Mobile nudging: Youth engagement with banking apps

Wijland, Roel; Hansen, Paul; Gardezi, Fatima

doi:10.1057/fsm.2016.1

Cited by 18 publications

(7 citation statements)

References 31 publications

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“…PFM products are built on the idea that the more consumers can visualize their entire financial situation, the more they will be better prepared to make sound financial decisions (Baumeister and Tierney, 2012;Duffy, 2018). The concept of mobility enhances the product's accessibility by providing the consumer with the ability to access and act on the information in real-time (Suoranta and Mattila, 2004;Wijland et al, 2016) and aid in monitoring their financial behavior (Baumeister and Tierney, 2012). Baumeister and Tierney (2012) put forward that PFM products (e.g.…”

Section: Ijbm 402mentioning

confidence: 99%

Struggling to make ends meet: can consumer financial behaviors improve?

Meneau

Moorthy

2021

IJBM

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PurposeThe purpose of the study is to examine the following two research objectives. The first was to examine the predictive relationships that consumer characteristics of financial literacy, thinking styles and self-control have with a consumer's financial behaviors. The second goal was to ascertain financial management products' ability to aid those consumers who need it the most by weakening the predictive effects of consumer traits on financial behaviors.Design/methodology/approachThe study employed a web-based survey to gather information. The measurement and structural models were analyzed using generalized structured component analysis (GSCA), a component-based structural equation model. The mediation effect of self-control is assessed using the GSCA. The conditional mediation of demographic variables and use of personal financial management products are evaluated using multi-group analysis (MGA) in GSCA.FindingsAntecedents, financial literacy, thinking styles and self-control consumer characteristics are predictors of financial behaviors. However, self-control plays a more prominent role as a mediator between the other variables, strengthening the overall relationship. Also, financial products can have a beneficial moderation effect assisting those consumers who need them the most.Practical implicationsThese insights help in creating target specific financial literacy strategies to influence consumers' financial behaviors. Also, there is a need to develop mechanisms to influence a consumer's self-control and thinking styles to improve financial behavior. In conjunction with other initiatives, the impact of financial literacy has a greater effect on financial behaviors. Further, the insights assist financial institutions and financial technology firms in offering and creating products to help customers make better financial decisions and improve their financial behaviors.Social implicationsThe research addressed a significant global issue – consumer financial health. The Great Recession and the COVID-19 recession highlight the need to focus on the consumer and efforts to improve their financial health.Originality/valueThis research highlighted the mediating role of self-control and suggested that existing and future financial products can positively influence consumer behavior drivers.

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Section: Ijbm 402mentioning

confidence: 99%

Struggling to make ends meet: can consumer financial behaviors improve?

Meneau

Moorthy

2021

IJBM

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“…The behavioral economics literature suggests that human behavior can be changed effectively by external interventions, or ‘nudges’, as well as by providing more information and education (Thaler & Sunstein, 2008; Wijland et al, 2016). Nudging refers to action in which we can deliberately design how information and choices are presented to individuals.…”

Section: Financial Literacy On the Light Of The Digital Ecosystemmentioning

confidence: 99%

“…Prior research shows that older, lower income, and disabled consumers are less likely to use mobile payment apps, and therefore may be less likely to gain access to Fintech apps (Li et al, 2020). On the other hand, research on mobile banking usage shows that although young people like to use mobile banking applications because of their temporal and spatial freedom and savings in time and effort, they still need active nudging into making better money decisions (Wijland et al, 2016). Hence, it is important to pay attention to design of mobile banking and other e‐payment applications to ensure they do not marginalize segments of the public and serve as an instrument of increasing social inequality (Michael et al, 2020).…”

Section: Financial Literacy On the Light Of The Digital Ecosystemmentioning

confidence: 99%

Financial literacy in the digital age—A research agenda

Koskelainen

Kalmi

Scornavacca

et al. 2023

Journal of Consumer Affairs

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Digital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals' financial literacy and financial capability.As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions. We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies.

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“…Digital finance makes acting on those biases easier and can lack a “ reality check” by a traditional banking professional enacting prudence in their duty of care for the customer. Wijland, Hansen, and Gardezi ( 2016 ) discuss the potential of “nudging” modifications to mobile banking apps as a means of unbiasing young people’s engagement with mobile banking.…”

Section: An Ethical Assessment Of Digital Financementioning

confidence: 99%

Digital Financial Inclusion of Women: An Ethical Appraisal

Kofman

Payne

2021

International Handbooks in Business Ethics

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Digital finance presents great hope for the financial inclusion of women. At last, more women may enter the world economy and benefit from financial products and markets as others have for generations before them. However, the risks of digital finance as a method to achieve financial inclusion are not insignificant – including personal security issues such as vulnerability to scams, and inappropriate products for their financial circumstances. There are also broader implications for communities and society. Despite increased financial inclusion globally and improved access to digital financial services, inequality and inequity across societies in both developed and emerging economies persists. The risks and consequences of the growth and spread of digital finance must therefore be anticipated and mitigated in order for women to achieve financial inclusion and ultimately financial well-being. Through an ethical analysis of digital finance as a method to achieve financial inclusion of women, this chapter concludes that policy makers, established financial institutions, new providers, NGOs, and philanthropists engaged in the development and promotion of digital finance should recognize a concurrent responsibility to actively mitigate the forces that could threaten the well-being of women. Women with money are set to grow as an economic force. Given the right protections, all of society stands to benefit from women finally gaining the power that money affords.

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Mobile nudging: Youth engagement with banking apps

Cited by 18 publications

References 31 publications

Struggling to make ends meet: can consumer financial behaviors improve?

Struggling to make ends meet: can consumer financial behaviors improve?

Financial literacy in the digital age—A research agenda

Digital Financial Inclusion of Women: An Ethical Appraisal

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