To Help Increase Adoption of Online Banking Among Older Adults, Capital One, Grovo and OATS Launch ‘Ready, Set, Bank: Online Banking Made Easy’
New educational program offers free video-based training on everything from depositing checks on mobile devices to making transfers to friends and family
NEW YORK, August 4, 2016 /3BL Media/ To help support increased online banking usage among older adults, Capital One Financial Corp. partnered with Older Adults Technology Services (OATS) -- a nonprofit that helps older adults develop technology skills -- and workplace learning innovator Grovo to launch ‘Ready, Set, Bank: Online Banking Made Easy’, a new educational program designed to help older adults access the benefits of online and mobile banking.
While many seniors in the U.S. are already online, mobile banking usage 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 banking¹.
The Ready, Set, Bank program provides a series of videos and lesson plans that explain online and mobile banking basics such as how to navigate mobile banking apps; set up alerts about account activity to protect from identity fraud, and enroll in direct deposit for social security or retirement benefits.
“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,” said 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.”
The videos were created for seniors at any stage of the online banking learning process - from those new to online banking to those looking for new skills.
"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,” said 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.”
In addition to the online program, seniors can learn online banking through a series of instructional classes at OATS’ Senior Planet Exploration Center in Manhattan, and at additional partner sites in Manhattan, Brooklyn, Queens and the Bronx beginning in October. Classes will also be offered at partner organizations in Chicago, Los Angeles, Washington D.C. and Boston this fall.
“The online banking course has taken my fear away from getting started on online banking,” said Anne Benyaminowich, a senior who participated in the pilot 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,” said 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,” said 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.”
Capital One and Grovo partnered in 2015 to build the Future Edge Digital Literacy Challenge, which helps individuals build the digital skills needed for today’s workforce. These efforts are part of Capital One’s $150 million Future Edge initiative to help prepare more Americans with the skills, tools and resources they need to succeed in the 21st century economy.
Seniors interested in taking instructional classes in New York City should call the OATS student hotline at 718-502-9203, and those interested in classes across the country should visit ReadySetBank.org.
About Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is a Fortune 500 company with branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Its subsidiaries, Capital One, N.A. and Capital One Bank (USA), N. A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. As part of its ongoing commitment to communities across the country, Capital One recently launched the Future Edge, a $150 million commitment to empower more Americans to succeed in a digitally-driven economy through community grants and initiatives over the next five years. To learn more about Future Edge and other Capital One initiatives please visit www.capitaloneinvestingforgood.com or @YourFutureEdge.
Older Adults Technology Services (OATS) is a nonprofit, New York City based organization that engages, trains, and supports older adults in using technology to improve their quality of life. The mission of OATS is “to harness the power of technology to change the way we age.” OATS has created a national model for using digital technology to address the vital health, social, financial, civic, and creative needs of older adults. Since 2004, OATS has delivered programs at more than 70 centers across New York City and at the Senior Planet Exploration Center in Manhattan, training more than 30,000 seniors over the past decade. For more information, visit www.oats.org.
Grovo is reimagining learning for today’s teams. The workplace learning company combines beautiful technology, engaging content, and hands-on advisory support to deliver a better way to learn at work. The heart of Grovo’s approach is microlearning -- bite-sized video lessons, exercises and real-world practice delivered in the right way, at the right time. From digital skills to leadership training, Grovo teaches employees the behaviors to be extraordinary at what they do, on a platform that learners and trainers love. Founded in 2010, Grovo has delivered more than 9 million learning moments at organizations in over 190 countries. Learn more at www.grovo.com.