Economic Essay: Closing the Know-How Gap

As Korea becomes a “super-aged” society, its biggest financial risk isn’t inflation or cybercrime — it’s the growing divide between those who can navigate digital banking and those who can’t. Nearly all older adults own smartphones, but access is not the problem. As digital theorist Howard Rheingold put it, “Soon the digital divide will not be between the haves and the have-nots. It will be between the know-hows and the non-know-hows.” In a country rushing ahead with cashless payments, AI-driven apps and fintech platforms, the real challenge isn’t technology itself but about making it usable for everyone. So if financial institutions want to maintain the trust of their older customers, they must rethink how digital banking is built and who it’s built for. Digital banking is deeply integrated in Korean society, but for many older adults, it remains intimidating and difficult to use. A few reasons include confusing layouts, strange terminology, physical impairments and a fear of fraud — to which older adults are the most vulnerable. Even apps that offer “senior mode