IDEAS home Printed from https://ideas.repec.org/a/bla/jconsa/v56y2022i3p1062-1078.html
   My bibliography  Save this article

The platformed money ecosystem: Digital financial platforms, datafication, and reimagining financial well‐being

Author

Listed:
  • Akon E. Ekpo
  • Jenna Drenten
  • Pia A. Albinsson
  • Sophia Anong
  • Samuelson Appau
  • Lagnajita Chatterjee
  • Charlene A. Dadzie
  • Margaret Echelbarger
  • Adrienne Muldrow
  • Spencer M. Ross
  • Shelle Santana
  • Michelle F. Weinberger

Abstract

Digital financial platforms have become an integral part of consumers' lives–resulting in the datafication of everyday life and potential for uniquely impacting financial well‐being. Extending previous transformative consumer research, we suggest financial well‐being must center the ways digital financial platforms and their resulting data are increasingly enmeshed with financial decision making and consumption. Drawing on a theoretical lens of platformization, we propose the Platformed Money Ecosystem, which accounts for increased embeddedness of digital financial platforms within consumers' lives and the subtlety of how everyday life is transformed into data: producing data at the micro‐level, monetizing data at the meso‐level, and regulating data at the macro‐level. In conceptualizing the Platformed Money Ecosystem, we identify three data‐informed considerations for scholars and policymakers to reimagine financial well‐being: protecting consumer data, limiting data biases, and supporting data literacy.

Suggested Citation

  • Akon E. Ekpo & Jenna Drenten & Pia A. Albinsson & Sophia Anong & Samuelson Appau & Lagnajita Chatterjee & Charlene A. Dadzie & Margaret Echelbarger & Adrienne Muldrow & Spencer M. Ross & Shelle Santan, 2022. "The platformed money ecosystem: Digital financial platforms, datafication, and reimagining financial well‐being," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(3), pages 1062-1078, September.
    • Handle: RePEc:bla:jconsa:v:56:y:2022:i:3:p:1062-1078
    DOI: 10.1111/joca.12458
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joca.12458
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joca.12458?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Akon E. Ekpo & Benét DeBerry-Spence & Geraldine Rosa Henderson & Joseph Cherian, 2018. "Narratives of technology consumption in the face of marketplace discrimination," Marketing Letters, Springer, vol. 29(4), pages 451-463, December.
    2. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
    3. Priya Raghubir & Joydeep Srivastava, 2009. "The Denomination Effect," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 36(4), pages 701-713, December.
    4. Paul Langley & Andrew Leyshon, 2021. "The Platform Political Economy of FinTech: Reintermediation, Consolidation and Capitalisation," New Political Economy, Taylor & Francis Journals, vol. 26(3), pages 376-388, May.
    5. Gorwa, Robert, 2019. "What is Platform Governance?," SocArXiv fbu27, Center for Open Science.
    6. Robin L. Soster & Andrew D. Gershoff & William O. Bearden, 2014. "The Bottom Dollar Effect: The Influence of Spending to Zero on Pain of Payment and Satisfaction," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 41(3), pages 656-677.
    7. David Crockett, 2017. "Paths to Respectability: Consumption and Stigma Management in the Contemporary Black Middle Class," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 44(3), pages 554-581.
    8. Liang Huang & Anastasiya Pocheptsova Ghosh & Ruoou Li & Elise Chandon Ince, 2020. "Pay Me with Venmo: Effect of Service Providers’ Decisions to Adopt P2P Payment Methods on Consumer Evaluations," Journal of the Association for Consumer Research, University of Chicago Press, vol. 5(3), pages 271-281.
    9. Sterling A. Bone & Glenn L. Christensen & Jerome D. Williams, 2014. "Rejected, Shackled, and Alone: The Impact of Systemic Restricted Choice on Minority Consumers' Construction of Self," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 41(2), pages 451-474.
    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. Khare, Apoorv & Jain, Rajesh, 2022. "Mapping the conceptual and intellectual structure of the consumer vulnerability field: A bibliometric analysis," Journal of Business Research, Elsevier, vol. 150(C), pages 567-584.
    2. Ma, Qingguo & He, Yijin & Tan, Yulin & Cheng, Lu & Wang, Manlin, 2024. "Unveiling the Impact of Payment Methods on Consumer Behavior: Insights and Future Directions," OSF Preprints 3fphk, Center for Open Science.
    3. Tonya Williams Bradford & Vanessa Gail Perry, 2021. "Marketing while Black: commentary on the Galak and Kahn 2019 Academic Marketing Climate Survey," Marketing Letters, Springer, vol. 32(3), pages 299-306, September.
    4. Sandikci, Ozlem & Jafari, Aliakbar & Fischer, Eileen, 2024. "Claiming market ownership: Territorial activism in stigmatized markets," Journal of Business Research, Elsevier, vol. 175(C).
    5. Cait Lamberton & Tom Wein & Andrew Morningstar & Sakshi Ghai, 2024. "Marketing’s role in promoting dignity and human rights: A conceptualization for assessment and future research," Journal of the Academy of Marketing Science, Springer, vol. 52(5), pages 1391-1411, October.
    6. David Crockett, 2022. "Racial Oppression and Racial Projects in Consumer Markets: A Racial Formation Theory Approach [The Ghetto Marketing Life Cycle: A Case of Underachievement]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 49(1), pages 1-24.
    7. Nicole Koschate-Fischer & Katharina Wüllner, 2017. "New developments in behavioral pricing research," Journal of Business Economics, Springer, vol. 87(6), pages 809-875, August.
    8. Li, Yi & Pandelaere, Mario, 2021. "The denomination–spending matching effect," Journal of Business Research, Elsevier, vol. 128(C), pages 338-349.
    9. Shi, Haijiao & Chen, Rong & Xu, Xiaobing, 2021. "How reward uncertainty influences subsequent donations: The role of mental accounting," Journal of Business Research, Elsevier, vol. 132(C), pages 383-391.
    10. Jenna Drenten & Robert L Harrison & Nicholas J Pendarvis, 2023. "More Gamer, Less Girl: Gendered Boundaries, Tokenism, and the Cultural Persistence of Masculine Dominance," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 50(1), pages 2-24.
    11. Young Woong Park & Glenn B. Voss & Zannie Giraud Voss, 2023. "Advancing customer diversity, equity, and inclusion: Measurement, stakeholder influence, and the role of marketing," Journal of the Academy of Marketing Science, Springer, vol. 51(1), pages 174-197, January.
    12. Min Chung Han, 2022. "Would you like to donate your reward points today? Mental accounting and checkout charity," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 19(3), pages 533-553, September.
    13. Akon E. Ekpo & Benét DeBerry-Spence & Geraldine Rosa Henderson & Joseph Cherian, 2018. "Narratives of technology consumption in the face of marketplace discrimination," Marketing Letters, Springer, vol. 29(4), pages 451-463, December.
    14. Renata Frota & Elisa Priori de Deus & Victor Almeida & Leticia Moreira Casotti, 2023. "Clubinho Preto: Children Growing Up with Racial Diversity," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 27(Vol. 27 N), pages 220269-2202.
    15. Valentina Aprigliano & Danilo Liberati, 2021. "Using Credit Variables to Date Business Cycle and to Estimate the Probabilities of Recession in Real Time," Manchester School, University of Manchester, vol. 89(S1), pages 76-96, September.
    16. Mark Carlson & Kris James Mitchener, 2009. "Branch Banking as a Device for Discipline: Competition and Bank Survivorship during the Great Depression," Journal of Political Economy, University of Chicago Press, vol. 117(2), pages 165-210, April.
    17. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and its Effects: An Interrupted Time-Series Analysis of the Impact of its Quantitative Easing Programs," Thesis Commons d7pvg, Center for Open Science.
    18. P. D. Jonson, 1979. "The State of Australian Economics: Stabilization and Industry Policies: A review article stimulated by F. H. Gruen (ed.), Surveys of Australian Economics, Volume 1," The Economic Record, The Economic Society of Australia, vol. 55(4), pages 297-305, December.
    19. Marco Gallegati, 2019. "A system for dating long wave phases in economic development," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 803-822, July.
    20. Sriya Anbil & Mark A. Carlson & Christopher Hanes & David C. Wheelock, 2020. "A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954," Finance and Economics Discussion Series 2020-059, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    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:bla:jconsa:v:56:y:2022:i:3:p:1062-1078. 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: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-0078 .

    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.