A path of roses and financial literacy: exploring the usability of UK's digital banking services to improve younger-adult adoption.

KOYA, Kushwanth, CONSULTANTS, Venture Matrix and JONES, David (2021). A path of roses and financial literacy: exploring the usability of UK's digital banking services to improve younger-adult adoption. In: APIT 2021:3rd Asia Pacific Information Technology Conference. New York, ACM, 18-25.

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Official URL: https://dl.acm.org/doi/10.1145/3449365.3449369
Link to published version:: https://doi.org/10.1145/3449365.3449369
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    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.

    Item Type: Book Section
    Additional Information: APIT 2021: 2021 3rd Asia Pacific Information Technology Conference, January 15-17 2021, Bangkok, Thailand
    Identification Number: https://doi.org/10.1145/3449365.3449369
    Page Range: 18-25
    SWORD Depositor: Symplectic Elements
    Depositing User: Symplectic Elements
    Date Deposited: 30 Oct 2020 11:32
    Last Modified: 25 May 2021 15:45
    URI: http://shura.shu.ac.uk/id/eprint/27519

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