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<p>This study investigates the adoption of phygital (physical + digital) banking services among older demographic cohorts, specifically Generation X and Baby Boomers, within the context of technological advancement and shifting consumer preferences. It examines how these cohorts adapt to digital innovations, ensuring equitable participation in the evolving banking landscape. Grounded in the integration of the stimulus-organism-response (SOR) framework and generational cohort theory (GCT), the research analyzes data from 635 older bank customers using structural equation modeling (SEM), complemented by mediation and moderation analyses to examine both direct and indirect effects among the identified variables. The results indicate that digital banking service innovation, robust digital governance, contextual banking awareness, and continued access to physical banking channels significantly enhance the financial resilience of older customers. Moreover, financial socialization strengthens the positive linkage between financial mindfulness and resilience, while the fear of missing out diminishes this association by promoting impulsive financial behavior. The study offers meaningful implications for financial institutions, policymakers, technology providers, elderly customers, financial educators, and society at large by addressing the distinct behavioral and psychological dynamics of older consumers in the phygital banking environment. Therefore, the study advances theoretical understanding by extending the application of both the SOR framework and GCT to the financial services sector, underscoring the critical role of financial mindfulness and resilience among Generation X and Baby Boomer customers.</p>

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Shifting gears in golden years: driving social change in the elderly population via digital governance and phygital banking services

  • 期刊论文

  • 发表日期：

    2026年4月24日

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  • Apoorva Singh,
  • Abhijeet Biswas

摘要

This study investigates the adoption of phygital (physical + digital) banking services among older demographic cohorts, specifically Generation X and Baby Boomers, within the context of technological advancement and shifting consumer preferences. It examines how these cohorts adapt to digital innovations, ensuring equitable participation in the evolving banking landscape. Grounded in the integration of the stimulus-organism-response (SOR) framework and generational cohort theory (GCT), the research analyzes data from 635 older bank customers using structural equation modeling (SEM), complemented by mediation and moderation analyses to examine both direct and indirect effects among the identified variables. The results indicate that digital banking service innovation, robust digital governance, contextual banking awareness, and continued access to physical banking channels significantly enhance the financial resilience of older customers. Moreover, financial socialization strengthens the positive linkage between financial mindfulness and resilience, while the fear of missing out diminishes this association by promoting impulsive financial behavior. The study offers meaningful implications for financial institutions, policymakers, technology providers, elderly customers, financial educators, and society at large by addressing the distinct behavioral and psychological dynamics of older consumers in the phygital banking environment. Therefore, the study advances theoretical understanding by extending the application of both the SOR framework and GCT to the financial services sector, underscoring the critical role of financial mindfulness and resilience among Generation X and Baby Boomer customers.