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

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).