by Muhammad Hasif Bin Che Kar
Age can be just a number for some, but for this research the age gap different could mean everything. As generations grow, we can see baby boomers that are born between 1946 to 1964, which post-cold war era, very optimistic about the future. During this time, they have a good economic opportunity, (Wj Schoroer, 2004). While the millennials or gen Y were born between 1974-1994, this two-age gap has different timeline over the years. In terms of technology, these two generation has different ways of accepting and use technology.
The millennials are ‘media-conscious’ of everything that’s happening in the world, in their tip of their fingers. Moreover, there are known as digital natives. Facetime and social media play vital role in their communicating channel. While generations before that have the traditional media ritual, whereby newspaper reports play bigger role than reporting. For generations before the millennials, newspaper act as not only reporting but also news validating. The senior generations find it difficult to accept changes that have been made rapidly, (Dlodlo & Mafini, 2013).
For generation X, they are no specific years on what year they were born, but they are also known as digital immigrants. They form of communications are personal computers, and SMS and email play significant role in their life (Linnes & Metcalf, 2017). They are the generations after baby boomers and exposed to technology early in their life. They have exposed to technology whether by their workplace or devices.
In contrast these generation have evolved, from normal phone to smart phones, to social media. next, we are looking at sectors that also involved heavily with technology nowadays, and what has it compare to generations before.
Bank is financial institution that provide service such as safeguard money, accepting deposits, and provide loans. These types of service are few objectives why the bank is important. Together with the evolution of time and technology, banking sector has also evolved to provide facilities, payments service and insurance, (Shod & Ganga, 2016). Throughout the years, banking has been segmented to commercial banking, investment banking and housing finance. These separations were maintained by various forms of official regulation such as exchange control and lending constraints, (Bowen, Hoggarth, & Pain, 2016).
The increasing tempo of economic activity lead to tremendous increase in volume and complexity of banking activity. Banks have now come out to fulfill national responsibilities through catering to the needs of agricultures, industrialist, traders and all to all other section of the society. Transferring money to overseas, or payments to international account have to go through banking activity which expand the role of banking for more than just daily banking activity, (Kwak, Lee, Park, & Moon, 2010).
The year of 2000 see the new dawn of banking sector. Fintech or financial Technology has been created and slowly taken over the use of manual banking to online banking. Companies such as Ali Baba and Tencent has grown to ease the china market banking transaction. Many of the develop countries and developing countries has offer similar platform in financial sectors, these countries are embracing FinTech waves as they come in plain sight (Bowen, Hoggarth, & Pain, 2016).
References
Bowen, A., Hoggarth, G., & Pain, D. (2016). The recent evolution of the UK banking industry and some implications for financial stability. business and banking faculty, 22-45.
DELOITTE. (2017). EMBRACING A DIGITAL FUTURE. NEW YORK: DELOITTE ANALYSIS.
Dlodlo, N., & Mafini, C. (2013). The relationship between technology acceptance and frequecy or mobile commerce use amongst Generation Y consumers. Acta commercii 13(1), 8 pages.
Kwak, H., Lee, C., Park, H., & Moon, S. (2010). WHAT IS TWIITER, A SOCIAL NETWORK OR A NEWS MEDIA? DEPARTMENT OF COMPUTER SCIENCE, 26-30.
Linnes, C., & Metcalf, B. (2017). iGeneration and their acceptance of technology. International Journal of management and information system, Volume 21, Number 2.
Shod, & Ganga. (2016). Introduction of Indian Banking System. Shod and gangga journal banking sector, 1-3.
Wj Schoroer. (2004, february 4). social marketing. Retrieved from Generations X,Y,Z and the others: http://socialmarketing.org/archives/generations-xy-z-and-the-others/