“Silver selfies” - more than half of over 55s don’t use mobile banking despite using a smartphone

As TSB rolls out a new online function which allows customers to open a current account using a selfie, new research from the bank has revealed that more than half (57 per cent) of over 55s say they never use mobile banking, despite being smartphone users.

“Silver selfies” - more than half of over 55s don’t use mobile banking despite using a smartphone

This is in contrast to 82 per cent of 18-34-year olds who say they use mobile banking.

TSB says its new utilisation of the selfie is designed to speed up even further the time needed to open a new account remotely – while providing the latest cutting-edge technology to combat fraud.      
 
The research found that 73 per cent of people over 55 say they would benefit from being able to do their banking remotely, citing ‘speed’ and ‘convenience’ and ‘24/7 access’ as top reasons. However, the findings reveal that only a quarter (26 per cent) of over 50s would open a bank account using their smartphone compared with 72 per cent of 18-34-year olds.
 
The main reason for not opening a bank account using their mobile was fear of fraud (58 per cent).
 
But TSB’s research identified a cohort of over 55s dubbed ‘Silver Selfies’ who use their smartphones daily (91 per cent of over 55s who use smart phones). The top reasons for using smart phones include taking photos, such as selfies and pictures of loved ones (32 per cent), keeping in touch with friends and family (61 per cent) and emails (41 per cent). But only one in 10 (11 per cent) use their phones for financial activity. Of those who do use their phones for financial activity, 36 per cent use it to look at their balance and 23 per cent to transfer money.



The bank, which has been beset by a string of high-profile IT disasters over the past 18 months, says the new feature is “the next step to improving TSB’s digital journey and serving more customers than ever before”.

It said in a statement: “Customers are becoming increasingly conscious of sharing personal details and are wary of using IT in situations where they feel they could be opening themselves up to potential scams or putting themselves at risk of fraud. However, TSB recently launched its very own Fraud Refund Guarantee, to ensure the Bank’s 5.2 million customers are protected if they become an innocent victim of fraud on their TSB account.”

Pol Navarro, TSB’s digital director, said: “Opening a new account can sometimes feel like an arduous task, but adding this new feature means we take the hassle out of completing the process.

“We know that life can take over and that quick lunch time visit to a branch might not happen. With this new experience, we are making banking better and enabling customers to fully complete their application in a way that fully suits their busy lifestyles: just with a simple selfie.”
 
Robert Prigge, President of Jumio said: “Despite all the talk about digital transformation, few banks are putting the customer front and centre. We’re thrilled to be partnering with TSB Bank to streamline the identity verification process and ensure that their new app delivers the convenience, speed, and security that their customers expect. We look forward to working with TSB to deliver the best-possible experience to their banking customers while simultaneously fighting financial crime and online fraud.”

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