Mobile banking is an emerging application of mobile commerce that could

become an additional revenue source to both banks and telecom service providers. It is
a form of service convergence enabled by innovative technologies” (Kim et al. 2009).
Also, it is a cost effective service which allows users to break free of the constraints of
time, place, and queues (Al-Ajam and MdNor, 2015).Furthermore, electronic banking
makes it simpler for customers to compare banks’ services and products, can boost
bank competition, and enables banks to enter new markets and thereby increase their
geographic reach. However, this technological boom also has a downside in that
electronic banking is not only susceptible to, but may exacerbate some of the same
risks, particularly governance, legal, operational, and reputational risks inherent in
traditional banking. Saleh and Andrea (2002).

According to Nsouli and Schaechter, (2002), Internet banking is becoming more

popular. Banks are increasingly running websites where clients can do a variety of
activities in addition to making inquiries about account balances, interest rates, and
currency rates. Additionally, E-banking is examined by Angelakopoulos and Mihiotis
(2011) According to research findings, banks need to offer e-banking services in order
to stay competitive. However, some prospective consumers struggle with security and
privacy issues since they are unfamiliar with technologically sophisticated gadgets.

For many older people, using online tools takes time and effort. Since some also
believe they are complex, they are less willing to experiment with new technology than
younger people. Even though e-banking has many benefits for seniors. According to
Knowledge Bank's statement, 2022, several barriers still prevent seniors from using
digital banking. Due to their propensity to fall victim to con artists and other criminal
elements quickly, elderly Filipinos are too frequently at risk of fraud. Therefore, various
financial frauds exist that prey on senior citizens, with phishing schemes being the most
prevalent. By contacting or sending text messages to elders asking for personal
information, scammers prey on their lack of familiarity with digital services and their
trusting nature. These con artists pose as bank officials and make security issues with
senior citizens' bank accounts that they need to fix. In addition to the Knowledge Bank's
assertion, 2022 Lack of Trust in Technology report, many seniors in the Philippines
utilize social media, particularly Facebook, to connect with distant friends and family
members. Many of them would instead not use online banking technologies,
nevertheless. Older folks prefer to trust people more than robots and technologies
regarding their wealth. This mistrust of technology may result from a desire to
comprehend its operations. Moreover, Senior Citizens need more confidence and
technical expertise. Because platforms like social networking applications have no
downsides, many older people use them without hesitation. They do not have to worry
about adverse outcomes when they click buttons they do not know. On the other hand,
when utilizing financial apps, they typically have varying confidence levels. Many people
are reluctant to take a chance out of concern that they might make a mistake and lose
their carefully saved money. Instructions for online banking should be more expertly
written and more straightforward for those with little experience with digital technology.
When they first log into their accounts, many seniors feel bewildered.

Technology is one of the largest obstacles for seniors trying to access internet
banking is their lack of familiarity with contemporary technologies. Seniors may be less
familiar with computers, phones, or other digital devices than younger family members
for whom they are an integral part of modern life. In order to use their bank's digital
services, they would need access to one of these devices.(James Ritter, 2002). In the
same way, the moderation effects of age, gender, experience and voluntariness of use
define the strength of predictors on intention. Age moderates the effect of all four
predictors. Gender affects the relationships between effort expectancy, performance
expectancy and social influence. Experience moderates the strength of the relationships
between effort expectancy, social influence and facilitating conditions. Voluntariness of
use has a moderating effect only on the relationship between social influence and
behavioral intention (Venkatesh et al., 2003). Furthermore, Choudrei et. Al, (2018)
investigation revealed a study gap in the use of mobile banking by older individuals and
the disabled families with lower incomes, as well as other social groupings.
 According to Kamya Pandey (2022), another important reason why seniors have
shifted their needs to the digital realm is the COVID-19 virus and the threat it poses to
them. One of the most important services that older people require is internet banking.
Let’s take a look at some of the most pressing issues that seniors face and how banks
can assist. In the same way, according to Binh Dao Thanh (2021), commercial banks
are actively engaged in digital transformation to become digital banking in order to
improve banking services that meet the needs of customers of all ages. The content of
digital banking, the factors that influence the elderly's adoption of digital banking, and
the need to adapt digital banking products for the elderly.

In the words of Ylikoski (2006) asserts that senior folks require assistance
accepting the world of e-banking because they are not accustomed to using technology.
One of the biggest issues is a lack of knowledge and awareness. Learning it requires
time for the elderly. Since they need to get familiar with the range of services their bank
offers, the transition of senior citizens to online services may be gradual. They are
concerned that performing the chores online may be difficult for them or unsafe.
However, in the statement of Jessica Berner et. al (2014) If a senior citizen lived with
someone who shared the same interest in internet technology, they would learn more
about it. Despite with this, individuals are more likely to conduct financial transactions
and receive face-to-face financial assistance at shops. The lives of the elderly are,
nonetheless, significantly impacted by bank financial services (Guido et al., 2020).