The Scientific Temper (2023) Vol.

14 (3): 1048-1054 E-ISSN: 2231-6396, ISSN: 0976-8653

Doi: 10.58414/SCIENTIFICTEMPER.2023.14.3.74 https://scientifictemper.com/

REVIEW ARTICLE

Resistance to digital banking by senior citizens in India -

A review
Farheen Najma B1*, Faseeha Begum2

Abstract
The paper highlights the Barriers, challenges, and reasons for digital banking concerning senior citizens` reluctance across different
Indian states and cities by reviewing the existing work done. This descriptive literature review is based on secondary data from published
empirical studies, review papers and online articles. It was majorly found that the resistance was due to obsolescence, low confidence and
no interest in becoming digitized, over-dependence on the younger generation, fear of welcoming a change, lack of awareness, and the
bank’s inability to develop user-friendly software for the elderly. Going digital is the order of the day, and digitization has entered every
sector of the economy. Given the current times, staying away from technology will make the condition of the elderly more vulnerable
to their existence. The fact that not every aspect or issue in all Indian states and cities could be explored is a significant drawback of the
current study. Only research conducted on a few states and cities from across India has been reviewed and presented. Banks have a
responsibility to their elderly customers to protect them from harm, and this can be achieved using technology and the justification of
digital literacy, the dissemination of knowledge and the creation of awareness, the provision of safety concerns and the development
of confidence. Several significant challenges are associated with Internet banking, including a lack of advertising regarding e-banking
and legal and security issues; evaluations on these topics have been provided to facilitate a deeper comprehension of the situation.
Keywords: Digital banking, Senior citizens, Digitization, Online banking, Digital literacy.

Introduction banking are unavoidable and impregnable. However, the

In the realm of technology, digital banking has experienced senior generation in our country still favors the traditional
massive development and assumed a new form. The strategy. The adoption of digitization and the digital India
technology approach replaces a traditional one as the programme for better customer service and achieving the
banking industry transforms itself. Thanks to technology aim of a cashless economy have increased competition in the
improvements, a new perspective on financial services banking sector. The digitization of banking has prompted a
is emerging. The introduction of digitization has caused move away from cash and paper money in favor of cashless
substantial changes and difficulties in the banking sector, and paperless banking. According to a survey by TOI, factors
not just for India but for the elderly who reside in it. Given responsible for senior citizens’ resistance to using digital
that we live in a digital age, the growth and services of digital technology include a lack of time due to children’s and
grandchildren’s busy schedules, a desire to not depend on
others, children getting impatient due to the elder’s slow
1
Department of Commerce, Krupanidhi Degree College, learning rates, and a lack of resources (Ambika Pandit, 2020).
Bengaluru, Karnataka, India Figure 1 depicts the reasons for not using the digital
2
Dayanand Sagar College of Arts, Science, and Commerce, devices by our senior citizens.
Bengaluru, Karnataka, India Online banking makes financial transactions such as wire
*Corresponding Author: Farheen Najma B, Department of transfers and online bill payments possible. Some financial
Commerce, Krupanidhi Degree College, Bengaluru, Karnataka, institutions even let users apply for credit cards and open
India, E-Mail: comkric@krupanidhi.edu.in
new accounts in this way. You may also need to order checks,
How to cite this article: Najma F.B., Begum, F. (2023). Resistance notify a change of address, or place a stop payment on a
to digital banking by senior citizens in India -A review. The
check. All this is done without having to visit the bank or
Scientific Temper, 14(3):1048-1054.
the branch using a computer, mobile, or tab requiring an
Doi: 10.58414/SCIENTIFICTEMPER.2023.14.3.74
internet connection. Online banking is sometimes referred
Source of support: Nil to as online banking or Internet banking. The problem
Conflict of interest: None.

© The Scientific Temper. 2023

Received: 17/07/2023 Accepted: 08/08/2023 Published : 25/09/2023
1049 Women in Karnataka Legislative Assembly

Source:http://timesofindia.indiatimes.com/articleshow/77515181.
cms?utm_source=contentofinterest&utm_medium=text&utm_
campaign=cppst
Figure 1: Picture showing the reasons for not using the digital
devices.

Source: Times of India

Figure 3: Senior citizens learning preferences

Source: Finder’s digital banking Report-Embed (Boyle, 2023).

turn of COVID-19 to contribute to the building of tech skills
by senior citizens, which led to the increase in UI by senior
Figure 2: Digital banker numbers projection from 2022 to 2027
citizens, which gave a trigger to improve the number of users.
The necessity to keep a social distance during the COVID-19
faced by the elderly is regarding registering with the bank lockdown became so pervasive that even banks shortened
virtually and creating a password (Nayana & Susheela, 2020; their hours of operation (Jadhav, 2022). Furthermore, it has
Frankenfield, 2023). been shown that older bank clients and those with little
Currently, the smartphone is the most popular modern schooling have refrained from adopting electronic banking,
mobile device, making accessing various digital banking as have most female current account users. There was a
services simple. Most consumers, especially the old suggestion that motivating them to explain the advantages
generation, find digital banking more inconvenient and of using electronic banking services was urgently necessary.
unenjoyable than traditional banking. This boon has been Banks are primarily responsible to their customers to fully
viewed by our elderly as a bane to a certain extent. The explain service fees (Bhat, 2023). Due to the pandemic,
main difficulties experienced by the elderly are highlighted consumers can now only access their money and use banking
in this study. The survey’s findings revealed that more than services online. Due to this change, banks are scrambling
78% of participants thought elderly people had problems to develop the technological infrastructure necessary to
utilising online banking services because of not being very provide start-to-finish contributions of services and goods
comfortable using technology. via cutting-edge channels (Sharma & Dubey, 2022) (Figure 3).
If we analyse the above statistics, the good news is that
the prospective number of digital bankers is increasing from Issues and Challenges
26% in 2022 to 46% by 2027 (Boyle, 2023) (Figure 2). The issues and challenges in online banking, like
Most the country’s top banks provide online and mobile • Dynamic banking practices led to banks shutting their
banking services, allowing their clients to conduct various physical locations across the world. As a result of such
transactions while relaxing in their homes. Demonetization restrictions, more and more people are turning to
gave a push to the senior citizens to a certain extent to Internet banking to replace in-person visits to their
adopt the technology. After demonetization, it was the financial institutions.
1050 Farheen Najma B et al. The Scientific Temper. Vol. 14, No. 3

• Security concerns: Online banking marketers face the COVID-19 epidemic. Even if children and the younger
several challenges, but one of the most significant is generation are more adaptable, a large portion of the
security. While modern financial systems are designed population, including adults aged 60 and older, is still
to be extremely secure, they are nonetheless vulnerable unaware of the situation (Nayak et al., 2022).
to cyberattacks and fraudulent activity (Mitham, 2021; India has witnessed a digital transformation in banking.
Dhanya & Vinothkumar, 2023). Banks have gone a long way; they have been smart
• Technical glitches: Users cannot make purchases or enough to use various digital channels, consumer base
payments, and concerns about the safety of their and consumer awareness to establish a firm foundation for
personal information and financial resources arise while trust, which has helped them become a brand. Marketing
a system is down. of financial products and granting credit is also based on
• It may not be easy to meet more complex customer info and analysis; they are also own 100% digital stacks and
expectations only through digital banking, even though record a high digital output supported by staff efficiency.
73% of people worldwide use online banking at least They are also providing unique and attractive value
once a month (Mitham, 2021). propositions in their commercial offerings to their customers
• Inadequate education and a fondness for tried-and-true (Bank of Baroda, 2022). Banks play a crucial role in economic
banking methods (Dhanya & Vinothkumar, 2023). growth because they directly connect to the general public
and national economic issues. Thus, banking institutions
Benefits are regarded as one of the most significant foundations of
Apart from issues, we also see various benefits digital the Indian economy, and the banking sector has become
banking has to add to make one’s life easier. Whether you digitized, with the digital banking system now covering
are a senior citizen tired of waiting in the queue, a busy practically the whole economy in the state (Veena, 2022).
professional, or someone who does not feel like leaving However, there are cyber hazards associated with
the house, digital banking enables you to handle all your the technology that such a strong security system must
banking needs without physically visiting a bank branch. It effectively address. Other barriers to the widespread
is also helpful in everyday life. adoption of digital banking include seniors’ reluctance
A further example of the convenience provided is the to embrace new technologies due to ignorance and fear.
availability of banking services around the clock with digital India’s young, who make up 30% of the population and
banking. Digital banking allows for the automatic payment have a natural tendency for online access, are a profitable
of everyday bills like electricity, gas, phone, and credit card market for various services, including digital banking.
statements. The shopper no longer needs to make an active Financial institutions, especially in the post-pandemic era,
effort to track when payments are due. The buyer might elect are expected to emphasize the senior population, which
to be notified of upcoming payments and overdue sums. will number 138 million in 2021, as a user base for digital
The seamless integration of various payment methods services. With a projected rise of 192 million by 2031, this
with various e-commerce sites has greatly enhanced the market segment calls for targeted tactics (Ganesh, 2022).
convenience of online shopping. The prevalence of online
banking has greatly facilitated the expansion of online Objectives
payment options. • To conceptualize the concept of Digital Banking in India.
People in rural areas may start using digital banking • To evaluate the reasons for reluctance to adopt digital
services once widespread, cheap mobile coverage and banking by senior citizens in different states and cities
high-speed internet become available. The convenience of of India.
digital banking for sending and receiving money reduces • To highlight the challenges of digital banking.
the likelihood of fraud.
Digital banking makes it easy to report lost or stolen Problem Statement
credit cards and have them immediately disabled. Our country’s aging population needed to switch to digital
Customers’ personal information is safer and more secure banking immediately. As a result of the benefits of the internet
with this perk than without it. By making it easier for the and the advancements in information technology, banks
government to monitor the flow of money and eliminating have recently pushed to provide a wider range of services
the need for a widespread cash economy, digital banking to their consumers. Unavoidable challenges are coming the
is helping stem the tide of underground currency. In the way of senior citizens, hampering their adoption of digital
long term, digital banking is expected to lessen the need banking. In the current environment, it is critical to pinpoint
to manufacture new currency (Invest, 2023). the problems with online banking that affect the senior
Online banking has revolutionized the notion of financial population, given the difficulties the service providers face—
services in the twenty-first century. People rely on these looking for ways to reduce senior customers’ reluctance to
channels even more because of the limits imposed by use E-banking, which the service providers also stand to gain.
1051 Women in Karnataka Legislative Assembly

Literature Review the primary factors that challenge digital banking’s growth
The study reveals the Challenges elders face in digital among the elderly.
banking services. Rai and Ranjan (2022) to assess the In their study, Chawla & Kumar (2022) report the findings
effectiveness of digital banking and the level of elders’ related to the important aspects that impact customer
knowledge about it. This investigation will throw light on trust and loyalty. They provide an illuminating viewpoint
how elders view digital banking services and their level of on e-consumer protection and e-commerce in the Indian
awareness of them. context with broader implications.
The study by Sharma and Dubey (2022) assesses COVID- The study by Veena (2022) examined the factors
19’s effects on digital banking in India. The author has used influencing the acceptance of digital banking among senior
descriptive analysis and secondary data to examine the bank customers. The study has also examined the mediator
benefits and problems associated with digitalised banking. relationship of the informal joint family network—between
Msweli & Mawela (2020) discovered that security worries, the acceptance of digital banking (DBA) and its use.
trust and privacy issues, a lack of personalisation, and the Economic, demographic and urbanisation factors were
elderly’s lack of technical expertise were the primary barriers identified by Georgieva (2018) in her study and listed the
to mobile banking, and they have suggested future routes hindrances faced by the elderly in using tech. A survey of
for research and practice in this area. a group of elderly was conducted, and issues that prevent
In their study, Rajan and Ghosh (2023) tried to bridge the use of digital technology were identified. The paper also
the gap between digitised society and the under-digitized highlights the importance of NLP in enhancing its usefulness,
part of society, which comprises the senior population. The guaranteeing the best experience, and suggesting solutions
researchers set out to assess the scepticism and acceptance to close the gap.
of digital technologies held by persons aged 60 and up. They The purpose of the study conducted by Jayawardena
questioned 476 retirees directly in Kerala. (2019) was to apply the Technology Acceptance Model
Vijayashree’s (2022) research reveals that the most crucial (TAM) to examine how Senior Citizen behaviour intentions
principles are establishing a trustworthy digital ecosystem to use the digital banking system are impacted by perceived
to supply clients with flexible solutions, pushing the bank to utility and perceived ease of use. 20 branches of the
advertise its wares, and raising customers’ banking literacy. chosen commercial banks participated in the structured
Awareness, web features, and perceived utility all have questionnaire survey, the primary tool for collecting primary
a significant impact on the rate at which people switch to data. Their study looked at whether perceived usefulness
digital banking, according to research by Ananda & Devesh and environmental intention are positively correlated, as are
(2020). Planning and promoting a service model to expand perceived usability and environmental intention.
the use of digital banking will benefit from this research. Ramalakshmi et al. (2020) researched the decision-
The study analysed that the lack of usage of digital banking making process in everyday life. The resistance of the
services is mainly caused by security and trustworthiness for elderly in opting for a digital banking service is a part of the
senior citizens, according to research by Archana & Paulin decision-making process.
(2022). This is because of inadequate knowledge and a lack Research Methodology
of the necessary expertise and information. In order to fulfil the objectives of the paper, complete research
The researcher examines the senior citizen’s perceptions was done on the papers published by various authors across
of their satisfaction with using digital banking by Dahiya & the country (India). However, it has included various other
Seema (2022). The study revealed that older people’s lack customers, and our focus was purely on senior citizens.
of knowledge and fears of danger are important factors To present the paper, secondary data is used from various
in determining whether they will use digital banking and sources and analysed using descriptive methods based on
essential precautions to be taken to promote digital banking facts and figures. Certain online Banking influencers’ video
services against hackers and fraudsters. clips and podcasts were also seen to go in-depth about
In their study, Mannar, India (2015) reveals two categories the country’s digital banking growth and the amount of
of internet users among Indian seniors: primary and acceptance by the elderly population. Certain articles and
secondary. Seniors with sufficient literacy and financial previously published research papers were also referred to.
support are eager to learn about and adopt new technology.
The second-tier users are individuals who are not fluent Results
in English or computer operations but can communicate According to the reviewed literature, many barriers prevent
in online communities with the assistance of their kids, banks from introducing digital banking and preventing
neighbours, friends, and family members. seniors from using it. In this study, we offer the results and
Research by Nayana and Susheela (2020) discloses how analyses of past research on the barriers seniors confront
seniors 65 and up in Bangalore use digital banking to identify when transitioning to online banking. Although a few
1052 Farheen Najma B et al. The Scientific Temper. Vol. 14, No. 3

studies were conducted in other countries, the majority • Despite the bank’s large investments in digital banking
were conducted by Indian researchers based in various systems, it was determined that most older persons do
cities nationwide. not use the platform.
• Our observation revealed that maintaining social
distancing became the new standard after COVID-19. Discussion
• Banks reduced operating hours during the COVID-19 When implementing digital initiatives, financial institutions
closure, and more senior persons gradually shifted to should consider the unique financial demands of elderly
internet banking. citizens and their unique digital personalities and behaviors.
• Most financial institutions treat elders the same as regular The senior client journey and their specific emotional
customers regarding their digital offerings, and no demands must be considered before an effective digital
separate rules or laws were made for their convenience. strategy can be developed. The content strategy should center
• It was also found that the current belief that marking on the audience’s top emotional challenges, such as meeting
senior citizens as tech-handicapped is no longer a their needs for retirement security, health insurance, and an
fact, and their attempt is made to learn and use digital easy way to leave money to loved ones after they pass away.
services. Product manufacturers are concerned about cyber
• Though it is seen that our seniors are more comfortable security. Many continue to regularly communicate with
following the traditional ways of banking, slowly, seniors, warning them about scammers and the precautions
they are getting exposed and used to technology, they should take. It is seen that seniors may occasionally
like getting comfortable with mobile devices and develop a fear and become the victim of false beliefs,
applications. resulting in distrusting digital technology. The significant
• our observation also revealed concerns about cyber role financial institutions must play here is to address this
security as it may give seniors a “their heart in their concern of the elderly and promote their confidence through
mouth” situation. specifically designed applications and services. Furthermore,
• Findings also show that the elderly’s fear of deception it is suggested that providing Relationship Managers to
is the main deterrent to using these services, followed older people and improving the overall User Interface of
by the applications’ subpar user interfaces. Seniors the Apps/Websites will facilitate problem-solving and bring
have difficulties using online banking, according to our elders on board the Digital Banking Journey. Security is a
thorough research. major challenge for online banking marketers because of
• As internet access costs continue to drop and consumer the normal skepticism surrounding this transaction type.
awareness of online banking grows, more people Financial systems are designed to be practically invulnerable
conduct their banking activities online rather than to fraud and cyber-attacks, yet they can still happen.
visiting a bank branch. The elderly are included in this Users, however, often fail to recognize that their actions
group because it is commonly believed that they have in cyberspace pose risks to themselves. Bank servers are
a more cautious approach to banking and investments. vulnerable to both planned and unintended outages,
• Research also revealed that most female current account regardless of how advanced the technology is. The biggest
holders, elderly bank customers and those with lower possible problem arises when the system slackens, and
levels of education have indicated a reluctance to use the transactions get stuck mid-way, or their payments get
electronic banking. stuck halfway; as a result, the elderly get frightened of safety
• The main culprit for reluctance has been identified as concerns, consequently adding demotivation and loss of
illiteracy and digital illiteracy, causing the elderly to confidence in digital banking.
experience security difficulties such as privacy risks, Even though 73% of people worldwide use online
cyber-crime, tech management, etc., when it comes to banking at least once a month, it may be difficult to meet
going digital. more complex consumer expectations via digital banking
• The results show that resistance traits like routine alone. Even though bankers may make challenging financial
seeking and emotional conflict are less common than situations easier to navigate, many consumers fail to take
short-term thinking and cognitive rigidity. advantage of the benefits of establishing a close relationship
• The study also found that most people in their senior with their bank. Instead of self-service options, in-person
years do not have access to the internet. Most of those banking connections may allow customers to evaluate
over 65 lack even the most fundamental internet available options and locate tailored solutions more quickly.
knowledge. Banks may leverage consumer data to tailor banking
• Previous references have brought to light that older experiences, rethink call centre operations, train customer
people were far away from digital literacy owing to a service agents to meet complex client needs and identify
lack of education and awareness, a negative attitude opportunities for value chain-wide digitalization using tools
caused by a lack of understanding, and so forth. like process digitization and artificial intelligence.
1053 Women in Karnataka Legislative Assembly

Changing client behavior, developments in FinTech, and a game-changer in the financial sector. Despite the many
security and technological issues are three of the most advantages for clients, we also detailed the major obstacles
significant challenges facing Internet banking marketers marketers must overcome with online banking. We believe,
today. There is a large market for financial services, and if however, that we have shown how these difficulties may
challenger banks and digital banking apps can overcome be reframed as chances to enhance procedures and senior
marketing challenges and meet the changing needs of their customer engagement. Banks must adapt their services to
clientele, they will flourish. Internet banking for average meet customers’ changing needs as they increasingly rely
transactional needs and close connections with bank workers on digital banking. As banks add features to their online
would be great for assisting consumers in making the optimal banking platforms, it is marketers’ responsibility to ensure
choices for their complete banking requirements. that senior consumers are aware of everything their bank
Extending digital financial services to rural places is a has to offer. This will give senior customers a better overall
step towards holistic development. The digitalized banking online banking experience and introduce them to the many
system offers online-based financial services, which require benefits of online banking.
regular updates to maintain high security. To translate ideas The easiest methods for older folks to do financial
into reality, the banks should establish a clear structure transactions include online and mobile banking. Banks
and choose the appropriate innovations. Being current provide multi-factor authentication and encrypt customer
is important since the digital transformation process is data, require customers to update their Net Banking
password every three to six months, and have other security
ongoing, and technologies are always improving. With
measures to thwart fraudulent actions. In addition, the
digital banking, this is a challenge. New technologies will
Reserve Bank of India (RBI) has promised a complete refund
result in new administrations that must be updated and
for any fraudulent or illegal transactions reported promptly.
continuously maintained. However, users frequently are
However, it is not always easy and takes much time. In light
unaware of the risk that their online behaviors may pose.
of the preceding, it is equally incumbent upon customers
According to the survey carried out by Help Age India,
to do due diligence.
before the COVID-19 lockdown, 60% of the elders across
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