Banks step up efforts to improve digital literacy of elderly customers

The Korea Times

The Korea Times

Finance

Tue, October 3, 2023 | 07:10

Companies

Banks step up efforts to improve digital literacy of elderly customers

Posted : 2023-04-24 16:27

Updated : 2023-04-25 15:53

A row of automated teller machines in Seoul / Korea Times file photo

By Yi Whan-woo

Major commercial banks are bolstering efforts to offer customized services for senior citizens who find adapting to digital banking service platforms difficult amid a sharp decline in the number of offline bank branches.

KB Kookmin Bank has been running a special van that moves around community centers in Seoul to help elderly clients better understand how to use digital services that banks now provide as standard.

Each Shinhan Bank, Hana Bank and Woori Bank has a special branch where services using smart kiosks and other digital banking devices are simplified compared to other branches.

"We believe offline services for elderly people remain crucial despite the transition to digital banking, considering the country's population is aging," a public relations staff member at a bank said, asking not to be named.

Known as the KB Senior Lounge, the van, which is operated by KB Kookmin Bank visits community centers in five districts in Seoul: Jungnang, Guro, Eunpyeong, Nowon and Gangseo every Monday from 10 a.m. to 3 p.m.

These five districts have the highest proportion of people aged 65 or older in the capital.

A team of three staff members receives up to 40 clients a day and offers a range of services that elderly people generally find tough to become accustomed to when using digital banking.

The services include cash withdrawals and deposits, checking banking transactions and making tax payments.

Shinhan Bank has a special branch for elderly people in Silim-dong in Seoul's Gwanak District.

The branch is noted for using bigger lettering on its smart kiosks so as to be easier for customers to read when pre-selecting face-to-face services.

A staff member is also on stand by for those who prefer human-to-human service.

Hana Bank has senior citizen-oriented branches in Gwangju and Ansan, Gyeonggi Province.

The special branch of Woori Bank is located in Yeongdeungpo District, where an automated teller machine (ATM) with an easy-to-read screen offers the most sought-after services among elderly customers.

The four lenders are developing programs to enhance digital literacy as well.

KB Kookmin Bank seeks to offer educational programs for up to 2,200 senior citizens from April to August, with the goal of preventing them from becoming victims of financial scams.

Shinhan Bank organized 50 sessions across the country last year for elderly people to help familiarize them with using ATMs and mobile baking apps and also to help them avoid financial scams.

Hana Bank runs educational programs on finance and digital banking at its branch for senior citizens.

For elderly people without family assistance, Woori Bank has been running an educational center in Seoul that offers education on how to use mobile banking and online shopping services.

yistory@koreatimes.co.kr