Digital banking's rise in Cyprus leaves many elderly behind amid branch closures
The rapid shift to digital banking in Cyprus, where online banking usage jumped from 40.5% in 2019 to 80.5% in 2024, presents challenges for elderly citizens who struggle with technology. While banks promote the convenience of 24/7 services through apps and automation, many older individuals lack the necessary devices, internet connectivity, or digital skills to access these services effectively.
For seniors, the closure of local bank branches often means exclusion from essential financial services, forcing them to rely on family or neighbors for help. Without face-to-face assistance, complex transactions and security procedures become sources of anxiety and risk. This digital divide highlights a growing social issue, as vulnerable groups find themselves unable to benefit from technological advancements that others take for granted.
Banks must balance modernization with inclusivity by ensuring that vulnerable customers are not alienated. While digital banking offers speed and efficiency, it often requires customers to manage complicated processes independently, transferring responsibilities traditionally handled by bank staff onto individuals without equivalent training or support.
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