The banking sector, committed to senior customers
Spanish banking entities have adopted actions to address the demographic and technological challenges faced by the country. Specifically, for the senior segment, these are initiatives aimed at improving personal attention systems, expanding the portfolio of products and services, adapting ATMs and digital channels, and implementing financial education programs.
Our country is facing significant demographic challenges and a digital divide, which impact the provision of various services: healthcare, education, cultural, and also banking. The elderly population is among those potentially most affected by these challenges.
The banking sector is very aware that elderly individuals make up a collective that underpins society and contribute significantly to the well-being of their family and social environment. Therefore, it will continue to work on improving the service and attention it offers to this group, both in-person and digitally.
Measures to support senior customers
A recent study by Funcas[1] has demonstrated that the process of financial digitalization has particularly accelerated among the older population since the outbreak of the pandemic. The percentage of older digital customers increased by 27.7%. This age group has seen the greatest increase in its level of digitalization during this period. The “financial digital gaps” that exist by age have been reduced. Currently, 52.2% of internet users over 65 regularly use online banking.
As such, entities are implementing solutions that allow this group to enhance and facilitate their user experience on these digital channels, while striving to provide quality service tailored to the needs of seniors when they choose to visit a branch.
The best practices in the sector for preferential attention to older individuals can be grouped into four types:
– Specialized attention mechanisms. Within the commercial networks, teams specifically trained to meet the needs of seniors are being developed. Investments are also being made to improve channels for managing appointments that facilitate more personalized attention.
– Offering specific products and services for the elderly. In this regard, many clients appreciate the maintenance of savings booklets, as they have proven to be better received in this format by older individuals.
– Adaptation of ATMs and applications to simplify and facilitate their use.
– And, undoubtedly, one of the major measures to promote the reduction of the digital divide and increase online banking use is the development of financial education programs. In the last three years, entities associated with CECA (CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença and Cecabank) have allocated over 12 million euros to financial education. In 2020, nearly 700,000 individuals over 65 received financial education through these programs. The types of training offered include: workshops on self-management of finances, courses in collaboration with local authorities on the use of new technologies, and security training.
Special measures for the attention of elderly individuals in rural areas
The Spanish banking system has the second largest branch network in the entire European Union, only behind France. The percentage of the Spanish population living in municipalities that have at least one bank branch is 97%, having only decreased by 1 percentage point compared to 2008.
To ensure adequate service to municipalities in rural areas where there is no branch, various initiatives have been implemented. Among them, the generalization of mobile offices (“ofibuses”) stands out. As of September 2021, the CECA sector operates 23 ofibuses in our country that cover nearly 457,000 clients and travel to around 600 municipalities. Additionally, the network of financial agents, who serve clients personally without a permanent establishment, has been expanded. To diversify cash provision methods, the deployment of more innovative solutions such as cashback and cash-in-shop (withdrawal or deposit of cash at a commercial establishment) has begun.
In accordance with the Strategic Protocol to Reinforce the Social and Sustainable Commitment of Banking, approved in July 2021, CECA and AEB are working on an in-depth analysis of the issues and the development of additional joint measures to serve the most disadvantaged populations in rural environments.
[1] Report on the Spanish banking sector in a changing productivity environment. Funcas. November 2021. https://www.funcas.es/documentos_trabajo/informe-sobre-el-sector-bancario-espanol-en-un-entorno-de-cambios-en-la-productividad/
