As banking increasingly moves online, many older customers are struggling to navigate digital services, prompting a growing number of relatives and caregivers to act as informal “digital concierges” for their family members. The shift toward app-based banking and digital transactions is creating challenges for those less familiar with the technology, particularly the elderly, who face barriers such as poor eyesight, difficulty managing multi-step authentication, and the need to switch between numerous apps for travel, payments, and other everyday tasks.
A recent study highlights that approximately 11 million adults in the UK assist others with managing finances online. However, many of these helpers operate without formal authority, such as a Lasting Power of Attorney (LPA), instead relying on less secure methods like sharing passwords or logging into accounts from their own devices. This exposes both parties to potential risks and underscores the urgency for banks and financial institutions to implement more secure, user-friendly solutions tailored to older customers.
Advocates argue that the current banking system lacks appropriate tools to enable trusted helpers to support elderly customers without relinquishing complete control over their finances. Many seniors wish for simplified app versions with larger fonts and streamlined interfaces that accommodate slower response times or aging hardware, as some cannot afford the latest smartphones required to access current banking technology.
The rise in bank branch closures over the past five years has further complicated access to in-person support. In response, the UK banking sector has introduced shared banking hubs, with the 250th hub recently opening in Chepstow and plans to expand to 350 hubs by 2029. These hubs aim to provide ongoing access to cash and basic banking services in communities losing traditional branches. Advocates emphasize that these hubs should offer a broader range of services, including assistance with LPAs, support during financial distress, fraud prevention, and routine transactions such as account openings and ISA transfers.
A forthcoming Treasury review on Access to Banking Services is expected to recommend measures addressing the needs of vulnerable customers within these hubs. Discussions include whether digital-only banks should contribute to the cost of maintaining them and ensuring consistent services across branches rather than voluntary commitments by individual banks. Transparency around when community bankers will be available in each location is also a priority.
In parallel, fintech companies have begun developing innovative products designed to meet the needs of customers with cognitive challenges, such as a prepaid debit card created to help people with dementia manage spending safely. Additionally, tools like AskSilver.com, which verifies suspicious digital communications, provide another layer of protection for older adults and their helpers against fraud and scams.
Industry experts urge banks not to wait for legislative mandates to improve digital accessibility and support for older customers. With millions of people already acting as informal financial helpers, more inclusive banking solutions could unlock a significant market while ensuring greater financial security and independence for vulnerable populations.