South Korea’s financial regulatory bodies plan to make bank mobile apps easier for seniors to use.
The Financial Supervisory Service (FSS) and the Financial Services Commission (FSC) announced the goal is to make financial institution (FI) apps more elder-friendly as the country transforms to a digital economy.
The FSC has statutory authority over financial policy and regulatory supervision while the FSS manages financial institutions.
These updates, to be introduced next year, are expected to include new guidelines that are “senior friendly” mobile bank apps and accommodate the growing number of elder Koreans using them.
The FSS and FSC said the new rules include 13 principles banks must adopt to guarantee mobile banking apps are accessible, convenient, and understood by seniors.
Among the new rules include banks must provide a senior user mode to increase usability by the elderly. Banks are also expected to educate seniors, establish safeguards to prevent fraud targeting elders and continue to improve access for seniors.
Elders not only want bank apps to be easy to use. They also prefer FIs that offer rewards programs and protection against fraud.
This week, a PYMNTS survey revealed 38% of baby boomers and seniors named rewards programs as a factor they consider when they choose a bank.
See more: Innovation Makes People Switch Banks
Researchers found 46% of baby boomers and seniors said they considered account fraud protection an important area of innovation, while the younger age group gave comparable weight to other emerging areas of banking innovation when considering their primary FI.
Among those factors: mobile banking, something named by 29% of the potential switchers; mobile payments, mentioned by 31%; and digital bill payments, selected by 22%. Only 13% of baby boomers and seniors said mobile banking is of interest to them.
