Towards Inclusive and Intergenerational Digitalization of the Financial Sector

The digitalization of society is already a reality that implies new opportunities for progress for individuals, but it also deepens the intergenerational gap. The rise of online living—from grocery shopping to managing our banking activities—has the undesired cost of excluding a significant percentage of the population, especially older people, who do not have the necessary skills or resources to adapt to the technology era.

Banking is one of the sectors that has stepped forward to combat the exclusion of older adults, who represent 20% of the population and have contributed to the economic development of our country over the last forty years. This strategic priority was materialized for the first time in 2021 with the signing of the ‘Strategic Protocol to Reinforce the Social and Sustainable Commitment of Banking’ by banking associations. This document was followed by the ‘Ten Commandments for Personalized Care for Older Adults’ in February 2022, a set of measures that established a roadmap for banking entities to improve in-person service and promote the training of senior customers in digital channels.

The efforts of the financial sector have been reflected in the satisfaction of senior customers, who, to this day, have already perceived improvements in service since the signing of the Ten Commandments. The results of a survey conducted by the demoscopic consultancy Inmark place satisfaction percentages at 81% in the case of personal managers, 75% for digital channels, and 72% for physical offices. Additionally, the study reveals that 90% of respondents can successfully complete management initiated via the internet or mobile phone.

To achieve these figures, banking entities have focused on implementing financial inclusion initiatives aimed not only at improving service but also at fostering financial education to empower senior customers in the use of digital banking, with the objective of promoting their independence and autonomy. Among the most significant advancements, it is worth noting that 91% of ATMs and digital channels have been adapted to the usability requirements of this group, and 81% of offices currently operate with extended hours for in-person service, a measure that has benefited over 6.3 million people. In parallel, nearly 70,000 employees have received training to provide personalized attention to senior customers. Furthermore, in line with their commitment to financial and digital education, credit institutions have launched training programs in finance, technology, and cybersecurity for those over 65, an initiative that has already been utilized by over 245,000 clients.

The banking sector’s work in favor of financial inclusion would not be possible without a strong commitment to active listening and continuous dialogue with associations and representatives of the senior community, aimed at addressing their concerns and responding swiftly and effectively to their demands.

Today we celebrate the European Day of Solidarity and Cooperation between Generations, a date that emphasizes our commitment as a society to the elderly in the face of rapid technological changes. Continuing to be world leaders in digitalization while simultaneously enhancing personalized attention for seniors through in-person channels is at the heart of the banking industry’s action plans. However, advancing as prosperous and inclusive digital societies requires going beyond ambitious sectoral plans. The challenge is significant, and successfully addressing it will only be possible if we promote collaboration between public and private entities while raising awareness among civil society that, to thrive in the digital era and build the foundations of a digitalization that includes everyone, the key is to walk hand in hand.