Teaching Your Parents To Bank In The 21st Century
By A.J. Watts, Member Development Specialist
When it comes to interacting with a financial institution, it’s possible for different generations to have different approaches. Baby boomers, generally, aren’t as open to Online Banking; for millennials and most gen Xers, that’s the only way to bank. Perhaps unsurprisingly then, getting your parents to jump onboard with today’s banking trends can be a real challenge – especially when they’re likely part of a generation that still appreciates the personal, face-to-face interaction they get with a finance professional.
As we get more technologically advanced, teaching the people who taught you everything could prove difficult. Some of our parents reason that because they educated us - their children - on banking, they know what they’re doing and don’t need much, if any, assistance. There’s fear of the unknown, and of course, resistance to change. Change isn’t easy for most of us, but let’s face it: as the world evolves, so must how we bank. Modern banking is increasingly on-the-go and much more efficient. But remember, because millennials have largely grown up with tech, they tend to be more trusting. In my experience, baby boomers are willing to adapt and learn, but remain less trusting of devices, networks and data banks. With hacks and cyber-attacks headlining news, their skepticism and fears of their information and money becoming vulnerable are heightened.
With all of that said, mobile banking tends to be the area our parents struggle with most. Having fingertip access to their finances is, for them, stressful. But as a millennial myself, I know we can help.
3 Ways to Help Your Parents with Mobile Banking
- Display a strong level of patience. Our parents took the same effort and time to teach us how to bank, so it’s important we do the same.
- Lead by example. Show them tips and tricks you use in your own banking to help them understand the appeal.
- Ensure it’s secure. Help them make the transition into modern banking by walking through how they can keep their information safe and secure.
So much time, money, and energy is saved when you can make a mobile deposit right from your phone and in the comfort of your own home. On top of that, making transfers and enabling bill pay straight from your mobile device is a game changer. By showing your parents the conveniences of modern banking, you’re in fact making their lives easier. It may be difficult at first, but the benefits to helping them get comfortable with the uncomfortable far outweigh the negatives.