International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 7 Issue 3, May-June 2023 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Benefits and Challenges of Digital Banking among the

Elderly in the Bolgatanga Municipality of the Republic of Ghana
Dzikunu Andrews Dodzi Kobla1, Asanga Arnold Amasiya2
1
Department of Software Engineering, Zhejiang Normal University, Jinhua, China
2
Department of Teacher Education, Zhejiang Normal University, Jinhua, China

ABSTRACT How to cite this paper: Dzikunu

This paper explores the experiences and perceptions of elderly Andrews Dodzi Kobla | Asanga Arnold
individuals in the Bolgatanga municipality with regards to digital Amasiya "Benefits and Challenges of
banking. The study employed qualitative research methods such as Digital Banking among the Elderly in
interviews and focus group discussions to gather data from the Bolgatanga Municipality of the
Republic of Ghana"
participants. The collected data was analyzed to identify key themes,
Published in
including the benefits and challenges of digital banking among the International Journal
elderly population in the study area. of Trend in
The study found that digital banking can provide a number of Scientific Research
benefits for the elderly, including convenience, ease of use, and cost and Development
(ijtsrd), ISSN: 2456- IJTSRD57383
savings. For example, many participants reported that digital banking
6470, Volume-7 |
made it easier for them to check their account balances, pay bills, and Issue-3, June 2023, pp.481-494, URL:
transfer money without having to physically visit a bank. www.ijtsrd.com/papers/ijtsrd57383.pdf
Additionally, some participants noted that digital banking helped
them to save money on transportation costs to and from the bank. Copyright © 2023 by author (s) and
However, the study also identified several challenges faced by the International Journal of Trend in
Scientific Research and Development
elderly in using digital banking. For instance, many participants
Journal. This is an
expressed a lack of trust in technology, which hindered their adoption Open Access article
of digital banking. Additionally, a significant number of participants distributed under the
reported that they did not have access to digital devices or were not terms of the Creative Commons
digitally literate enough to use them. Attribution License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)
Overall, the study found that while digital banking can offer many
benefits for the elderly, it is important to address these challenges in
KEYWORDS: Digital Banking
order to ensure that they can fully take advantage of its benefits. The
study suggests that targeted education and training programs, as well
as outreach to the elderly population could be implemented to
increase digital literacy and help to overcome mistrust and lack of
access to digital devices.
In conclusion, this study provides valuable insights into the
experiences and perceptions of the elderly population in the
Bolgatanga municipality with regard to digital banking. It highlights
the importance of addressing the challenges faced by this population
in order to ensure that they are able to fully benefit from the
convenience and cost savings that digital banking can provide.

Background of the study

Across the world, there have been various efforts to platforms and integrations use for digital banking
ensure that digital banking has been very successful among their customers (Wadesango & Magaya,
among customers of financial institutions. This is 2021). Digital banking mainly is about the use of
because, the system of digital banking provides a electronic money transaction for personal purposes
digitalization drive to improve on the financial and (Kyari & Akinwale, 2020).
developmental status of countries. To improve
Mungai and Bayat (2018) revealed that digital
financial transactions, financial institutions should
banking offers a greater variety of financial options
ensure enough security features to secure the

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for customers. It has gotten to a stage where digital effects of digital banking system, due to which no
banking could assist the elderly to manage their concrete information on effects of financial regulation
finances well. In most banks, digital banking types on the banking system was available. There seems to
often used include mobile banking, digital banking, be no concrete attempts to study this aspect.
automated teller machine (ATM), telebanking, smart Therefore, the present study attempted to explain
card, debit card, and credit card (Augustine & digital banking systems among the elderly in the
Kingsley, 2020). study setting. This would fill the gap in the literature.
The use of digital banking has greatly transformed the Objectives of the study
way business transactions has moved from traditional 1. To examine the importance of digital banking
banking system to digital banking system (Aliyu & among the elderly in Bolgatanga Municipality.
Tasmin, 2012). Since the introduction and adoption of 2. To assess the challenges associated with digital
digital banking across the world, the concept has been banking among the elderly in Bolgatanga
used among the category of customers referred to as Municipality.
“elderly” in the banking domain. Countries
continuous to make frantic effort to go cashless Empirical and Theoretical review of literature
through exploiting the many benefits associated with This section seeks to review the Igbaria’s Model as
digital banking to improve their economies (von the theory to underpin the study. The theoretical
Solms & Langerman, 2021). In the study setting, framework elucidates and presents the theory that
there is limited studies about the benefits and explains the existence of the research problem at
challenges of digital banking to the elderly. This hand. It is not unlike having a road map or an
study was designed to address the gap in the itinerary for your research when you have a
literature. theoretical framework to guide you. A theoretical
framework may be compared to a map or travel plan.
Across the world, the effects of digital banking When planning a trip to a foreign country, travelers
system have been met with varied responses among often look to their own past experiences and the
customers. That is because flaws in terms of digital accounts of others who have made similar travels to
banking include poor internet services, vulnerable to choose the best means of transportation. According to
criminals assessing customers’ information and research (Sinclair, 2007).
illegally transfer of money into their accounts
especially in terms of needs (Pankomera & Van The Igbaria’s model was developed in 1996
Greunen, 2018). Studies have also found that, digital (Wibowo, 2019). Igbaria's model (IM) suggests that
banking has been affected by limited protection of both extrinsic and intrinsic motivators play a role in
customers, inadequate use of apps to secure the whether or not people choose to use new technologies
environment, limited disclosure, and limited interests (Taherdoost, 2018). Perceived utilization is an
of digital banking and failure by consumers to intrinsic motivation and perceived utility is an
understand products (Tsanis & Stouraitis, 2021). In extrinsic motivator, both of which affect behavior
SSA, the lack of adequate prudential regulatory (computer use) and attitude, in accordance with this
enforcement has been a major cause of problem for paradigm (computer satisfaction). In addition to these
financial banking sector in terms of digital banking factors, user acceptance is affected by the user's
(Mujinga, Eloff & Kroeze, 2018). Over the years, the perceptions of its usefulness, fear, satisfaction, and
absence of vigorous implementation of digital enjoyment when using the technology (actual
banking regulations as well as ineffective digital behavior). Perceived frequency of use and perceived
banking has been the contributory factor to poor usefulness both have direct and indirect effects on
implementation among the elderly (Maharaj & Pooe, adoption (through satisfaction). Perceived usefulness
2021). As a result, Kyari and Akinwale (2020) also affects actual utilization. Anxiety over using
revealed that the regulatory area of the banking sector computers also has a negative effect on two other
has been acknowledged to be poor and have led to dimensions: how often and how usefully people say
many difficulties encountered by the digital banking they use computers. And research has shown that
system. Though some studies have been conducted time spent in front of a computer correlates with
(Maharaj et al, 2021; Tsanis & Stouraitis, 2021) in increased productivity.
respect to the challenges and benefits of digital Importance of digital banking among the elderly
banking among the elderly, literature is silent on the The importance of digital banking among the elderly
matter within my study area. Hence credence is would be very importance since the elderly are part of
further given to the necessity of the study. the general population. The importance of digital
The reviewed literature highlights the absence of base banking among the elderly is to provide them the
level data at the Bolgatanga Municipality about the opportunity to have access to their funds once they

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are saved in the banks. Digital banking provides the banking ensures that the elders are made to secure
opportunity for the elderly to withdraw money from their savings and also have access to the banking
their banks without having to walk to the banking space (Shunbo et al., 2016). In the banking sector
hall. Digital banking also provides the opportunity for among the elderly, that has ensured that the elders
the elderly to deposit their funds into their accounts also take part in making the cashless economy very
electronically (Fahad & Tanko, 2012). attractive and potential (Muath, 2017; Michael, &
Chris, 2016)
Additionally, digital banking provides the opportunity
for the elderly to move away from the traditional Studies have revealed that, there is several importance
form of banking to banking without the use of of digital banking among the elderly and this has
physical cash. This helps to reduce thefts that could provided the opportunity for them to have payment
occur as a result of the elderly carrying physical cash system options. The use of the payment system would
on them (Popoola & Arshad, 2015). Authors have provide them the opportunity to make the choice to
observed that, providing accessible ATMs, SMS have access to debit cards and mobile devices to pay
banking to customers and debit and credit cards are their friends and family members. When the elders
very important ways to help improve on banking have access to the various options, they could make
among the elderly. The use of digital banking would mobile money payment system. The use of payment
ensure that, the elderly ensure the proper use of their system would ensure that, the elders would go online
hard-earned monies (Al-Fahim, 2013). to engage in online payment (Zheng &Yonghong,
2005).
Similarly, the use of remittance among the elderly
would ensure that, good and services could be bought It has been observed that, digital banking ensures that
by the elderly for proper use. When the elderly are the elders would spend less on their monies and let
educated about the use of digital banking, it enables them be able to use their monies for their intended
them save their monies in their wallets. This would purpose always. The use of digital banking allows the
enable them to make use of their monies (Marita et banks to provide less time with customers in the
al., 2008). banks. This helps to reduce banks employing fewer
staff and reducing the mistakes that are associated
Additionally, Sylvie and Xiaoyan (2005) found that,
with serving customers in the banks. The right use of
digital banking provides the opportunity for the
various platforms could reduce the challenges
elderly to monitor how much they could spend. The
associated digital banking among the elderly. The
use of digital banking enables the elders to get a
importance of digital banking saves cost and
record of their monies that they spend even if it would
improves the use of mobile money (Jyoti et al., 2018)
be done by a third party. Therefore, the use of digital
banking ensures that, the elders are not been cheated Alex, David and Alex (2016) found that digital
always (Sylvie & Xiaoyan, 2005). banking enables the elderly to reduce the long queues
in the banking hall. The use of digital banking
Also, the use of digital banking provides, the
reduces the cost of transportation among the elderly
opportunity for the elderly to become use to social
to the banking hall (Alex, David & Alex, 2016). It is
media usage. Technology has made it easy for the
very important to state that, time management is very
elderly to make use of apps and these are often used
important among the elderly. Therefore, any process
by banks. The use of social media provides the
to help reduce time waste in the banking hall would
opportunity for the elderly to make use of social
be greatly appreciated. The use of digital banking
media for sharing and updating their knowledge on
improves banking services and reduces waste of time
digital banking (Salifu et al., 2016).
at any point in time (Czaja & Rogers, 2018).
Similarly, the benefits of digital banking among the
Other authors have revealed that, the use of digital
elderly are enormous. Digital banking ensures that
banking improves record keeping that could be used
opening bank accounts is very simple. The use of
by the elders to monitor their spending especially in
banking transactions through digital banking enables
time of need. The use of the data generated could be
them to reach the bank through phone calls and
used by the elders to improve on record keeping
websites. The banks also enable the elderly to access
(Jyoti et al., 2018). The use of digital banking among
their accounts at any time in point. The use of digital
the elders creates the opportunity for them to improve
banking also ensures that the elders could check their
on their banking skills (Mingming, Khai & Truong,
accounts at any point (Brodrick et al., 2019).
2018).
Digital banking also provides the opportunity for the
In an assessment of digital banking among the
elderly to improve on technology and communication
elderly, it has been reported that, the elderly has been
technology in the digital era. Therefore, digital

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using digital banking because of the security. The industry is re-shaping itself and moving to a
author revealed that, the elders were using digital technological approach from traditional approach.
banking because of the way it was perceived to be Digital innovations are creating a new picture of
safe and secured (Zheng & Yonghong, 2005). It was banking services. Due to the adoption of digitization,
revealed that majority of the respondents said banking the banking sector in India is facing some remarkable
digitally was more common and they could do it changes as well as hurdles. As people are living in the
about four to five times. Another study found that, the digital era, it is not possible to avoid the growth and
elderly was not using digital banking because it was services of digital banking even with the challenges.
not easy to operate always (Muath, 2017) Everyone uses modern mobile devices called
Challenges associated with digital banking among smartphones, which can be easily used to access
the elderly many digital banking services despite the challenges
The banking industry has been integrating digital that might be associated with the practice (Jyoti et al.,
technologies globally. However, accepting new 2018)
technologies is challenging in particular for older Banking sector has also become more competitive
adults (Brodrick et al., 2019). Michele, Janice, and with the advent of digitization and the digital banking
Johnna (2013) for example found that the elderly program ensures better customer service, thereby
encounter more problems using digital banking as attaining the goal of cashless economy. The
compared to the younger ones. For example, older digitization in banking has started shifting the
adults encountered more problem using smart phones paradigm of cash and paper-based banking to cashless
than young adults. As a result, older adults may be and paperless banking. On the other hand, the
affected more by this digital shift in banking than technology has cyber threats which should be
young adults. properly covered by such a high security system. Low
Also, digital banking transaction among the elderly internet connectivity rate, lack of awareness are some
through internet can be very impersonal. Most people other hurdles in the path of digital banking (Švecová
generally like personalized services. For those kinds &Odlerová, 2018).
of people digital banking is not ideal. Digital banking Hirak et al. (2021) study showed that most older
makes it possible for the banks and their customers to adults did not adopt digital banking as they still
do their business from anywhere in the world preferred to use the traditional banking system. Even
(Michele, Janice & Johnna, 2013). But it is extremely if they used digital banking, they did not find banking
difficult for regulatory authorities to enforce finance websites easy-to-use. Researchers further studied the
laws. Additionally, every nation has different differences in digital banking between older and
regulations. So, it is difficult to enforce same laws young adults. For example, Czaja and Rogers (2018)
and regulation in every country (Salifu et al., 2016). report shows that digital banking usage in Asia’s
Eleftheria et al. (2017) studied people’s attitudes emerging markets is less popular among older adults
toward online and mobile banking and found that the than young adults. Olsen et al. found that older adults
main barriers to online banking adoption were the were more frequent users of a person on the telephone
perception of risks, computer and technological skills while younger adults used the Internet and ATMs
and Chinese traditional cash-carry banking culture, more often (Michael & Chris, 2016)
and the main barriers to mobile banking adoption In a related development, study participants revealed
were lack of awareness and understanding of the that, it was unsafe to use ATMs or apps. Majority of
benefits provided by mobile banking (Mckinsey, them felt that they were used to manual processing in
2015). Moreover, Paypal (2021) studied predictors of physical banks. These top two reasons might
users’ discontinuance intention of digital banking and reinforce each other. As participants were used to
found that dissatisfaction, perceived usefulness, physical banking and unwilling to try ATMs or apps,
perceived task-technology fit, and perceived risk were they would continue to lack experience with ATMs or
the main predictors of discontinuance intention. apps. Due to the lack of experience, they were more
Similarly, Švecová and Odlerová (2018) found that, likely to continue to feel such platforms were unsafe
using digital banking services, may lead to clients (Alex et al., 2016; Zheng &Yonghong, 2005; Czaja &
becoming annoyed by constant unnecessary emails Rogers, 2018). The rest of the reasons were related to
and updates. Customers might get overly marketed the design of ATMs and apps. Participants felt that it
too and become annoyed by those kinds of was inconvenient to read the text on ATMs and apps
notifications. Today digital banking has taken a new due to their poor eyesight and that ATMs and apps
shape in the world of technology. The banking were too difficult to use (e.g., “I don’t know how to

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do online banking”, “I’m too old and don’t know how For instance, Creswell (1994) argued that, in
to use it”). Finally, participants also indicated that qualitative study, smaller sample size is usually used.
some transactions could not be handled by ATMs or The author argued that, at least eight would suffice
apps. These reasons highlight participants’ perceived for a qualitative data provided data saturation is
difficulties with ATMs and apps, including trust, reached. Also, Ryen (2004) revealed that in
legDBility and usability. qualitative study, the ideal sample should be less than
Additionally, Mingming, Khai and Truong (2018) twenty-five. In using the above to justify the used of
found that study participants did not know how to the fifteen study participants, data saturation was
bank online or felt that they were unable to do certain reached with the used of the sample size.
banking transactions online. The authors further The study employed simple random sampling method
revealed that, older adults felt banking websites were to select the banks in the Bolgatanga Municipality. In
not user-friendly and mobile apps were difficult to this study, simple random sampling technique was
use. employed to select the banks. In the Bolgatanga
According to Daniel (1999), due to the high municipality, a list was generated from which the
dependency on computers in workplaces, the banking banks were selected. This sampling method was used
and finance industry for instance tend to report the to ensure that each bank has an equal chance of being
highest incidence of misuse of customer information. selected for the study. After the banks are selected,
A case in point of breach of security was that of purposive sampling method was employed to sample
CitDBank in 1994 which is still recalled in the respondents or study participants. According to
banking and security circles. The incident depicts Creswell (2008) purposive sampling method is used
hackers who penetrated into the bank’s system and by the researcher based on his/her own judgement of
wired money to other banks around the world. With the study participants he/she intends to participate in
the occurrence of such incidence, customer the study. The study employed this sampling method
confidence and trust are dependent on how banks put because, it is one of the most widely used sampling
in place systems and institutional mechanisms to deal method in qualitative research to gather rich data for a
with erroneous transactions and security concerning study with limited base line studies. Purposive
e-banking. sampling method was used to gather the data from the
sampled population that was chosen to enhance the
Methods and materials data quality of the subject matter.
The study used a qualitative approach in the form of a
descriptive exploratory study design. The used of the RESULTS AND DISCUSSIONS
descriptive exploratory study design enabled the In this section, the findings of the data gathered from
study to examine the benefits and challenges of the interviews conducted are presented. The section
digital banking system among the elderly in the study contains the socio-demographic characteristics of
setting. Authors in the field of qualitative studies have study participants followed by findings of the
argued that, descriptive exploratory study design is research questions, which are grouped under main
used when the research problem has not been well themes with sub themes and categories. The sub
studied and not clearly defined among the study themes and categories are supported with verbatim
participants (Creswell, 2008; Polit & Beck, 2012). quotes from the interviews. It is important to note that
The merits of employing the study design were the these themes displayed or discussed are not in any
ability of the study to be flexible in the data gathering particular order of significance. The findings were
processes from the study participants in the study presented using thematic analysis approach
setting. The thematic analysis is used to give meaning from
Also, the study could provide a sound basis upon the data collected providing the basis for the
which a research hypothesis could be formulated for a qualitative study. With the conventional thematic
quantitative method of data collection from the study analysis, coding categories are derived directly from
participants. However, the used of the qualitative the text data of study participants and used for the
approach for the data collection could lead to bias presentation of the findings. This particular approach
since the sample size was usually small. The study was particularly used to draw on the responses of
used the design for the data collection because it was study participants concerning the topic at the study
appropriate for the study on digital banking system setting.
among the elderly. Demographic data of study participants
The sample size for this study involved fifteen (15) The demographic variables of study participants were
study participants. This sample size was justified by collected. As typical of every research work, the
the scholars in the field of the naturalist paradigm. study gathered data from certain variables since that

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could enhance the confirm ability of the study Based on the findings, the following have been
findings. These variables included, age, marital status, presented.
occupational categories, level of education and
Sub theme one: Improved security of cash
number of children of study participants. Each of the
At the study setting, it was found that the elderly
variable is explained below.
identified improved security of cash as a form of
Table 1.1: Demographic data of respondents security in digital banking. One study participant
Variable Frequency Percent (%) revealed that, carrying money all the times in the
Age wallet or purse was risky and hence there was the
50-55 years 9 20 need for security measures to prevent the cash from
56 + years 6 13.33 been stolen…. (Male participant: December, 2021)
Sex The implication of elderly using digital banking is to
Male 10 22.22 make sure that their regular cash is secured. The used
Female 5 11.11 of digital banking among the elderly promotes proper
Education confirmation and authentication. The used of cross
SSSCE 3 6.67 verification provides a double check for prevention of
Degree 10 22.22 any criminal and fraudulent transactions in the bank.
Master’s 2 4.44
Sub theme two: Reduction of time at the bank
Table 1.1 presents the age component of the The used of digital banking makes it easy for the
demographic data of the study participants. Age is elderly to reduce the time they would have spent at
considered very important in data analysis because the banking hall. As a result, this makes it easy for the
age provides the means by which respondents could elderly to try from time to time to engage in digital
be assessed objectively in terms of how they banking. One respondent remarked as;
understood the variables that were assessed. Based on
I think standing in the long queues even among the
the results, the modal age was 50-55 years. Assessing
elderly themselves make it easy for them to engage in
study participant age was to enable the researcher to
digital banking always. The used of ATM cards to
know the level of maturity of their responses based on
withdraw small amount of money saves times and
the variables assessed therefore making the research
makes the transaction very easy to engage in
findings credible and transferable.
always…. (Male participant: December, 2021
Based on the age compositions, majority of the
Practically among the elderly, digital banking makes
respondents had some appreciable knowledge in
it easy for them to conveniently conduct financial
digital banking and in most instances been engaged in
transactions without having the need to worry of the
the use of some digital plat forms. The study presents
needed much times always spent at the time.
the responses of the respondents from both male and
Therefore, using the ATM card becomes very simple
female. Based on the findings, majority of the
for elderly when they are engaged in digital
respondents representing 22.22% were males. The
transaction always.
responses from the females complemented that of the
male respondents. In a related development, study participants have
revealed that, using digital banking makes it easy for
The educational background of the study participants
the elderly to transact seamless cash. One respondent
was collected. Based on the findings, most of the
remarked this as;
respondents who constituted 22.22% indicated that
they had obtained a first degree. The educational level Sub theme three: Simplified transactions among
of respondents was collected to help assess the basic the elderly
understanding of respondents in digital banking I think now technology is very good. This is because,
within the Ghanaian society. Additionally, their level the elderly has been using it for some time now. The
of education had some correlation in terms of transaction process has become very seamless. In
familiarity of some existing digital platforms in other small shops people now accept mobile money
Ghana. From the results, most of the study once the elderly person has the mobile banking apps
participants had two children and the rests had at least or the digital money wallet. This process has made
three children. the transaction of digital banking among the elderly
very simple and easy without stress in any form….
Importance of digital banking among the elderly (Female participant: December, 2021)
Various sub themes emerged on the importance of
digital banking among the elderly in the study setting. In the broader context of the findings, the seamless
transaction of digital banking has made the process

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very comfortable for the elderly even among those increase in the number of cases of the COVID-19
who may not be able to move to other places to seek ensures physical contactless of the money by the
proper care in terms of using other mobile apps. In elderly. This is one of the importance of the use of
the environment of the elderly, they have been digital banking… (Male participant: December,
engaged in the practices for some time now and 2021)
buyers now accept the payment system of mobile Similarly, another study participant revealed how
banking making the process very easy and simple for digital banking could be very important to the elderly
the elderly. in this way;
In other jurisdictions, engaging in digital banking in I think using digital banking ensures that the elderly
the form of using debit cards and other forms of credit do not spend so much beyond what they were
cards have made digital banking among the elderly a supposed to spend. This ensures that they are
preferred mode to receive payment methods and even spending within the budget discipline in the area ...
buy other items using Google Pay and other methods. (Female participant: December, 2021)
The use of these apps on the phone and even with
other system make digital banking somehow In the context of going the cashless way, the elderly
preferred digital payment method for the elderly. The promotes the effective spending of their monies.
elderly could engage in other financial transactions Keeping money in the mobile wallet promotes a good
even in the face of falling out and short of liquid cash. spending habit among the elderly in various ways.
They could keep records of how much they are
Sub theme four: Promote reward system among spending and how much they are able to ensure that
the elderly they do not spend within their budget means. Keeping
The use of mobile money among the elderly promotes records of the spending habits ensures financial
some form of reward system among the elderly. In discipline among the elderly in varied ways. The used
order to encourage the elderly to continuously use of digital mobile money also promotes better
digital banking, the mobile networks have developed expenses among the elderly and this promotes
the system of rewarding the loyal customers with efficient use of resources in diverse ways.
money over an extended period of service use. One
respondent remarked that in this way; Developing effective and better way to promote the
use of digital banking among the elderly ensures that
The banks and the mobile money service operators they are better able to use their money well and plan
regularly provide some form of reward in the form of to buy other things in a way that they would be
payment to loyal customers. And sometimes also, the happy. Financial discipline among the elderly ensures
banks too do not deduct so much money from well planned life with proper spending. Using a better
engaging in digital banking. These motivate the mobile system that promotes effective payment
elderly to continue to use digital banking among the system ensures that the elderly use their secret codes
elderly… (Male participant: December, 2021) to enter and have access to their money. Once others
In the scheme of work, digital banking promotes are not able to have access to the password of the
different ways the banking system could offer their mobile money wallet, they could also use different
customers how to practice digital banking and various biometric logins such as the fingerprints and facial
ways to ensure that the elderly is offered varied types recognition.
of services for their customers. To promote enhance Others also use the voiceprint or draw a pattern on the
payment system, digital banking payment methods phone as a form of biometric identification system to
provide special reward for the elderly without any ensure the money is protected. There is also a risk of
benefits associated with the process. The elderly as a promoting limited risk factors such as thefts and the
form of motivation could receive regards and use of no additionally verification system to login to
discount on services offered to them as a form of cash the money. Even with the use of ATM cards, the use
backs payment systems. of passwords and certain limited access to the secret
Sub theme five: Safety of money among the elderly codes of the cards enable the elderly to ensure
The safety of money among the elderly is one of the effective spending of the money always.
importance of digital banking among the elderly. One There are also times when they attempt to use certain
respondent indicated that, the importance of digital secret details before they would grant them access to
banking was to promote safety of funds. the money. All these are to ensure that money is
The respondent revealed that… digital banking protected at all times among the elderly. In the
ensures that the elderly monies are safe and the ensuing area, the elderly is secured and would use the
cashless system promotes effective transactions. The

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right approach to collect the money to promote environment and had to deal with them in the ever-
effective use of their resources always. changing technological age.
Additionally, the use of digital banking among the Sub theme one: Fear of stolen phone with the
elderly promotes secure, safe and less physical money
holding of cash as digital banking promotes good The study assessed the challenges the elderly was
users and even more reason to promote effective encountering at the study setting. Based on the
digital banking always at any point in time. The risk findings, the elder encountered the problem of fear of
associated with carrying money always is often having to lose their phones as a challenge of engaging
reduce among the elderly in terms of how they would in digital banking. One respondent put it this way;
promote effective use of limited resources always. In
I think sometimes the fear of losing the phone affect
the nutshell, the use of digital banking ensures less
the way the elderly was engage in digital banking at
restrictions and less check of people engaging in the
the study setting. Simply put, the elderly sometimes
act. In the expanded form of digital banking, advance
could have their mobile phones lost and their money
features offered a unique form of digital banking and
could be stolen upon the discovery of their secret
platforms and helps saves money. The use of alert
passwords … (Female participant: December,
system ensures new payment method for effective
2021)
use.
Therefore, among the elderly, the significant fear of
The use of digital banking system helps to promote a
losing their monies and the mobile phone were
stable financial system in the life of the person.
identified as a challenge of digital banking among the
Ensuring effective access to digital banking system
elderly. The elderly considered the risk of concern
provides the importance of connecting the elderly to
among the elderly to be more of concern for the youth
other people through banking communities specific to
as compared to the elderly in the study setting. The
the need of the wants and needs of the elderly. The
elderly in their opinion considered that digital
elderly is encouraged to ensure that they select the
banking was effective among the young ones because
most appropriate method to them to promote effective
it was their time this activity became very prevalent.
sound method of ensuring that they are not adhering
The elderly could easily face the challenge of
to any limited approach to bad digital banking
criminals using the phone to try their password and
system.
they have become more sophisticated and that could
The emergence of digital banking Platform has lead to the elderly becoming disadvantage in their
transformed the landscape of the Ghana’s financial activities leading to them losing their monies.
sector and created an appreciable level of ease in
Similarly, another study participant revealed how the
doing business (Kubuga&Konjaang, 2016). This has
elderly were facing challenges with digital banking in
helped to capture a significant segment of the
this manner as;
population who hitherto remained unbanked.
According to Maurer (2012) many factors explain the Sometimes, it is very difficult for the elderly to engage
rapid increase in the use of mobile money platforms in digital banking because it has become very difficult
in Ghana as a way to enhance digital banking. Firstly, to work with…..The elderly cannot trust their own
the strong penetration rate of mobile phones makes ability to work with the mobile phones and the other
the widespread use of mobile-money services apps that enhances digital banking…The elderly
possDBle, particularly in rural areas. Secondly, perhaps now would have tried using digital banking
Ghana’s success is the product of a right mix of channels to navigate… (Female participant:
consumer-driven practices and a favorable regulatory December, 2021)
environment for the industry, built on the back of In the context of the study findings, using digital
early infrastructure investments (Mas & Radcliffe, banking among the elderly has become very difficult
2011). for them to practice because of the issue of trust and
Challenges with digital banking among the elderly ability to operate the system. Over the years, the use
The challenges associated with digital banking among of modern methods and systems of digital banking
the elderly were assessed and the findings presented has become sometime very difficult for the elderly to
based on the themes and sub themes that emerged. work. When it becomes very difficult for the elderly
Based on the findings, the sub themes that emerged to use, then it comes very expensive to transact
were suggested. The challenges that the elderly was mistakes.
encountered with in terms of digital banking were Additionally, the used of digital banking among the
identified. There were various forms of challenges elderly too exposes them to the risk of mistakes of
that the elderly faced with in the digital banking

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
attacks and the less used thefts been of targets of the mobile banking to facilitate digital banking that offers
system. The elderly over the years have been fraught no long differentiate response for them to be
with having the challenge to find the technical challenged in the digital world. By offering richer and
competences to operate the mobile apps for their use more meaningful services to the elderly, and
in diverse ways. Exposing the elderly to the technical providing support and advice when needed, across all
equipment that are used to ensure digital banking channels, a bank can ease the progression to this
could lead to the elderly having the mistake of digital lifestyle among the elderly in a simpler way.
showing the password to the thieves. And that could
Digitally engaged elderly generally tend to be happier
have the potential to lead the elderly to abandon the
and more importantly loyal to their people in varied
idea of using digital banking in Ghana.
ways at all times. Therefore, the elderly, in all forms
One respondent remarked again as; of helping to reduce the challenges could help built
I was a victim of a mobile money fraud or attack in the trust, encourage the users and security to the
2020. I received a call from an unknown person who elderly. Helping the elderly to embrace digital
was able to mention my name. He indicated that, he banking would enable them to interact with the rests
had wrongly sent some money to my mobile money of the world and possDBle provide the elderly the
wallet and wanted me to reverse it. Although I was opportunity to ensure effective utilization of the
not sure, I was convinced since he mentioned my digital environment in the digital transformational
name immediately, I responded to the call. I tried to agenda.
reverse the transaction by following his guide. I only
Sub theme two: Poor network of the system
realized that I had been duped after realizing that the
The challenge of the elderly having to walk to the
transaction was false. I lost Gh₵150 through the
bank because of the network problems. Sometimes
process……. (A female respondent, 2021)
because of the poor network in the area, the elderly
I received a call that I had won a promotion on my sometimes because of the network challenges, if they
network. The caller asked me to forward a token to would require cash to buy an item would require that
initiate the claim process. It sounded a little bit they need to have a proper network to be able to get
strange to me although the caller rightly mentioned the money… (Female participant: December, 2021)
my name. I failed to heed to his directions after
Therefore, the challenge of the elderly having to walk
consulting a colleague who confirmed that he had
so many miles to acquire the money because of the
been a victim.……….(A male respondent, 2021)
limited network could discourage the elderly from
…..I received a text message on my phone asking me engaging in any form of proper usage of digital
to update my details due to an ongoing system banking always. Therefore, to ensure that, the elderly
configuration. After clicking on the link, I realized I is protected always, they have to be coached on how
could not access significant applications on my best to transact business always with the banks. This
phone. I after resolving the problem, I realized that has come at the time the elderly could predict the ease
some money in my mobile wallet was gone………(A and the banking system at any time. The elderly has
male respondent, 2021) become very well versed with various systems for
In the same way, the elderly that would endeavor to explaining the need to engage in digital banking at all
take chart of the challenges despite the fears and the times.
challenges would enhance confidence in themselves The elderly could be challenged with the trouble of
and would promote an effective use of the apps having to work so hard to reduce the challenge
irrespective of the age. The elderly could use it to associated with digital banking if proper measures are
reduce the cost associated with the use of digital not adhered to properly at all times. In the event that,
banking at all times always. To help reduce the the elderly is asked to send documents through email
challenge of digital banking, there is the need for the or sign while banking, there is the need for them to
elderly to be sure that their banking system is safe, adopt various ways to promote the effective way to
easy to use and very comfortable to use always. ensure that they are delivered in good faith always.
Central to this is an omnichannel strategy that When the elderly is not well informed of the need for
facilitates a smooth digital transition, but that also the use of confidence in digital banking and throw
allows the elderly to come to terms with the use of them off completely at all times. Hence building the
digital transformation has been the need to try as confidence of the elderly on digital banking would
much as possDBle to help reduce the menace of encourage the elderly to ensure an effective use of
digital banking challenges. To help make it more mobile and ATM apps.
effective for the digital banking, there is the need for

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Sub theme three: Mistakes about the use of digital use of trained personnel to help the elderly to get their
banking cash. One respondent remarked as;
The study further found that, the elderly was worried The use of remote digital banking especially among
about the mistakes that the elderly could make about the elderly who are not well educated could lead to
engaging in digital banking. One respondent revealed difficulty in engaging in digital banking at all times.
that; (Male participant: December, 2021)
I have a problem with my eyes. Because of my ill To improve the use of digital banking among the
health, it has become very difficult for me to use the elderly, there is the need for the elderly to be trained
mobile phone to engage in serious transactions. in a way that would be effective for them. There have
Therefore, am always worried about making mistakes been serious challenges associated with the elders
when am using the digital banking platform in varied using digital banking. This is based on the simple
ways… Female participant: December, 2021) reason that; limited security measures have been put
Another study participant revealed how they have to reduce the risk.
been challenged by using digital banking in this The purpose of digital banking provides a less
manner; complicated work for the elders while that of the
I think I fear losing my money to others because of my younger one has become very less difficulty in
eye problem. The use of digital banking could lead to banking digitally. To ensure that, the elders are
loss of money in various ways such as wrong sending ensured proper in terms of digital banking, there is the
of money to the wrong person and sometimes need for banks to help the elders to be effective in
criminals using the mobile phone to withdraw money terms of applicability.
from the wallet without my knowledge at any point in In a related development, digital banking provides a
time…. So the elderly who are been targeted as mean by which the system reduces hackers from
engaging in digital banking have been justified… attaching the elders. The used of weak system make
(Female participant: December, 2021) transaction vulnerable to customers.
In assessing the findings from the perspectives of the Also, in terms of mobile money transaction, criminals
study participants, the elderly could be faced with could employ various ways such as phishing to
varied problems such as old age could bring a lot of retrieve relevant information from the elders to dupe
problems such as the risk of losing eyesight and that them of their money. This usually involves sending
could lead to the challenge of using digital banking. email messages to the targets so they could get them
In rare cases, the illness could prevent the elderly easily. The criminals often use the emails to trace to
from using digital banking because the condition such them so they could easily dupe them. Also, the elders
as chronic pain, the arthritis, and the large dementia sometimes find it very difficult to capture the data.
and even the stroke could affect the way they have Data capturing processes sometimes lead to errors
been using digital banking. In the extreme cases, the and this could affect digital banking. Wrongful supply
condition could affect the elderly macular of sensitive information used in creating a personal
degeneration, glaucoma, cataracts and diabetic profile may leave loopholes for hackers to breach.
retinopathy affect the way the elderly have been using
digital banking over the years. These diseases could The impact of the increasing incidents of cyber-
potentially affect the way screens and keyboards have attacks is analyzed within the context of Ghana’s
been operated. digital system. Although efforts are being made to
protect the back-end infrastructure of the Telcos, the
In other places where the elderly has been to banks transmission medium to users is being exploited by
and are having challenges, they have dedicated staff hackers through the generation of developed codes.
who attend to them always all the time to reduce the These fraudulent activities are increasing in scope,
risk of theft associated with the use of digital banking. reducing the confidence of users within the digital
To prevent the elderly from frequenting banks with space and increasing the vulnerability of users.
the challenge of digital banking, there is the need for
them to ensure that they have limited challenges Other reason ascribed to weak security measures is as
associated with digital banking. a result of obsolete systems which cannot compete
with emerging cyber threats executed with varying
Sub theme four: Limited use of human resource levels of sophistication (Vlcek, 2011). Due to these
for digital banking weaknesses, scammers are able to manipulate such
The elderly hasn’t been getting the needed support system and use it to dupe unsuspecting users.
because of limited support sometimes due to limited Fraudulent technology experts also maneuver the IT

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
systems to dupe others conceal such acts. The would help to ensure that the elders are protected all
practice is reducing confidence of some Ghanaians in times….… (Male participant: December, 2021)
the use of mobile money platforms and these may Using digital banking ensures those who are not
culminate into significant economic loss to the state if educated could help to ensure that there is improve
left unchecked. way the elderly could use digital banking always. The
Ways of improving digital banking among the use of well proven way to ensure effective digital
elderly banking would ensure that there is effective way to
There have been ways to improve digital banking promote digital banking among the elderly. There is
among the elderly. This could be done by employing the need for the elderly to engage in proper ways that
various ways such as the use of good interface to be would promote easy-to-follow educational videos for
easily used by the elderly in digital banking. To the elderly. This would ensure that they have the right
effectively improve digital banking among the to be educated on the videos to make it easy to
elderly, there is the need for them to effectively use understand.
measures that would lead to better usage among the New technology can be hard to wrap the skills
elderly. The use of good banking interface provides around. Unless clearly shown how to use it, operating
good grounds for the banking system to be elderly digital technology can be a daunting task that may put
friendly at all times. some elderly people off. Fear of technological change
To advance the possDBle ways to reduce the can tie in with this, leading many elders to avoid
challenges associated with the elderly use of digital technology. As well, some elderly people may feel a
banking, the following themes were advanced. sense of inadequacy about their digital skills and
compare themselves with the younger generation of
Sub theme one: Use protective security measures ‘digital natives’. Many government departments now
to protect the banks interact with citizens online and having to rely on
The use of proper security measures could help to phone, letter or paper forms can put them at a
ensure that, the elderly is protected against theft. One disadvantage compared with the convenience of
respondent remarked as; online processes if proper training could be done.
I think ensuring that there are proper security Banking is another area in which the internet has
measures always would ensure that is a way to made rapid inroads. With so much banking now done
protect the elderly from theft…. (Female participant: online, many financial institutions no longer offer
December, 2021) passbook accounts for new customers. The effect of
Employing digital banking means that the elderly are Covid-19 lockdowns, where it may be impossible for
protected against measures that would ensure that people to visit bank branches, increases the
they are not vulnerable to theft. To ensure effective importance of getting to know the way around
means to protect the elderly, means that there should technology. Becoming digitally literate means not
be a better security password that would be adhered only do not have to not have to visit a branch to do
to always. The use of finger prints and facial the banking, they can take advantage of a wide range
recognition ensures that these measures are ensured to of services that digital banking offers.
provide secure environment for them to use digital Similarly, another study participant remarked as;
banking.
Digital banking could be improved by the elderly
Similarly, another study participant remarked how been educated about the use of digital banking…
they could ensure that they have been protected from (Male participant: December, 2021)
the theft of criminals always as;
An effective way to ensure that the elderly are made
I think the bank should be able to ensure that, the to use digital banking is to promote effective
elderly is introduced to appropriate methods of communication system, Where there is enough
security measures to ensure that their cash is communication system, the elderly are more likely to
protected always… (Female participant: December, be using digital banking as compared to others areas
2021) without communications.
The elderly should be made to take the digital In digital banking transaction, most customers would
banking seriously because the digital banking would not read messages thoroughly before jumping into
improve security of the elderly in various ways. replying the message. There is the need for the elderly
Additionally, another study participant remarked as; people to be told of the risk associated with the use of
The banks could help to ensure that the use of digital digital banking always. Sometimes, agents allow
banking would help to ensure that text messaging fraudsters to register SIM cards without using a

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
recognized national identification card. This has Management of digital platforms in Ghana should
become difficult for the security agencies to track train employee to be aware about risks and
these criminals. Despite the introduction of a policy security measures during the risk analysis process
which compels mobile money agents to confirm the and understands the financial impacts of potential
identity of potential customers, the systems are not security risks on the institutions to take measures
backed by an effective real time authentication seriously.
process. Again, multiplicity in Ghana’s ID system
Management of digital platforms in Ghana should
also comes with its attendant challenge. This explains
train employee to be aware about risks and
reasons why there are gaps in the use of mobile
security measures during the risk analysis process
platforms as a tool to fast-track Ghana’s digital
and understands the financial impacts of potential
transformation agenda.
security risks on the institutions to take measures
Conclusion seriously.
The results of the analysis show that, to combat
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