Generations on New Technologies in Retail Banking in the Context of Knowledge Economy

Generations on New Technologies in Retail Banking in the Context of Knowledge Economy

Małgorzata Kieżel (Department of Marketing Management and Tourism, University of Economics in Katowice, Katowice, Poland) and Magdalena Stefańska (Department of Marketing Strategies, Poznań University of Economics and Business, Poznań, Poland)
Copyright: © 2019 |Pages: 15
DOI: 10.4018/IJESMA.2019070102

Abstract

Together with development of innovative technology, retail banks increasingly and more frequently apply it to create and provide customers value. Such trends are justified in the article, considering the development of information society as well as progressing diversity in customers' preferences. The differences are increasingly stronger, especially if consumers' age representing different generations. The purpose of the article is to identify and evaluate the scope of use of retail banking products based on innovative technologies by customers in total, and while taking into account belonging to three various generations. According to the results of the research, security, lower price and growth of the comfort of use are the key factors to encourage the customers to use innovative solutions in banking. The most important barriers in that area are the costs that occur together with products based on advanced technologies and perceived risk of using unknown earlier services. However, acceptance of technologically advanced products by a wide range of customers depends on generation.
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2. Information Society In Knowledge-Based-Economy

The third wave of globalisation resulted in significant changes and led to formation of the concept of New Economy, in which information is becoming a fundamental value. This is in fact a group of new phenomena, processes and economic, financial and cultural relations based on new information technologies and automation (computer, Internet, mobile phone, WAP, etc.) (Sommer, 2018). Acceleration of technological development at concurrent globalization and involvement of almost all countries in the world economy is its characteristic feature. It should also be noted that the current consumers belong to the generation that has an everyday contact with new technologies, which are a part of their daily life.

The knowledge-based economy is accompanied by broader use of Information and Communication Technologies (ICTs), which is related to a new trend of civilization transformation towards “information society” (Brillman, 2002). It is defined as the society in which information processing with the use of information and communication technologies constitutes a significant economic, social and cultural value (MSWiA, 2008).

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