Proposed by Capital One Financial Corporation
To help support the increased use of online banking services among seniors, Capital One Financial Corp. has partnered with Older Adults Technology Services (OATS) – a non-profit organization 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 seniors access the benefits of online and mobile banking.
While many seniors in the United States are already online, mobile banking usage among seniors is lagging behind the rest of the population. According to a recent Federal Reserve Board report, only 18% of people over 60 use mobile banking¹.
The Ready, Set, Bank program offers a series of videos and lesson plans that explain the basics of online and mobile banking, such as navigating mobile banking apps; set up account activity alerts to protect against identity theft 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 more people have the skills to successfully manage their money,” said Ken Kido, Vice President Executive, Retail Banking, Capital One. “Ready, Set, Bank will increase familiarity with and access to mobile and online banking for seniors, giving them more confidence in the convenience, control, and real-time financial tracking capabilities of these tools.”
The videos have been created for seniors at any stage of the online banking learning process – from newbies to online banking to those looking for new skills.
“Loan, loan, bank will be essential 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, Executive Director of OATS. “Research shows that older adults who are educated are able to get the most out of the online experience, and this new resource from Capital One will provide high-quality instruction to older adults, free of charge, regardless of age. where they live or choose to bank.”
In addition to the online program, seniors can learn online banking through a series of courses at OATS’ Senior Planet Exploration Center in Manhattan and at other partner sites in Manhattan, Brooklyn, Queens and the Bronx. starting at October. Classes will also be offered at partner organizations in Chicago, Los Angeles, Washington DC and Boston this fall.
“The online banking course took away my fear of getting into 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’m now getting my feet wet.
According to the Consumer Financial Protection Bureau, seniors lost an estimated $2.9 billion in 2013 due to financial scams. Online banking has the power to transform the way seniors manage their money, protect themselves and stay in control of their finances.
“We are thrilled to partner with Capital One to promote the clear, positive and informative lessons of Ready, Set, Bank training,” said James Firman, President and CEO of the National Council on Aging. “The program aligns well with NOCA’s goal of educating seniors on ways to improve their economic security through better money management, and is a wonderful opportunity for seniors to use technology to support their independence.
“The digital world isn’t always intuitive or easy to grasp,” said Grovo co-founder and CEO Jeff Fernandez. “As technology transforms industries, people need meaningful learning opportunities to stay ahead. We are excited to partner again with Capital One to design and deliver industry-leading microlearning programs that solve some of today’s biggest skills gaps.
Capital One and Grovo partnered in 2015 to create the Future Edge Digital Literacy Challenge, which helps individuals learn 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 classes in New York should call the OATS Student Helpline at 718-502-9203, and those interested in classes across the country should visit ReadySetBank.org.
Capital One Financial Corporation, headquartered in McLean, Virginia, is a Fortune 500 company with branches primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia . Its subsidiaries, Capital One, NA and Capital One Bank (USA), NA, provide a wide range of financial products and services to consumer, small business and commercial customers. As part of its ongoing commitment to communities across the country, Capital One recently launched Future Edge, a $150 million commitment aimed at enabling more Americans to succeed in a digitally driven economy through grants and community 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 New York-based nonprofit that engages, trains, and helps older adults use technology to improve their quality of life. OATS’ mission is “to harness the power of technology to change the way we age”. OATS has created a national model for using digital technology to meet the vital health, social, financial, civic and creative needs of older adults. Since 2004, OATS has delivered programs at more than 70 centers in 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.avoine.org.
Grovo is reinventing learning for today’s teams. The work-based learning company combines beautiful technology, engaging content, and hands-on advisory support to deliver a better way to learn on the job. The core of Grovo’s approach is micro-learning – video lessons, exercises, and real-world practice 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 learners and trainers love. Founded in 2010, Grovo has delivered over 9 million learning moments to organizations in over 190 countries. Learn more at www.grovo.com.
Capital One Financial Corporation
Capital One Financial Corporation
Based in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a financial holding company, with more than 720 locations in New York, New Jersey, Connecticut, Texas and Louisiana. Its main subsidiaries, Capital One Bank, Capital One, FSB, Capital One Auto Finance, Inc., Capital One, NA and North Fork Bank offer a wide range of financial products and services to consumer, small business and commercial customers. Capital One subsidiaries collectively had $87.7 billion in deposits and $142.0 billion in managed loans outstanding as of March 31, 2007. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
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