Experts advocate senior-centric digital banking amid fraud surge

Senior-friendly digital banking: Financial experts are urging banks to implement crucial changes in their digital banking services to better accommodate the needs of senior citizens. The call for action comes in response to a significant surge in fraud cases amongst the elderly, as reported by the Reserve Bank of India's annual report for FY23, which recorded a rise from 9,097 cases in 2021–22 to 13,530 in 2022–23.

Ageing population challenges

With India's ageing population projected to reach 347 million by 2050, experts are emphasising the necessity for a more inclusive approach in the digital banking landscape. Senior citizens face unique challenges, including difficulties with security measures such as frequent checks, PIN memorisation, and automatic session logouts.

Seamless senior solutions

In light of these challenges, financial experts are recommending a customer-centric redesign of digital banking journeys. The focus is on simplifying processes and ensuring seamlessness, particularly for seniors. Key recommendations include:

Accessible digital onboarding: Incorporate digital Know Your Customer (KYC) processes and facial biometrics to enable remote account opening, catering to individuals with mobility issues or those residing far from physical branches.

Enhanced digital experience: Advocate for the use of biometric recognition in mobile payment transactions to eliminate the need for seniors to remember PINs or passwords while maintaining high security.

Accessible payment card features: Introduce identification bumps, accessibility notches, and biometric cards with fingerprint readers. Additionally, enhance readability with Braille-embossed cards, larger fonts, and high-contrast text for online or telephone transactions.

Improved physical delivery of cards: Provide a user-friendly guide with large QR codes on accompanying letters for new credit and debit cards. This would enable users to scan and receive audio instructions on card activation, obtaining a PIN, and understanding associated rewards and benefits in their preferred language.

The experts argue that these recommended solutions collectively aim to create a banking and payments environment that is not only secure but also inclusive and user-friendly, especially for senior citizens and those with disabilities. Emphasising customer-centricity in digital banking services is deemed crucial to adapting to the evolving needs of the senior population and fostering a truly accessible and inclusive financial world.