IDEAS home Printed from https://ideas.repec.org/a/cbu/jrnlec/y2025v2p196-206.html

Exploring The Long-Term Shifts In Consumer Engagement With Nonbanking Financial Services In A Hybrid Digital Economy

Author

Listed:
  • ENACHESCU VLADIMIR-AURELIAN

    (BUCHAREST UNIVERSITY OF ECONOMIC STUDIES)

Abstract

This article examines the long-term changes in consumer engagement with non-banking financial services within the framework of a hybrid digital economy, focusing on the impacts of technological advancements, demographic shifts, and regulatory changes. The widespread adoption of digital financial services, accelerated by the COVID-19 pandemic, has significantly transformed consumer behavior, resulting in a marked increase in mobile payments, digital wallets, fintech solutions, and robo-advisory services. Utilizing publicly available data from national statistical institutes and Eurostat, we analyze trends in consumer preferences across various regions and demographics. Our findings indicate a distinct separation between early adopters, mainly younger and tech-savvy consumers, and older generations, who demonstrate slower rates of adoption. Furthermore, the research underscores the increasing significance of artificial intelligence, blockchain, and mobile banking in shaping the future of financial services. The paper also identifies regional disparities in digital finance adoption, with advanced economies showing higher levels of engagement compared to emerging markets. The study concludes with forecasts for the future of nonbanking financial services, emphasizing the continued expansion of fintech, the growing importance of AI and blockchain, and the evolution of regulatory frameworks. This article contributes to understanding the ongoing transformation in consumer engagement with financial services in the digital era, offering valuable insights for policymakers, financial institutions, and technology developers aiming to navigate the complexities of the hybrid digital economy.

Suggested Citation

  • Enachescu Vladimir-Aurelian, 2025. "Exploring The Long-Term Shifts In Consumer Engagement With Nonbanking Financial Services In A Hybrid Digital Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 196-206, April.
    • Handle: RePEc:cbu:jrnlec:y:2025:v:2:p:196-206
    as

    Download full text from publisher

    File URL: https://www.utgjiu.ro/revista/ec/pdf/2025-02/16_Enachescu.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sudeep Jain & Daniela Gabor, 2020. "The Rise of Digital Financialisation: The Case of India," New Political Economy, Taylor & Francis Journals, vol. 25(5), pages 813-828, July.
    2. Daniel Broby, 2021. "Financial technology and the future of banking," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-19, December.
    3. Mihaela Cristina Drăgoi & Irina-Eugenia Iamandi & Sebastian Madalin Munteanu & Radu Ciobanu & Ramona Iulia Țarțavulea (Dieaconescu) & Raluca Georgiana Lădaru, 2017. "Incentives for Developing Resilient Agritourism Entrepreneurship in Rural Communities in Romania in a European Context," Sustainability, MDPI, vol. 9(12), pages 1-30, November.
    4. Carmen Valentina Radulescu & Georgiana-Raluca Ladaru & Sorin Burlacu & Florentina Constantin & Corina Ioanăș & Ionut Laurentiu Petre, 2020. "Impact of the COVID-19 Pandemic on the Romanian Labor Market," Sustainability, MDPI, vol. 13(1), pages 1-23, December.
    5. Mohamed Nurullah & Sotiris K. Staikouras, 2008. "The Separation of Banking from Insurance: Evidence from Europe," Multinational Finance Journal, Multinational Finance Journal, vol. 12(3-4), pages 157-184, September.
    6. Christian Dietzmann & Timon Jaeggi & Rainer Alt, 2023. "Implications of AI-based robo-advisory for private banking investment advisory," Journal of Electronic Business & Digital Economics, Emerald Group Publishing Limited, vol. 2(1), pages 3-23, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dr. P. Gopikrishna & Dr. J Anil Premraj & Dr. A. Manikandan & Dr. M. Vinothkumar & R. Ajayendra & Dr. S. Raja & Chen Chen E. Dasigan & R. Nivardhan & D. Harish & Dr. A. Rushikesava & M.Venkata Sai Kou, 2024. "A Study on Techno-Nationalism, an Emerging Trend in the 21st Century India [Une étude sur le techno-nationalisme, une tendance émergente dans l'Inde du 21e siècle]," Post-Print hal-04504278, HAL.
    2. Sanchita Bansal & Isha Garg & Gagan Deep Sharma, 2019. "Social Entrepreneurship as a Path for Social Change and Driver of Sustainable Development: A Systematic Review and Research Agenda," Sustainability, MDPI, vol. 11(4), pages 1-28, February.
    3. Nesrine Khazami & Zoltan Lakner, 2022. "The Development of Social Capital during the Process of Starting an Agritourism Business," Tourism and Hospitality, MDPI, vol. 3(1), pages 1-15, February.
    4. Sujeeth Ungratwar & Dipasha Sharma & Satish Kumar, 2025. "Mapping the digital banking landscape: a multi-dimensional exploration of fintech, digital payments, and e-wallets, with insights into current scenarios and future research," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-22, December.
    5. Bambang Irawan & Donald Crestofel Lantu & Achmad Ghazali & Nur Budi Mulyono, 2026. "The Effect of Machine to Machine (M2M) Learning Interaction on Digital Banking Innovation," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 17(1), pages 2995-3031, February.
    6. Alieh Abadi & Mehdi Khakzand, 2022. "Extracting the qualitative dimensions of agritourism for the sustainable development of Charqoli village in Iran: the promotion of vernacular entrepreneurship and environment-oriented preservation perspectives," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(11), pages 12609-12671, November.
    7. David Perea-Khalifi & Ana I. Irimia-Diéguez & Pedro Palos-Sánchez, 2024. "Exploring the determinants of the user experience in P2P payment systems in Spain: a text mining approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-32, December.
    8. Łasak, Piotr & Wyciślak, Sławomir, 2024. "The dichotomy of inclusiveness and vulnerability as a consequence of banking platform development," Research in International Business and Finance, Elsevier, vol. 72(PB).
    9. François-Éric Racicot & Raymond Théoret, 2022. "Tracking market and non-traditional sources of risks in procyclical and countercyclical hedge fund strategies under extreme scenarios: a nonlinear VAR approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-56, December.
    10. Li, Yawen & Xia, Yufei & Sun, Zongting & Sun, Naili, 2025. "Does digital transformation affect systemic risk? Evidence from the banking sector in China," International Review of Financial Analysis, Elsevier, vol. 102(C).
    11. Ines Ayadi, 2014. "Bancassurance in Tunisia: What Are the Efficiency Gains?," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(3), pages 159-166, July.
    12. Jenica Călina & Aurel Călina & Tiberiu Iancu & Gheorghe Marian Vangu, 2022. "Research on the Use of Aerial Scanning and Gis in the Design of Sustainable Agricultural Production Extension Works in an Agritourist Farm in Romania," Sustainability, MDPI, vol. 14(21), pages 1-32, October.
    13. Rongwu Zhang & Wenqiang Fu & Yingxu Kuang, 2022. "Can Digital Economy Promote Energy Conservation and Emission Reduction in Heavily Polluting Enterprises? Empirical Evidence from China," IJERPH, MDPI, vol. 19(16), pages 1-21, August.
    14. Nesrine Khazami & Zoltan Lakner, 2021. "Influence of Social Capital, Social Motivation and Functional Competencies of Entrepreneurs on Agritourism Business: Rural Lodges," Sustainability, MDPI, vol. 13(15), pages 1-24, August.
    15. Puie Florina Răzvanţă, 2019. "Conceptual framework for rural business models," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 1130-1139, May.
    16. Fang, Xia & Zhang, Yun & Lv, Shuqing & Tan, Longxin, 2025. "Does digital finance spatial correlation drive income convergence?," Economic Modelling, Elsevier, vol. 153(C).
    17. Bogdan-Constantin Ibănescu & Oana Mihaela Stoleriu & Alina Munteanu & Corneliu Iațu, 2018. "The Impact of Tourism on Sustainable Development of Rural Areas: Evidence from Romania," Sustainability, MDPI, vol. 10(10), pages 1-19, October.
    18. Jun Zhang & Xiaodie Yuan, 2021. "COVID-19 Risk Assessment: Contributing to Maintaining Urban Public Health Security and Achieving Sustainable Urban Development," Sustainability, MDPI, vol. 13(8), pages 1-23, April.
    19. Alin Croitoru & Flavius Mihalache, 2018. "Fostering rural transformation in Romania: Entrepreneurship, land reform and institutional changes," Journal of Community Positive Practices, Catalactica NGO, issue 1, pages 3-17.
    20. Fouillet, Cyril & Guérin, Isabelle & Servet, Jean-Michel, 2021. "Demonetization and digitalization: The Indian government's hidden agenda," Telecommunications Policy, Elsevier, vol. 45(2).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cbu:jrnlec:y:2025:v:2:p:196-206. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ecobici Nicolae (email available below). General contact details of provider: https://edirc.repec.org/data/fetgjro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.