This study seeks to gather and analyze the experiences of elderly Malaysians for Mobile Financial Services (MFS) technology impacting their well-being via 5 Focus Groups (i.e. ages 60-65, 66-70, 71-75, 76-80, and ≥81). Each Focus Group consisted of 5 participants (totaling 25 participants) facilitated via a series of prompts guided by 8 broad discussion questions. The analysis identified the following 4 comprehensive interconnected themes from the Focus Groups: i. MFS User/Non-User; ii. MFS Usage/Non-Usage Factors; iii. Well-Being; and iv. Recommendations (along with their respective sub-themes). The participants were generally found to be MFS functional users, minimal users, or non-users. Across all Focus Groups, fear of scams (leading to monetary loss) was the single most cited barrier under the security and trust sub-theme. Digital literacy, cognitive function, physiology, and social support were found to influence MFS (non)usage. Most participants also acknowledged that MFS was convenient, saving money and time. MFS' impact on (emotional, financial and/or social) well-being was mixed among participants, with some reporting MFS as beneficial and/or detrimental while the rest reported that MFS had little to no impact on their well-being overall. MFS recommendations for improvement from participants include more proactive institutional bodies, age-friendlier MFS apps plus training from banks, and better Internet access. This study’s findings underscore the need for better age-friendly MFS design, user education plus training, adequate infrastructure, and community-level as well as institutional support. Ultimately, this study contributes towards the growing scholarly discourse on evolving mobile technology, financial inclusion, and overall well-being via MFS.

Authors:
Lee Yen chaw, UCSI University, Malaysia
Tat Beng Lim, UCSI University, Malaysia

About the Presenter(s)
Dr. Chaw Lee Yen is an Associate Professor cum Head of Master Programmes with UCSI Graduate Business School. Dr. Chaw, along with her co-author, was reported by Challco et al. (2024) as one of the Top 10 Most Cited Authors in the area of blended learning. She has published papers in various top international journals which include Telematics and Informatics (ScienceDirect, SSCI), Information Technology and Tourism (Springer; SSCI), European Journal of Education (Wiley, Scopus), the International Journal of Mobile Communication (Inderscience, SSCI), Journal of Systems and Information Technology (Emerald, Scopus), International Journal of Educational Management (Emerald, Scopus, ESCI), among others.

Dr Chaw received the Fundamental Research Grant Scheme (FRGS) worth RM94,530.00 from the Ministry of Education, Malaysia in 2024. Additionally, she received several internal grants from UCSI University such as the UCSI University Scientist Incentive Fund (PSIF) and UCSI University Research Excellence & Innovation Grant (REIG) with a total amount of approximately RM100,000.00. Dr Chaw and her research team have obtained the Certificate of Copyright as inventors for “Android-Based Time Tracker for UCSI BUS (MyUCSIBUS)” since October 2019 and MyIPO for “Mobile Car App for Travel Agency”.

Dr Chaw was one of the recipients of the Research Excellence Award 2021 under the category of Best Innovation and Commercialization, awarded by Centre of Excellence for Research, Value Innovation and Entrepreneurship (CERVIE), UCSI University. To date, she has supervised and graduated over 50 postgraduate students, including both master's and doctoral students, some of them have published in well-reputed journals and others are holding senior positions in multinational corporations.

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