Senior-friendly banking services prioritise personalised assistance for older customers for their convenience and accessibility. It involves access to convenient bank branch and ATMs, user-friendly online and mobile banking services, technology assistance, low fees, round-the-clock customer service, educate them on financial matters, and fraud prevention measures.

Here are some main senior-friendly banking services seniors can avail of.

Doorstep Banking

It is a type of banking facility where a bank representative visits their homes to provide banking services. The idea is to bring banking services directly to the doorsteps of senior citizens, differently-abled people, and those with limited mobility. Services included cash withdrawals, deposits, account updates, document collection, etc. the facility enhances accessibility, convenience, and inclusivity by eliminating the need for customers to visit physical branches.

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UPI

Since its 2016 inception, UPI has seen rapid user growth, exceeding 330 million by March 2023. It played a crucial role in ensuring regular transactions during events like the Rs 500 note withdrawal and the pandemic. In April 2024, RBI proposed UPI for cash deposits via Cash Deposit Machine (CDM), also called Automated Deposit cum Withdrawal Machine (ADWM). UPI enables person-to-person (P2P) and person-to-merchants (P2M) cash transfers, with ATM support for withdrawals. UPI is gradually replacing cards, offering features like cardless transactions. Seniors can benefit from its user-friendly interface, as it simplifies banking tasks by enabling easy fund transfers and bill payments via smart-phones, catering to mobility issues and simplifying complex banking procedures.

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Banking Apps

Digitalisation of various sectors encouraged banks to take their services online besides offline services. Online banking apps provide convenient access to bank accounts, allowing users to manage finances anytime, anywhere. With user-friendly interfaces, they simplify tasks like checking balances, transferring funds, and paying bills. Real-time notifications keep users informed about transactions, while advanced security features protect personal and financial data. These apps also cater to users with disabilities and offer in-app customer support. Overall, they streamline banking processes, offering greater control and convenience to users.

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ATM

Customers increasingly prefer Cash Deposit Machines (CDMs) over bank branches for depositing money due to time efficiency, convenience and availability, even on holidays. Both ATMs and CDMs have revolutionised people’s banking habits, reducing queues and providing 24×7 accesses. ATMs and CDMs facilitate easy cash deposit and withdrawals without too many hassles, but it may take a couple of tries to get comfortable with the system. It’s easier for seniors as banks take longer than ATMs and CDMs for deposits and withdrawals.

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Grievance Redressal and Guidance

Seniors’ online and offline grievance redressal services have grown in popularity. The digitalisation of bank services has made it easier for seniors to report any abnormalities in their apps by contacting the grievance desk or the banking assistance department, accessible through the bank’s website. This function, similar to chat-bots, answers consumer questions and can also put you in contact with a customer support agent to help you with any banking issues.