Enhancing Financial Inclusion for the Elderly Population Through Digital Banks and Digital Payments

EasyChair Preprint 10992

Abstract

The global population is experiencing a profound demographic shift, with developed nations witnessing a significant increase in the elderly population. This trend of population aging is posing challenges and opportunities in various domains, including financial inclusion and technological innovation. In the realm of financial services, the rise of Fintech has revolutionized the landscape, offering digital payment solutions and digital banking services.

Using data from 2012-2021 this study employs panel regression analysis to investigate the influence of the elderly demographic on the adoption of digital payment systems in 28 developed countries. Then drawing upon the Technology Acceptance Model (TAM) as a foundational framework, this study proposes a novel conceptual model to analyze digital banks and digital payments through the lens of various influencing factors that consider the unique characteristics and challenges faced by the elderly population. These factors include Perceived Usefulness (PU), Perceived Ease of Use (PEU), Aptitude for Learning (AFL), Self-Efficacy (SE), Uncertainty Avoidance (UA), Social Influence (SI), Data Security and Privacy Risk (DS), Promotions and Incentives (P&I), Brand Image (BI), and Intention to Use (I). These factors collectively shape the elderly's willingness to adopt and utilize FinTech payment methods as part of their financial routines.

The findings from this research not only contribute to a deeper understanding of the factors shaping technology adoption among the elderly in developed nations but also have significant implications for policymakers and financial service providers aiming to enhance financial inclusion and promote the use of digital payment and banking solutions among this demographic.

Keyphrases: Elderly population, Fintech payment systems, Technology Acceptance Model (TAM)

@booklet{EasyChair:10992,
  author    = {Nalini Nathasha Thenuwara and Motonari Tanabu},
  title     = {Enhancing Financial Inclusion for the Elderly Population Through Digital Banks and Digital Payments},
  howpublished = {EasyChair Preprint 10992},
  year      = {EasyChair, 2023}}