Engagement of people over 65 with online banking in Ireland: readiness, willingness, and existing barriers.

Abstract

The aim of the study was to explore the engagement of people over 65 with online banking in Ireland and particularly assess their level of willingness and readiness and existing barriers that prevent the usage of online platforms. Primary data was collected from 30 people aged 65 to 84 by using semi-structured face-to-face interviews as a research tool. The majority of older adults reported a positive perception of technology and acknowledged the benefits of online banking, however, only 30% of participants were users of online banking and 3 people confirmed that their online transition was voluntary due to the convenience of the applications. The findings of this research showed that the studied group was unsatisfied with the Irish banking system which led to an adverse reaction toward innovations. Poor service provided by banks created a certain level of doubt about the availability of services with online banking. The forced switch to Internet banking creates a technostress due to the high value of potential loss in case of mistake and, as a result, limits technological adoption. Not user-friendly platforms for people with physical disabilities were outlined as one of the barriers to engaging with online banking. Lack of communication and guidance provided by the bank along with the necessity of help were mentioned as the issue that prevents technology adoption. This research studied the grey digital divide in Ireland in the banking sector and may be used by financial institutions in order to improve their systems and attract more online users among older adults.