Lloyds Bank Is Setting Up Its Branches to Assist Elderly Customers

With the economic fallout from the COVID-19 pandemic only now starting to really show its teeth, and a looming global energy crisis set to send household bills skyrocketing, banking customers are going to be searching for help and advice to navigate worsening financial hardships – now more than ever.

The 2022 customer needs a banking partner which is human centric, advice giving, and operationally efficient. However, with something as sensitive as money at stake, they are also looking to do business with a bank which will go the extra mile to empower them with the tools and skills they need to navigate these uncertain and stressful times.

This is especially true of customers in the latter years of their lives who may not be as comfortable with digital technology and online banking. These people need a bank which still has a branch-based mindset and can offer the support they need to thrive in the new normal.

Lloyds Bank

As one of the Big Four UK clearing banks, Lloyds Bank has had a long a storied history of dealing with a transforming financial environment and helping its customers navigate good times and more challenging ones.

One cohort of banking customers which can often need more support than others, especially when it comes to get the most out of digital technology and will be disproportionately affected by the looming energy crisis due to having to rely on central heating more than younger people, is the elderly. This has led the British retail and commercial bank to offer additional guidance to its customers of more advanced years.

Elderly customers, due to being less technologically savvy, are also more vulnerable to scams and may need help recognizing fraudulent activity such as phishing and email attacks.

Research by Lloyds Bank has discovered increasing numbers of elderly customers are seeking help with all these factors – in part due to the increased reliance in online banking brought about by the COVID-19 crisis – and is making sure its branches are equipped to help this demographic with these important conversations.

"As those close to us grow older, it can be harder for them to manage life as they once did, especially in the modern digital world and with changes brought about by the pandemic," reports Lloyds Bank. "This means your loved ones may need more help keeping on top of their finances. Some people have had to rely on online banking services in recent times, as coronavirus restrictions have made it harder to visit branches, while some may be uncomfortable entering crowded areas. "

Important Conversations

Lloyds Bank is making its branches available for elderly customers to sit down with their loved ones and staff to have these all-important conversations about how we can better serve them and assist them in navigating the financial concerns associated with the times we live in and more.

"Lloyds Bank has spoken to a sample of over 85-year-old consumers and found that rather than lacking the mental capacity or ability to manage their finances, they are looking to prioritize the things they want to spend their time doing," said Managing Director of Lloyds Bank, Jo Harris. "They tend to have straightforward financial needs and are keen to keep it that way. Others have set a power of attorney up for the future so they are prepared, and their plans are clear for what should happen if and when their circumstances change."

For the times when elderly customers need even more help due to declining mental faculties or other health-related concerns, Lloyds Bank even offers a service where a trusted third party can have a special card with which they can draw cash or make small purchases up to the value of £100.

These permissions need to be approved by the account hold and, once again, can be sorted out in branch with a couple of pieces of ID. However, it all has to start by facilitating important, and sometimes difficult, conversations.

Final Thoughts

In our obsession with digital transformation and all the innovative technology which comes with it, we can sometimes lose site of the critical role the bank branch still has in facilitating some of life’s most important financial conversations.

Nobody likes to think they need help after a lifetime of independence, or that declining health may require more assistance from friends and family than they’re used to, but it’s encouraging that Lloyds Bank is there to offer all the guidance these customers and their loved ones might require.

Setting Up Your Branch for Life’s Important Conversations is set to be a keynote topic at Future Branches Boston 2022, taking place in July at Westin Copley Place, Boston, MA.

Download the agenda today for more information and insights.