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

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

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Scopus citations

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.

Original languageEnglish (US)
JournalJournal of Consumer Affairs
DOIs
StatePublished - Sep 1 2022

Keywords

  • digital financial platforms
  • financial inclusion
  • financial well-being

ASJC Scopus subject areas

  • General Economics, Econometrics and Finance
  • Sociology and Political Science

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