Koya, K., Venture Matrix Consultants and Jones, D. (2021) A path of roses and financial literacy : exploring the usability of UK's digital banking services to improve younger adult adoption. In: APIT 2021: 2021 3rd Asia Pacific Information Technology Conference. APIT 2021: 3rd Asia Pacific Information Technology Conference, 15-17 Jan 2021, Bangkok, Thailand. ACM Conference Proceedings . ACM Digital Library , pp. 18-25. ISBN 9781450388108
Abstract
Digital retail banking is a prominent method for customers to interact with their banks. However, over the last decade the banking industry has experienced a slowing of digital retail banking adoption rates worldwide, especially in younger adults. Scholars attribute this adoption slowdown on the dissimilar growth of adoption rates and development maturity of digital retail banking applications, where the adoption rates have summited faster than development maturity. As UK banks are advancing their capabilities in digital banking, to the extent of replacing traditional branches with self-service kiosks, it becomes essential to design usable applications for customers. In retail banking, younger customers tend to continue banking as they age with the institution of their first business, hence it becomes essential for banking institutions to provide mature digital services to attract and retain the digital natives. A focussed survey and interviews conducted by the research team indicates that younger adults find the current user-interfaces impede cognitive and visual access to information and are not user-specific. Additionally, it was also found that their lack of financial knowledge and information deters them from using various features and products provided digitally by the banks. Therefore, it appears that inculcation of accessible financial information and user-specificities into the design of digital banking applications, in addition to offering giveaways could improve user adoption rates in young adults.
Metadata
Item Type: | Proceedings Paper |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 ACM. This is an author-produced version of a paper subsequently published in APIT 2021 Proceedings. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | digital banking; banking services; internet banking; service adoption; development maturity; information services |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Information School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 21 Jun 2022 14:16 |
Last Modified: | 21 Jun 2022 14:16 |
Status: | Published |
Publisher: | ACM Digital Library |
Series Name: | ACM Conference Proceedings |
Refereed: | Yes |
Identification Number: | 10.1145/3449365.3449369 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:188267 |