Bringing Online Financial Tools to Older Adults

Ready, Set, Bank delivers free, online financial tools and digital skills training for older adults.

Gaining Confidence in Online and Mobile Banking

"I’ve never done online banking before, but I’m learning as I go. I'm inching towards it," says Gilda Cubano, a senior from New York City who is using video-based training to learn digital skills and take advantage of technology to manage her finances.

Like Cubano, many older adults throughout the country are unfamiliar and uncomfortable with online and mobile financial tools. While many are already online, mobile banking among older adults lags the rest of the population. According to a recent Federal Reserve Board report, only 18 percent of people over the age of 60 are using mobile banking.

Introducing Simple, Accessible, Free Training

To help Cubano and countless other seniors access the benefits of online and mobile banking, Older Adults Technology Services (OATS) —a nonprofit that helps older adults develop technology skills —and workplace learning innovator Grovo designed Ready, Set, Bank: Online Banking Made Easy, a series of 44 short videos that explain basic digital financial skills like depositing checks on mobile devices and making transfers to friends and family.

Capital One is pleased to partner with OATS and Grovo to offer these resources. "As technology continues to drive innovation in banking, Capital One recognizes the importance of ensuring that more people have the skills necessary to successfully manage their money," says Ken Kido, Executive Vice President, Retail Bank, Capital One. "Ready, Set, Bank will increase familiarity and access to mobile and online banking for seniors, giving them more confidence in the convenience, control and real-time financial monitoring capabilities of these tools."

"Ready, Set, Bank will be indispensable for the millions of older Americans who need training and support to take advantage of all that online banking has to offer," says Tom Kamber, OATS Executive Director. "Research shows that seniors who get training are able to make the most of the online experience, and this new resource from Capital One will bring top-quality instruction to seniors, free of charge and regardless of where they live or choose to bank."

Bridging Digital Barriers to the Banking System

"The online banking course has taken my fear away from getting started on online banking," says Anne Benyaminowich, a senior who participated in a recent class at OATS. "I always thought it was do or die, but it’s not. I am now getting my feet wet."

According to the Consumer Financial Protection Bureau, seniors lost about $2.9 billion in 2013 due to financial scams. Online banking has the power to transform the way older adults manage their money, protect themselves and maintain control of their finances.

"We are excited about partnering with Capital One to promote the clear, positive and informational lessons of the Ready, Set, Bank training," says James Firman, National Council on Aging President and CEO. "The program fits well with NOCA’s goal to educate older adults on ways to improve their economic security through better money management, and is a wonderful opportunity for older adults use technology to support their independence."

"The digital world isn’t always intuitive or easy to grasp," says Grovo Cofounder and CEO Jeff Fernandez. "As technology transforms industries, people need meaningful learning opportunities to stay ahead. We're excited to once again be partnering with Capital One to design and deliver cutting-edge microlearning programs that solve some of today's biggest skill gaps."

Arthur Forman also recently used Ready, Set, Bank to learn how to bank using digital tools. "I didn’t do online banking, but now that I know about it and understand how it works, I can decide how to get started without feeling lost. In New York, I thought you can always go to the bank down the street, but I’m learning you can just take care of it at home, too! And that’s nice."