More than two million people aged 70 and over are logging on to online banking, according to the British Bankers Association (BBA).
Some 450,000 over-60s are also accessing their accounts via smartphones and tablets, which includes nearly 20,000 over-80s.
HSBC has revealed its oldest customer to download its banking app is 108 years old and RBS reported that the number of customers in their 70s who have downloaded its app has grown by 93% in the past year – more than any other age group.
Similarly, Barclays has seen a 41% rise in customers aged 80 and over downloading its app between 2013 and 2014.
In total, banking apps have been downloaded more than 12 million times in recent years.
BBA chief executive Anthony Browne said: "These figures shatter the myth that this technology is only for younger generations – millions of older people are avid users of banking websites and apps. Banking on the move is as much a reality for silver surfers as it is for students.
"Customers of all ages like the fact that they can now make payments, check balances and do other banking tasks from the comfort of their home without trudging into town. It’s precisely because these technologies are so popular with people of all ages that banks are investing so heavily in them."
He added: "Not everyone will want to harness these new services, but it’s vital that no one feels excluded from this easy-to-use technology and that banks continue to give all the support they can to those who want to learn how to join what is fast becoming a banking revolution."