OP launches easy services for elderly people

OP bank has designed an easy way to monitor account transactions in real time for the elderly people, said the bank in a press release on Monday.

Older people prefer to visit the bank in person more frequently than other age groups and monitor account transactions on paper bank statements.

Bank customers over age 65 stand out from other age groups in their use of services. Around every eight in 10 of OP’s customers in this age group prefer to use cash, for example, and visiting the bank in person is also more common than average among these customers.

Even as the popularity of digital banking services is growing in all age groups, less than half of customers over 65 use online and mobile services.

Spurred on by the Covid-19 pandemic, OP wanted to design a new service that could help older people use banking services independently and securely and encourage the use of cards over cash.

OP Account SMS is a service that tells the customer by text message what is happening in their account in real time.

“Older people prefer to use cash because they find it difficult to otherwise keep track of their finances. Our new SMS service is designed to meet this need. The customer receives account information by SMS directly to their mobile phone, and the service does not require learning any new digital tools,” said OP Everyday Banking Senior Vice President Masa Peura.

The service was tested during the pandemic last spring in six OP cooperative banks around Finland.

Customers taking part in the test praised the simplicity of the service and the fact that it does not require purchasing or learning any new devices. The service has been designed with customers who do not use digital services in mind.

“Our test group felt that receiving the information by text message was safer and were relieved that they no longer needed to check their account balance at an ATM, for example. Many also found it positive that possible abuses could be detected right away with a text message,” said Peura.

When it comes to using banking services, all older people do not fit one mould. Some can effortlessly navigate mobile and online services, while others prefer to follow their account transactions from a monthly paper bank statement.