Mumbai: Survey Reveals Over Half Of Senior Citizens Avoid Online Banking Due To Fear, Digital Illiteracy
**Survey Reveals Over Half of Senior Citizens Avoid Online Banking Due to Lack of Guidance and Fear of Fraud**
A recent survey conducted by the Consumer Guidance Society of India (CGSI) has revealed that more than half of senior citizens do not use online banking facilities. Key barriers cited include lack of guidance, fear of fraud, and poor digital literacy.
The Consumer Awareness Survey, carried out in Mumbai with 819 participants in collaboration with NCRD’s Sterling College of Arts, Commerce & Science and Kohinoor Management School, highlighted that 53% of senior citizens avoid digital banking altogether. Among those who do use online banking, 62% rely primarily on it for money transfers, while 29% use it only to check account balances.
### Usage Patterns Among Senior Citizens
The study found that 71% of respondents had received no assistance from banks in using apps or online platforms. Meanwhile, 32% admitted they simply did not know how to navigate digital banking services. Fear of fraud continues to be a significant concern, with 13% having experienced online scams. However, only 55% of these victims reported the incidents to cyber police, according to the report.
### Challenges Faced While Using Digital Banking
Senior citizens face several common difficulties when attempting to use online banking:
– Forgetting PINs and passwords (28%)
– Poor eyesight (24%)
– Weak internet connectivity (17%)
Despite these challenges, it is encouraging that 62% of respondents expressed willingness to attend workshops if organized by banks.
### Addressing the Fear of Fraud
During a recent press conference, CGSI addressed issues related to consumer grievance redressal in cases of digital fraud. Dr. M S Kamath, Secretary of CGSI, shared that in the last three years, 47 consumers approached CGSI after losing money to online fraud. Following CGSI’s advice to lodge complaints with their banks within 24 hours of the incident, 43 consumers were able to recover their entire lost amounts.
Dr. Kamath emphasized, “Quick reporting within 24 hours is crucial to increasing the chances of recovery.”
### The Need for Better Bank Support
In light of the survey findings, CGSI has urged banks to strengthen trust by implementing stronger fraud detection systems and simplifying online KYC processes. They also recommended the rollout of user-friendly, multilingual banking apps featuring biometric logins and voice-assisted technology.
Additionally, the report called for exclusive provisions for senior citizens, such as priority services at branches and better-trained staff who can assist older customers effectively.
### Bridging the Digital Divide
CGSI noted that the initiative not only raised awareness among consumers but also provided students with valuable exposure to real-world social challenges. Certificates of appreciation were awarded to participating students from the collaborating institutions.
The survey underscores an urgent need for banks to bridge the digital divide and ensure senior citizens are not left behind as India transitions toward cashless systems.
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*For more updates and support regarding digital banking for senior citizens, stay tuned to our blog.*
https://www.freepressjournal.in/mumbai/mumbai-survey-reveals-over-half-of-senior-citizens-avoid-online-banking-due-to-fear-digital-illiteracy
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