The digital financial solutions pathway for generations

Abstract

Digital financial solutions have been in focus since before Covid, whether we look at financial service providers or consumers. Covid has accelerated digitalisation, which has many positive benefits, but we need to understand and research what each generation wants, how they like to bank and what services they need. We need to ask a number of questions about what is worth digitising and at what cost, but we also need generational research, because not all age groups may need to digitise all services. The mainstream focus for financial service providers is central digitisation, but then the financial culture will need to be developed so that we don't go into new rounds of digitisation unnecessarily. Financial literacy education must start with the youngest generations, at pre-school, primary and secondary school levels. The path of development must therefore be planned and the current infrastructure must be consciously built to make future digitalisation truly effective.