Banking is an essential social process that has seen exponential growth due to rapid developments in technology. While the majority of the society reaped the benefits of the various innovations in digital banking, it further contributed to the digital divide due to the limited access of older adults. In this study, we look beyond the technical challenges and investigate how social factors are intertwined with technology in the use of digital banking by older adults in the Philippines. We conducted semi-structured interviews between October and December 2024 to better understand the challenges older adults face in adopting digital banking. Thematic analysis of 11 interviews revealed three sociotechnical barriers, usability and design-related challenges, lack of digital literacy and confidence, and trust and security concerns, encountered by older adults in adopting digital banking. The preliminary results of this study will inform scholarship and policies on aging, technology design and banking.