Resistance to digital banking by senior citizens in India - A review

Abstract

The paper highlights the Barriers, challenges, and reasons for digital banking concerning senior citizens` reluctance across different Indian states and cities by reviewing the existing work done. This descriptive literature review is based on secondary data from published empirical studies, review papers and online articles. It was majorly found that the resistance was due to obsolescence, low confidence and no interest in becoming digitized, over-dependence on the younger generation, fear of welcoming a change, lack of awareness, and the bank’s inability to develop user-friendly software for the elderly. Going digital is the order of the day, and digitization has entered every sector of the economy. Given the current times, staying away from technology will make the condition of the elderly more vulnerable to their existence. The fact that not every aspect or issue in all Indian states and cities could be explored is a significant drawback of the current study. Only research conducted on a few states and cities from across India has been reviewed and presented. Banks have a responsibility to their elderly customers to protect them from harm, and this can be achieved using technology and the justification of digital literacy, the dissemination of knowledge and the creation of awareness, the provision of safety concerns and the development of confidence. Several significant challenges are associated with Internet banking, including a lack of advertising regarding e-banking and legal and security issues; evaluations on these topics have been provided to facilitate a deeper comprehension of the situation.