Exploring the satisfaction and engagement of elderly customers with emerging digital banking services in Islamabad, Pakistan

Abstract

As financial institutions strive to provide cutting-edge digital banking services, it is essential to examine how these advancements influence the satisfaction and engagement of elderly customers. This study addressed the unique needs, preferences, and challenges faced by this demographic, aiming to ensure the inclusivity and effectiveness of digital banking solutions tailored to their specific requirements.

The primary aim of this study was to investigate and understand the satisfaction and engagement levels of elderly customers with emerging digital banking services. Through a comprehensive analysis of user experiences, preferences, and challenges faced by elderly individuals, this research provided valuable insights for financial institutions aiming to tailor their digital services to meet the distinct needs of this demographic, fostering a more inclusive and customer-centric digital banking landscape.

A cross-sectional study was conducted among elderly individuals (age 60 and above) who use digital banking services in Pakistan. The sample consisted of both males and females residing in Islamabad, Pakistan for a period of 2.5 months from Jan 2024-March 2024. The sample size was determined using a confidence level of 95% and a margin of error of 5%. To mitigate the potential impact of errors, a 10% inflation was applied to the sample size. Hence the data was collected from 400 individuals.

The study followed a quantitative methodology where the adoption of digital technologies, level of satisfaction with these technologies, and associated challenges were assessed using predefined questions formatted in the form of a standardized questionnaire. The questionnaire consisted of 4 sections including demographics, service utilization, satisfaction, and engagement levels. The questions consisted of simple yes, no, and Likert scale questions evaluating the level of adoption and satisfaction with digital technologies. The data collection process involved distributing surveys through online platforms to reach the targeted population effectively. Descriptive statistics were employed to summarize the overall satisfaction and engagement levels.

This study presented data on demographic characteristics, digital engagement levels, satisfaction with digital banking services, and personalized support among 400 elderly individuals. According to the results, the majority of respondents were males (68.3%), with a significant portion aged between 60-65 years (58.3%). Regarding familiarity with digital services, 50.0% were somewhat familiar, and 29.5% used mobile banking services. Satisfaction levels varied, with 35.5% expressing dissatisfaction with user-friendliness Personalized support was received by 73.0% of respondents, but 63% of them expressed dissatisfaction with the personalized support that they have received. Overall, 69% of the sample population was dissatisfied with the digital banking services. These findings underscore the diverse perspectives and experiences within the sampled population concerning digital services and support, highlighting areas for improvement in user experience and satisfaction.

In conclusion, the dissatisfaction of elderly customers with digital technologies stemmed from various factors, including complexity, accessibility challenges, security concerns, and the generational digital divide. However, by implementing targeted strategies such as simplified user interfaces, personalized assistance, comprehensive training programs, enhanced security measures, community engagement initiatives and continuous feedback mechanisms, companies can mitigate these concerns and create more inclusive digital experiences for elderly customers. Ultimately, fostering a supportive and empowering environment that prioritizes the needs and capabilities of older individuals is essential for bridging the digital divide and ensuring that everyone can fully participate in the digital age.