In fact, most people assume that those generations are the ones online banking is designed for. In reality, however, digital online and mobile banking offers a surprising appeal for members of all generations – including Baby Boomers.
The truth is, Baby Boomers, in general, aren't really technophobes, and they aren't avoiding digital banking options. Most of them just haven't fully adopted mobile banking, instead preferring to use online banking options. Consumers 55 and up are often very open to new digital financial services and learning about the options available to them. With the right education, many Baby Boomers are open to using mobile and digital banking options.
In 2019, more than 60% of Baby Boomers actively used online banking options. In 2018, however, only around 23% of Baby Boomers used mobile banking on a regular basis--about half the percentage of Millennials engaged in mobile banking activities. In general, Baby Boomers have proven slower to make the leap to those mobile banking opportunities. Around half of Baby Boomers, however, are cited as using their smartphones for banking and financial services.
In short, Baby Boomers are actively using their digital devices to handle many of their regular financial transactions. They're engaged and ready to make the most of the convenience offered to them. Take a look at some of the features they're using on a regular basis:
While many Baby Boomers are loyal to their home bank branches, they also see the many benefits of mobile deposits – including the convenience of being able to take care of that deposit from an app, rather than having to go into a store to handle it.
Many Baby Boomers like the convenience of transferring funds from a digital platform – both between their own accounts and to the parents and adult children that they are often still assisting financially.