worse every day.

According to a research produced by the United Nations Population Fund (UNFPA) in partnership with the International Institute for Population Sciences (IIPS), there will be over 149 million adults in India who are 60 years of age or over in 2022. It is now anticipated that by 2050, there will be 347 million of them.

The aging population is becoming a more significant client base for banks that provide digital financial services like digital banking, even if the younger generation is still an appealing market for them.

Banks have worked hard over the years to improve services like doorstep banking so that people, particularly the elderly, can use physical locations more easily. But they still have difficulties in the digital banking space, particularly when it comes to serving the demands of the senior population. In this new reality, banks must emphasize senior citizen assistance and service accessibility even in the face of growing digitization and adoption of mobile applications, online channels, payment cards, and wallets.

Overcoming older persons' e-banking issues

India's senior population has unique financial requirements. When compared to the tech-savvy younger generation in the nation, their digital conduct and personality are also distinct. The lack of a distinct strategy for delivering digital solutions, however, results in a number of problems that affect elderly adults' acceptance of digital banking. The number of disabled persons, particularly those with visual impairments, is rising dramatically along with the aging population.

Elderly people come from a more trusting era. Furthermore, in these days of advanced and constantly changing technology, scammers often target them by capitalizing on this tendency. These con artists take advantage of the innate confidence that older people have in them to trick them into disclosing private information and leaving them open to further deception by posing as bank personnel or government officers.

Are banks able to facilitate older folks' lives?

When using digital financial services, seniors want reliability and efficiency. Even for digital natives, being diverted to new channels is the last thing they need. But this is precisely what occurs when utilizing digital banking services, which makes it less likely for a senior person to feel confident using them. To make matters worse, they have to deal with automated session logouts, PIN code memory, and periodic security checks.

Banks must make older adults' digital trip easy and smooth in order to prevent them from becoming frustrated, giving up, and visiting branches. Above all, a customer-centric strategy is crucial since it guarantees a customized experience for consumers. This method opens the door to better and more straightforward access for anyone.

This is how banks may assist:

digital onboarding that is accessible

supporting customers with mobility challenges or who live far from branches by facilitating the digital onboarding of important services via the use of face biometrics and digital KYC procedures. This allows users to create new accounts without the requirement for a physical branch visit.

Better Digital Interaction

Use biometric identification to eliminate the need for passwords or PINs in mobile payment transactions, making the procedure easier for older persons while ensuring high security.

Features of Payment Cards That Are Accessible

Payment cards should have identifying markings to help you differentiate between various cards.

To assist users, particularly those with visual impairments, in orienting the card while inserting it into an ATM or card reader, include an accessibility notch, which is a crescent-shaped cutout.

Introduce fingerprint-reading biometric cards so that customers may check out without having to memorize or enter a PIN.

Use high contrast text, big fonts, and braille-embossed cards to make content easier to read, particularly when doing business over the phone or online.

improved card delivery in person

An easy-to-follow instruction might come in handy when elderly folks get new credit and debit cards from banks. Give consumers a huge QR code with accompanying text and an audio message when activating their card. enables users to scan instructions to get a PIN, as well as to comprehend related incentives and advantages in the language of their choice.

Creating an inclusive, accessible, and user-friendly banking and payment environment is the overall aim of these solutions, particularly for the elderly and those with impairments.

last thoughts

Customer-centricity is always at the core of the banking and finance industries, just as it is in any other service industry. Senior folks should have easy-to-use, secure digital financial services. Contactless services are becoming more prevalent, which is opening doors for everyone to embrace digital transformation. Our best chance of establishing a financial landscape that is really inclusive and accessible will be to design solutions that cater to the increasing requirements of the elderly population, particularly those with impairments.