Barriers and motivations of older adults in digital banking adoption: Recent findings, gaps, and future directions

Abstract

As digital banking becomes more prevalent, older adults often struggle to adopt these technologies due to age-related limitations. While digital banking offers convenience and accessibility, older adults face distinct barriers that have not been fully explored in prior literature. This study aims to investigate the motivations, challenges, and coping strategies of older adults in adopting digital banking. A systematic literature review was conducted using Scopus and PubMed databases, covering studies from January 2019 to June 2024. The search focused on journal and conference papers written in English that discussed digital banking among older adults. After applying inclusion criteria and removing duplicates, 26 articles were analyzed in full. Four key motivators were identified: convenience, accessibility, social influence, and the desire for independence. In contrast, the most common barriers were technological complexity, privacy and security concerns, physical and cognitive decline, and resistance to change. Older adults were found to cope with these challenges by seeking assistance from family and friends, using accessible technologies, and participating in educational training programs. Findings also show that while digital banking can empower older adults, existing systems often lack age-friendly features. Commonly used theories such as UTAUT and TAM fail to address aging-specific factors, highlighting the need for frameworks like STAM. To promote digital inclusion, banking systems must adopt inclusive design, offer educational support, and consider aging-related needs. Future research should employ mixed methods and culturally diverse perspectives to better support older adults’ digital banking adoption.