Modern banking and Older Adults by Johanna Christensen

 

Banking is a fundamental part of any adult’s life and while those who are on the older end of the age spectrum generally prefer the feeling of cold hard cash in his or her hands, many could benefit from welcoming technology-based banking into his or her lives.  Applications on a smartphone, like Venmo and an online/mobile banking app for a bank such as Wells Fargo save time and energy for all users alike.  From the comfort of an older adult’s home, he or she can do just about everything he or she could do by visiting his or her bank branch in person.  Venmo, an app where you can send or receive money to anyone who signs up and links a credit, debit, or bank account, has revolutionized the way people split the tab at a restaurant and pay each other back for specific things.  Once fully set up and connected to some monetary source, an individual can send and receive money within a second.  It is without a doubt the easiest way to pay an individual or business, or be paid.  Mobile banking apps, like the Wells Fargo app, create an easy access portal on an individual’s smartphone so he or she can take a hold of his or her finances.  Online banking is just a website version of what an individual will find on his or her mobile banking app.  Like Venmo, it is quite stress-free to send money to another person through a bank’s mobile app.  Unfortunately, it is not usually as fast as Venmo or its abilities to send/receive money to anyone is more limited – yet it still beats driving to the bank to handle financial duties.

One prevalent question and concern amongst many different individuals, specifically older adults, is the safety of these mobile and online banking apps.  Individual’s bank information is incredibly confidential and is a very guarded area of someone’s life.  To simply enter the account and routing number of an individual’s checking account or any other form of their bank information into the Venmo platform could be terrifying for many.  On the other hand, it might instill safety concerns as well when an individual uses his or her online or mobile banking to access their bank information.  Some might see using the internet as making it easier for hackers to breach their personal information, such as banking. Rest assured, an app like Venmo uses bank-level security and data encryption to protect its users against security breaches (Nath, 2016).  Bank-level security includes but is not limited to data encryption, secure storage of an individual’s financial information, and the ability to set up pin codes in addition to passwords.  Of course, this entails that an actual bank website or app will also include these types of securities.  Venmo’s liabilities insurance protects against a majority of theft as well, ensuring that if Venmo did everything in their power to prevent your information being stolen but it still was breached, they will generally take care of it.  However, a majority of thefts ever reported to Venmo were consumer error (Nath, 2016).

 

 

 

 

 

 

 

References

Nath, T. (2016, October 31). How Safe Is Venmo And Why Is It Free? Retrieved April 24, 2017, from http://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s