Open Access Journal Article

Digital transformation in the New Zealand retail banking sector: Challenges and opportunities for elderly customers

by Indrapriya Kularatne a,*
a
Otago Polytechnic Auckland International Campus, Auckland, New Zealand
*
Author to whom correspondence should be addressed.
JIE  2023 1(3):13; https://doi.org/10.58567/jie01030002
Received: 1 September 2023 / Accepted: 13 September 2023 / Published Online: 11 October 2023
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Abstract

This research focuses on the digital transformation of retail banking in New Zealand, focusing on the challenges and opportunities elderly customers face. The banking industry is undergoing unprecedented change as technology evolves and customer needs change. However, elderly customers face physical and security challenges associated with digital transformation and lower acceptance of new technologies. This paper analyses the characteristics and needs of elderly customers, investigates the different needs of elderly and young customers, and recommends relevant solutions and suggestions. This investigation is based on secondary data, and recently published articles from various sources were used to collect information. In the wave of digital transformation, banks not only need to strive to provide convenient, safe, and high-quality services, but also need to innovate continuously to meet the needs of all customers and enhance their trust and satisfaction. This report provides exclusive digital service suggestions and solutions to help banks better meet the needs of elderly customers.

Keywords: Digital transformation; elderly customers; retail banking; mobile banking applications; trust and satisfaction; dedicated digital service programme;
Copyright: © 2023 by Kularatne. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
Kularatne, I. Digital transformation in the New Zealand retail banking sector: Challenges and opportunities for elderly customers. Journal of Information Economics, 2023, 1, 13. https://doi.org/10.58567/jie01030002
AMA Style
Kularatne I. Digital transformation in the New Zealand retail banking sector: Challenges and opportunities for elderly customers. Journal of Information Economics; 2023, 1(3):13. https://doi.org/10.58567/jie01030002
Chicago/Turabian Style
Kularatne, Indrapriya 2023. "Digital transformation in the New Zealand retail banking sector: Challenges and opportunities for elderly customers" Journal of Information Economics 1, no.3:13. https://doi.org/10.58567/jie01030002
APA style
Kularatne, I. (2023). Digital transformation in the New Zealand retail banking sector: Challenges and opportunities for elderly customers. Journal of Information Economics, 1(3), 13. https://doi.org/10.58567/jie01030002

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