The pandemic has pushed older Americans toward digital banking, but there is still an enormous opportunity to move more of these consumers to the online channel. New research from Novantas finds that consumers who are 55 and older and are shopping for checking accounts are increasingly willing to consider a bank without branches. Those who have opened an account online favor desktops and laptops over mobile devices for the process and are typically satisfied with the process despite some challenges.
Digital Account Opening and Completion
Only 16% of shoppers aged 55 and older have opened an account through digital channels.
Most of them began the process on a laptop or desktop.
Desktop/Laptop
Tablet
Smartphone
Desktop/Laptop
Tablet
Smartphone
Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591), shoppers who opened digitally (N=111)
Digital Account Opening and Completion
Only 16% of shoppers aged 55 and older have opened an account through digital channels.
Most of them began the process on a laptop or desktop.
Desktop/Laptop
Tablet
Smartphone
Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591), shoppers who opened digitally (N=111)
At the same time, it is clear that these shoppers are warming up to branchless banks.
A bank without branches feels less legitimate
It is important for a bank to have a well-designed app
A bank without branches feels less legitimate
It is important for a bank to have a well-designed app
Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ (N=591)
Of those shoppers who opened an account online, more than two-thirds had a good experience.
Digital Account Opening Experience
Other Accounts Opened Since Checking
Digital Account Opening Experience
Other Accounts Opened Since Checking
Source: Novantas Customer Knowledge | FABB DAO Survey
Sample: FABB shoppers age 55+ who opened digitally (N=111)