EXPLORING THE LONG-TERM SHIFTS IN CONSUMER ENGAGEMENT WITH NON BANKING FINANCIAL SERVICES IN A HYBRID DIGITAL ECONOMY
This article examines the long-term changes in consumer engagement with non-banking financial services within the framework of a hybrid digital economy, focusing on the impacts of technological advancements, demographic shifts, and regulatory changes. The widespread adoption of digital financial...
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| Format: | Article |
| Language: | English |
| Published: |
Academica Brâncuşi
2025-04-01
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| Series: | Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie |
| Subjects: | |
| Online Access: | https://www.utgjiu.ro/revista/ec/pdf/2025-02/16_Enachescu.pdf |
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| Summary: | This article examines the long-term changes in consumer engagement with non-banking financial services
within the framework of a hybrid digital economy, focusing on the impacts of technological advancements,
demographic shifts, and regulatory changes. The widespread adoption of digital financial services, accelerated by the
COVID-19 pandemic, has significantly transformed consumer behavior, resulting in a marked increase in mobile
payments, digital wallets, fintech solutions, and robo-advisory services. Utilizing publicly available data from national
statistical institutes and Eurostat, we analyze trends in consumer preferences across various regions and
demographics. Our findings indicate a distinct separation between early adopters, mainly younger and tech-savvy
consumers, and older generations, who demonstrate slower rates of adoption. Furthermore, the research underscores
the increasing significance of artificial intelligence, blockchain, and mobile banking in shaping the future of financial
services. The paper also identifies regional disparities in digital finance adoption, with advanced economies showing
higher levels of engagement compared to emerging markets. The study concludes with forecasts for the future of non
banking financial services, emphasizing the continued expansion of fintech, the growing importance of AI and
blockchain, and the evolution of regulatory frameworks. This article contributes to understanding the ongoing
transformation in consumer engagement with financial services in the digital era, offering valuable insights for
policymakers, financial institutions, and technology developers aiming to navigate the complexities of the hybrid digital
economy. |
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| ISSN: | 2344-3685 |