Abstract
In 2023, global banking and investment services IT spending surged to $652.1 billion, marking an 8.1% increase from 2022. Mobile banking, constituting over half of transactions, emerged as the predominant channel. Despite substantial technological investments, understanding the reasons behind mobile app usage remains crucial, particularly among the different generations. Thus, this study analyzes the perception of "baby boomer" and "Z" generations regarding the adoption of banking apps. Twenty individuals across generations with varying app familiarity participated in qualitative interviews. The data was analyzed using the Content Analysis technique. Our findings suggest that users value the convenience of app-based transactions, reducing reliance on physical banks. Generation Z favors digital banks, while baby boomers trust traditional ones, citing concerns like connectivity issues, tech knowledge limitations, and cost-benefit considerations. Non-using Generation Z individuals cite age, maturity, security concerns, and lack of social influence as reasons. Apprehensions about using other apps prevail among baby boomer users, echoing non-users' fears, emphasizing the significant role of fear in decision-making, possibly linked to reported digital data theft and virtual scams.
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