| dc.description.abstract | The study explores how digitalization of financial advisory affects the financial
institutions' ability to perform CSR activities in savings and investment. The
qualitative study applies a cross-sectional design by interviewing nine leaders in
financial institutions, industry organizations, and industry experts. Through
thematic analysis three main themes were identified within their experienced
CSR; Green Investments, Financially Sustainable Society, and Compliance.
Focusing on the Financially Sustainable Society (FSS), three interrelated subthemes
were identified: making products and information Available; increasing
Awareness in the population in terms of societal and life cycle situations as well
as financial literacy; and increasing Engagement towards personal savings and
investments. The findings present that most efforts are currently directed toward
increasing Availability through digitalization of financial advisory services,
however this does not sufficiently capture their experienced CSR. The study
contributes to a broader understanding of how digitalization can partly assist
financial institutions’ CSR practices, but also emphasizing resources and efforts
toward increasing awareness of, and engagement in, the benefits and necessity of
personal savings. Three recommendations are proposed for financial institutions
to consider beyond digitalizing financial advisory: (1) utilizing knowledge about
individuals’ saving and investment behaviors in the development of services and
marketing materials, (2) focusing educational and informational efforts on life
situations, and (3) increasing engagement by enabling individuals to engage with
others in their savings. | en_US |
