The Evolution of Financial Services in the Digital Age

Angela C. Lyons, Josephine Kass-Hanna

Research output: Chapter in Book/Report/Conference proceedingChapter


This chapter provides an overview of how digital technologies are transforming the financial services landscape. We highlight the latest in digital financial product and service offerings related to payments and transfers, savings and investments, borrowing, and risk management. We then consider how digitalization is impacting the delivery of financial advice - including virtual advisors, robo- and hybrid advisors, and personal finance communities. While many of these digital innovations were underway prior to Covid-19, the pandemic accelerated the transition raising concerns that some individuals and families may be at risk of being excluded from financial services due to growing socioeconomic and digital divides. We look at barriers to access and usage and emphasize the need for digital financial literacy. Legal and regulatory challenges are also examined. Particular attention is given to recent efforts by regulatory and supervisory authorities to balance innovation and competition with consumer protection. The insights from this chapter provide a useful starting place for scholars and practitioners who are interested in exploring in greater detail how digital technologies are impacting the financial services industry.

Original languageEnglish (US)
Title of host publicationDe Gruyter Handbook of Personal Finance
PublisherDe Gruyter
Number of pages26
ISBN (Electronic)9783110727692
ISBN (Print)9783110727494
StatePublished - Jan 1 2022


  • Advisory services
  • Digital financial services
  • Digitalization
  • Financial inclusion
  • Fintech
  • Regulatory challenges

ASJC Scopus subject areas

  • General Economics, Econometrics and Finance
  • General Business, Management and Accounting


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