With today’s online banking landscape, older Americans are still not taking advantage of banking online even though it’s convenient and offers a list of benefits. These older adults lag behind for several reasons: uncertainty of technology, lack of access, and safety concerns – but research from The Pew Research Center indicates that there is an appetite for digital adoption. In fact, 77% said if they had assistance, they would adopt digital technology.
A new, free, educational tool that has been designed to bridge the gap between older generations and online has been created called Ready, Set, Bank. It hopes to leverage online banking to better manage their money and enhance their financial well-being. Capital One recognizes the importance of ensuring all people have the skills necessary to successfully manage their personal finances. That’s why they partnered with leaders in the fields of digital learning, ageing and technology.
The web-based program includes 44 micro-learning videos designed to equip older adults with the skills they need to manage their money online – like navigating mobile banking apps, creating alerts for account activity and protecting identify from fraud. Viewers can watch the entire series or select individual videos to learn new skills.
If they don’t have access to computers of their own, viewers can watch the videos on free computers available at public libraries or senior centers.
Older adults lose billions of dollars each year as a result of financial scams. Online banking has the power to transform the way older adults manage their money and protect themselves and Ready, Set, Bank explains how. Highlights from the videos include: detecting irregular transactions, password best practices and spotting scams.