An empirical investigation into factors affecting the use of banking technologies by elderly citizens
Abstract
In this highly competitive business environment, banks are faced with the challenges of
providing products which are relevant to their customers. In a quest of achieving this, there is
a possibility of banks to redesign and integrate business processes and channels to achieve
better market share. Karjaluoto et al. (2002) maintain that banks should keep a close look on
how their customers respond towards service and products that are offered to them. This study
determined the factors affecting the use of banking technologies by elderly citizens as
customers of the banks. A quantitative research methodology was utilised in this study. A
survey was conducted and 66 elderly citizens responded to the questionnaire administered to
them. The study reveals that elderly citizens have average access to banking technologies and
mostly A TM and the actual bank branch. Furthermore, the study reveals that elderly citizens
are not comf01iable with using technological banking service and products due to lack of trust
and confidence and futhermore they prefer human interaction when it comes to banking
activities.