With the vast majority of our financial activity now being done far away from banks themselves, what happens to vulnerable customers who are lacking digital literacy in a sector that is increasingly smartphone-centric?
Damon Berry is a lecturer in the school of electrical and electronic engineering at TU Dublin with an interest in health informatics. His work on the Age-Friendly AI project – a collaboration between TU Dublin and the ADAPT Research Centre Engagement Team at DCU – saw him and his colleagues meet older adults around the country to learn about how AI affects older adults. “Even though fintech is not all about AI, digital banking kept popping up in our discussions,” he explains.
The move away from high street banking and the closing of local ATM machines was a major bone of contention for participants in the project, as was the disappearance of “reassuring direct human contact”.
‘Some banks offer a personal security key (PSK), a simple device that looks like a tiny calculator. I think PSKs should be offered as an option for older adults’
— Damon Berry, TU Dublin
Berry’s research also found that two-factor authentication (2FA) and chatbots are particularly unpopular among older people. “We heard again and again that older adults have a lot of anxiety about fintech and in particular tech-based financial fraud,” he says.
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AIB is keen to promote its banking accessibility, noting on its website that it has endeavoured to put its customers first when approaching the accessibility of its services.
The bank has partnered with Tilting the Lens, a disability-led accessibility consultancy, which has run focus groups and gathered customer insights on how to enhance and improve its services, while it has also reviewed its website and online banking services in line with Web Content Accessibility Guidelines.
Bank of Ireland offers support for deaf customers or those who have difficulty hearing or speaking through the use of SignVideo, a free service that connects customers with a qualified sign language interpreter, either from their home or in a branch. It also offers “Your Next Step”, a series of video tutorials that cover everyday digital banking essentials, how to navigate apps, and tips on online safety.
Berry says fintech offerings should be co-designed with diverse service users including older adults and those with additional needs. “In my view, banks should also emphasise accessible modes of 2FA: some banks offer a personal security key (PSK), a simple device that looks like a tiny calculator,” he says. “I think PSKs should be offered as an option for older adults.”
To develop truly inclusive fintech, he says, banks need to consider the digital divide. “The emergence of digital banking in general has depersonalised banking for older adults, and this transition needs to be reconsidered, particularly for those who are not digital natives.”
