THE DISRUPTIVE POWER OF E-BANKING: UNRAVELLING ITS IMPACT ON MIDDLE-CLASS SAVINGS IN THE ERA OF DIGITALIZATION
Abstract
The study delves into the transformative effects of e-banking on the savings behaviour of the middle-class population within the context of ongoing digitalization. Through a comprehensive secondary research approach, encompassing thematic analysis, comparative assessment, and statistical insights, this study uncovers the intricate interplay between e-banking technologies and the financial habits of middle-class individuals. Digital financial literacy plays a pivotal role, as technologically proficient middle-class individuals actively utilise e-banking tools for budgeting, goal setting, and informed financial decision-making. Simultaneously, a reduction in in-person visits to physical bank branches is observed, signalling a shift towards digital interactions for financial management. Factors influencing e-banking adoption are explored, highlighting the significance of technological proficiency, financial inclusion, and trust in data security. Digitally literate individuals show higher tendencies to adopt e-banking, while the technology also aids in bridging financial inclusion gaps by offering access to remote populations. However, concerns regarding data security and privacy emerge as barriers, influencing individuals' adoption decisions. The study further uncovers the perceived benefits and drawbacks of e-banking. Enhanced convenience, real-time monitoring, and empowerment emerge as benefits, while data security concerns and the absence of personal interactions are noted as drawbacks. The implications of these findings underscore the importance of addressing digital literacy gaps, enhancing data security measures, and incorporating personalised elements in e-banking services. The study suggests avenues for future research, including longitudinal studies, segmented analyses, and cross-context comparisons, to deepen our understanding of the evolving relationship between e-banking and middle-class savings behaviour.
Keyword : E-Banking, Middle-Class, Savings Behavior, Digitalization, Financial Inclusion, Data Security, Digital Literacy, Financial Management, Comparative Analysis, Technological Proficiency.
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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