Seniors would opt to change bank, not habits

Two out of 10 Greeks aged over 60 would even be willing to switch banks in order to continue carrying out their transactions in person at a branch, declaring little or no familiarization with the internet and a lack of information regarding consumer rights about online transactions, a new survey has shown.

Even those who do use an electronic device – mostly smartphones or computers – do so in fear, as 62.56% of the over-60s who use the internet spoke of their lack of trust in the security of online transactions, according to the survey by the Association of Workers and Consumers in Greece, which belongs to the General Confederation of Greek Labor.

The survey was a part of the Active Citizens Fund program and the Digital Communities of Senior Citizens project for enhancing the lives of people aged over 60. Most of the 366 respondents in last month’s survey were pensioners with a monthly income of 500-1,500 euros.

The great majority (73.5%) of respondents said they knew nothing about their rights and obligations regarding electronic banking and online commerce. Asked how familiar they were with the internet, 42.35% said “a little,” 35.25% answered “sufficiently familiar,” and 22.4% admitted they were not at all familiar with it. Only 46.72% of the over-60s use the World Wide Web on a regular basis.

The majority of respondents (52.46%) said they prefer to do their all of their banking at a bricks-and-mortar branch, with just 31.97% opting for online transactions and another 13.66% saying that even though they are able to complete their transactions online, they prefer to do them at a bank branch.

The communication policy of Greek bank groups in trying to attract older clients appears to have failed, based on the response of survey participants regarding their intention to change the way they do their banking in case their bank branch shuts down: More than half (54.1%) said they would choose to go to the next closest branch, while 18.85% went as far as saying they would even change bank. Only 27.05% said they would turn to digital means.

The main reason participants avoid e-banking is the lack of familiarization for 36.32%, the lack of understanding of the process for 33.83% and the fear of data theft for 29.85%.