There’s nothing like a crisis to open the door on new ideas. A good case in point comes from RBC Royal Bank which has been tracking how people over the age of 60 are adapting their banking practises to a quarantined environment. And it seems oldies can learn new tricks.
Utilization of digital or on-line banking by people in this demographic group rose sharply. Folks who had previously signed up but weren’t using the electronic services, rose more than 200-percent from mid-March to mid-April when they were asked by public health officials to stay home. And the bank saw an 85-percent increase in the number of people who enrolled in their on-line banking program.
The bank has also created a website to help seniors learn these new skills with tutorials, a program backed up by help lines that move seniors to the front of the cue. And they’ve created an entire new business line called Boomerang targeting people in this age bracket and offering classes and activities as well as advice on financial planning and tax preparation.