Digitalised Banking Sector: Navigating The New World After 60 

For generations, banking has meant visiting a local branch, filling out passbooks, and speaking face-to-face with trusted bank staff. But the financial landscape is changing at a fast pace. With the increase in usage of smartphones, UPI, and mobile apps, digital banking is becoming the norm. Even for those who grew up balancing chequebooks by hand and visiting the bank for assurance.

For Indian seniors, this change presents both opportunities and challenges. Banks are closing physical branches for cost-cutting and are prioritising online services. Older people must learn to navigate the digital world to manage their money safely and efficiently.

The Digital Push Vs India's Ageing Population

India is seeing a digital revolution. Unified Payments Interface (UPI) transactions exceeded 13 billion in March 2024 alone. However, the Ministry of Statistics reports that more than 10 per cent of India's population is above the age of 60, with a sizable proportion still relying on traditional banking techniques. 

The transition to digital platforms has been swift, yet our elders have been left behind and coping at a slower pace than required amid the increased threat of fraud. Many people are terrified about making errors or falling victim to scammers. 

While younger generations have rapidly adopted Google Pay, PhonePe, Paytm, and net banking, many elders continue to utilise cash, rely on fixed deposits, and visit bank offices for everyday transactions.

Challenges Seniors Face in Going Digital

 1. Usability and Trust Issues

Most banking apps are designed with younger users in mind—small text, complex navigation, and English-dominant interfaces can discourage older users. Many seniors also struggle with remembering PINs, passwords, or understanding transaction confirmations.

2. Security and Fraud Risks

Online fraud is a real fear. Whether it's phishing SMSes, fake UPI requests, or impersonation scams, seniors are frequently targeted. According to data from the National Crime Records Bureau (NCRB), cyber fraud cases involving older adults have been steadily rising.

3. Lack of Personal Touch

Older Indians value personal relationships with bank staff. The shift to impersonal, app-driven banking removes that layer of reassurance.

Bridging the Gap: Resources and Solutions

Despite the hurdles, the transition to digital can be smooth—with the right support.

Bank Initiatives

• State Bank of India (SBI) offers a simplified version of its YONO app, with user-friendly features for older adults.

• HDFC Bank's "Digital Literacy for Seniors" program holds workshops teaching seniors how to use UPI, scan QR codes, and secure their accounts.

• Axis Bank and ICICI Bank have launched helplines and in-branch support for tech onboarding.

Government Programs

• The Digital Saksharta Abhiyan (DISHA) and Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) are working to improve digital literacy, including for elderly citizens in rural areas.

• Common Service Centres (CSCs) often provide assistance with digital banking in Tier 2 and Tier 3 towns.

Tech Made Simple

• Apps like Bharat Interface for Money (BHIM) and Paytm offer regional language options and simplified UPI services.

• Some mobile wallets now include voice assistance for transactions—a potential game-changer for seniors with visual or language barriers.

Tips for Seniors Getting Started with Digital Banking

1. Start Small – Try checking your balance or viewing past transactions online before attempting transfers.

2. Use Trusted Devices – Avoid logging in from public Wi-Fi or shared phones.

3. Enable Alerts – SMS and email alerts help track transactions in real time.

4. Avoid Sharing OTPs – Even with someone claiming to be from the bank.

5. Attend Workshops – Many NGOs and banks offer free sessions on digital safety and app usage.

Embracing the Change

Digital banking is not just a trend—it's the future. And while the learning curve can feel steep, the benefits are real: 24/7 access, faster services, fewer queues, and better financial control. With the right tools, support, and patience, India's seniors can make the leap from check books to clicks—and thrive financially in the digital age.