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South Korea's Financial Services Commission will set detailed guidelines for local banks in addressing difficulties by senior citizens when using mobile bank applications and their websites.
The FSC will be assisting seniors in adapting to digital trends and technologies in finance.
Research would be conducted to identify senior citizens' demand for digital banking and financial services through surveys and data collection.
In addition, the FSC will try to analyze how developed countries provide contactless digital financial services to the elderly.
Due to the novel coronavirus scare, consumers are increasingly utilizing mobile phone banking.
But the elderly are not adept at the use of online financial services, such as money transfer and online banking.
South Korea's citizens aged over 65 accounted for 14.9 percent of the population. The percentage of mobile banking users who were in their 60s and 70s reached 18.7 percent and 6.3 percent, respectively.
More than 80 percent of the country's 30-somethings population transact online.
