Impact of programmed technological obsolescence on personal financial management
Main Article Content
Keywords
Financial applications, personal finance, technological obsolescence, financial planning, smartphones
Abstract
Aim: This research aims to expose the effect of programmed technological obsolescence on personal financial management performed through Android financial apps. Method: A quantitative study with an exploratory design was conducted based on a sample of 73 Google Play Store applications that manage personal finances. Non-participant observation and exploratory data analysis techniques were employed by collecting the information in observation records. Results and Discussions: We determined that personal financial management mediated by financial apps is negatively affected by technological obsolescence and that smartphone hardware and software materialize a typology of obsolescence that affects the financial control stage. No studies have directly related programmed technological obsolescence to personal financial management using apps. Therefore, the importance of continuous adaptability to smartphone hardware and software updates, altering financial decision-making, is not understood. Conclusions: Personal finances managed with financial apps and/or smartphones are vulnerable to technological obsolescence, generating insecurity in the technological management of financial information and causing loss of financial control.
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References
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Khalid, H., Shihab, E., Nagappan, M. y Hassan, A. E. (2015). What Do Mobile App Users Complain About? IEEE Software, 32(3), 70–77. https://doi.org/10.1109/MS.2014.50
Kim, B., Lim, J.-I. y Jo, Y.-H. (2014). Privacy Situation and Countermeasures of Financial Apps based on the Android operating system. The Journal of the Institute of Webcasting, Internet and Telecommunication, 14(6), 267–272. https://doi.org/10.7236/JIIBC.2014.14.6.267
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Leonova, S. (2020). Informe de Aplicaciones de Finanzas: Pruebas comparativas y tendencias de AU. Liftoff. https://liftoff.io/es/resources/report/2020-mobile-finance-apps-report/?submissionGuid=eef72503-4aa0-4bd1-abee-0d971b51f295
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Marín, J. M. y Rubio, G. (2011). Economia Financiera. Antoni Bosch Editor.
Martínez, A. N. y Porcelli, A. M. (2017). Consumo (in) sostenible: Nuevos desafíos frente a la obsolescencia programada y la sustentabilidad. Ambiente y Sostenibilidad, 2016(6), 105–135. https://doi.org/10.25100/ays.v0i0.4294
Mien, N. T y Thao, T. P. (10-13 de julio de 2015). Factors affecting personal financial management behaviors: evidence from Vietnam. Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences. Vietnam. https://globalbizresearch.org/Vietnam_Conference/pdf/VL532.pdf
Moreno, C. S. (2011). La teoría moderna del portafolio: un ensayo sobre sus formulaciones originales y sus repercusiones contemporáneas. Odeon, (5), 103–118. https://revistas.uexternado.edu.co/index.php/odeon/article/view/2867
Niño-Beltrán., L., & Guerra-Herrera, N. (2019, 3 de octubre). Evaluación de la incidencia de la obsolescencia tecnológica programada en la gestión de las finanzas personales realizada a través de las aplicaciones financieras del sistema operativo Android. Trabajo presentado en el V Encuentro ciencia, mujer y tecnología. Universidad Santo Tomas y Universidad Pedagógica y Tecnológica de Colombia. https://bit.ly/3F8H4d3
Noh, M. J. y Lee, K. T. (2016). An analysis of the relationship between quality and user acceptance in smartphone apps. Information Systems and E-Business Management, 14(2), 273–291. https://doi.org/10.1007/s10257-015-0283-6
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Pontificia Universidad Javeriana. (2019). Curso Finanzas Personales. EDX. https://www.edx.org/course/finanzas-personales
Reaves, B., Scaife, N., Bates, A., Traynor, P. y Butler, K. R. B. (2015, 12-14 de Agosto). Mo(bile) Money, Mo(bile) Problems: Analysis of Branchless Banking Applications in the Developing World. [Resume symposium]. 24th USENIX Security Symposium. Whasington. https://www.usenix.org/conference/usenixsecurity15/technical-sessions/presentation/reaves
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Schueffel, P. (2017). The Consise Fintech Compendium. School of Management Fribourg. http://schueffel.biz/wp-content/uploads/2017/09/Schueffel-2017-The-Concise-FINTECH-COMPENDIUM.pdf
Shefrin, H. y Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Financial and Quantitative Analysis, 35(2), 127. https://doi.org/10.2307/2676187
Silva, A. (2018). La evolución del sector fintech, modelos de negocio, regulación y retos. Fundef. https://www.fundef.mx/wp-content/uploads/2022/03/documento_fintech.pdf
Slade, G. (2007). Made to break technology and obsolescence in America. Harvard University Press.
Statista Research Department. (2019). Android vs iOS market share 2023. Statista, https://www.statista.com/statistics/272307/market-share-forecast-for-smartphone-operating-systems/
Taylor, V. F. y Martinovic, I. (2017). Short Paper: A Longitudinal Study of Financial Apps in the Google Play Store. Springer. https://doi.org/10.1007/978-3-319-70972-7_16
Torres, A. (2005). MEFIPES, Método para obtener finanzas personales sanas. Caso: Tenaris Tamsa. Universidad Veracruzana. [Tesis de maestría, Universidad Veracruzana]. https://cdigital.uv.mx/handle/123456789/34827
Treen, E., Pitt, L., Bredican, J. y Farshid, M. (2017). App Service: How do consumers perceive the quality of financial Service Apps on smart devices? Journal of Financial Services Marketing, (22), 119–125. https://doi.org/10.1057/s41264-017-0029-2
Vega, O. A. (2012). Efectos colaterales de la obsolescencia tecnológica. Revista Facultad de Ingeniería, (21), 55–62. https://revistas.uptc.edu.co/index.php/ingenieria/article/view/1434/1429
World Economic Forum. (2015). The Future of Financial Services. How disruptive innovations are reshaping the way financial services are structured, provisioned, and consumed. https://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf
Aibar, M. (2012). Finanzas personales: planificación, control y gestión. Ministerio de educación cultura y deporte.
Amankwah-Amoah, J. (2017). Integrated vs. add-on: A multidimensional conceptualisation of technology obsolescence. Technological Forecasting and Social Change, 116, 299–307. https://doi.org/10.1016/j.techfore.2016.10.006
Amoroso, D. L., y Chen, Y. (2017). Constructs affecting continuance intention in consumers with mobile financial apps: a dual factor approach. Journal of Information Technology Management, XXVIII(3). http://jitm.ubalt.edu/XXVIII-3/article1.pdf
Android Developers. (2020). Descripción general de la compatibilidad de dispositivos. Developers. https://developer.android.com/guide/practices/compatibility?hl=es-419
Arner, D. W., Barberis, J. N. y Buckley, R. P. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2676553
Banco Interamericano de Desarrollo y Finnovista. (2018). Fintech: América Latina 2018: Crecimiento y consolidación. Editorial BID. http://dx.doi.org/10.18235/0001377
BBVA. (30 de junio de 2015). Manual para organizar las finanzas personales. https://www.bbva.com/es/manual-para-organizar-las-finanzas-personales/
Bodie, Z. y Merton, R. (1999). Finanzas (1a ed.). Prentice Hall.
Carangui, P., Garbay, J. y Valencia, B. (2017). Finanzas personales: la influencia de la edad en la toma de decisiones financieras. Killkana Sociales, 1(3), 81–88. https://doi.org/10.26871/killkanasocial.v1i3.66
Chanajitt, R., Viriyasitavat, W. y Choo, K-K. (2018). Forensic analysis and security assessment of Android m-banking apps. Australian Journal of Forensic Sciences, 50(1), 3–19. https://doi.org/10.1080/00450618.2016.1182589
Clement, J. (2019). Leading Android app categories worldwide 2019. Statista. https://www.statista.com/statistics/200855/favourite-smartphone-app-categories-by-share-of-smartphone-users/
Clement, J. (2022). Google Play Store: number of apps 2009-2022. Statista. https://www.statista.com/statistics/266210/number-of-available-applications-in-the-google-play-store/
Córdoba, M. (2012). Gestión financiera. Ecoe Ediciones.
Dias, D. (2017). FinTech, RegTech and SupTech: What They Mean for Financial Supervision. Toronto Centre.
Fenu, G. y Pau, P. (2015). An Analysis of Features and Tendencies in Mobile Banking Apps. Procedia Computer Science, 56, 26–33. https://doi.org/10.1016/J.PROCS.2015.07.177
Fernández, A., Ladron de Guevara, R. y Madrid, R. (2017). Las finanzas conductuales en la toma de decisiones. Fides et Ratio - Revista de Difusión Cultural y Científica de La Universidad La Salle En Bolivia, 13(13), 127–144. http://www.scielo.org.bo/scielo.php?script=sci_arttext&pid=S2071-081X2017000100009
Fernández-Torres, Y., Gutiérrez-Fernández, M. y Palomo-Zurdo, R. (2019). ¿Cómo percibe la banca cooperativa el impacto de la transformación digital? CIRIEC-España, Revista de Economía Pública, Social y Cooperativa, 95, 11. https://doi.org/10.7203/ciriec-e.95.12724
Gitman, L. y Zutter, Ch. (2012). Principios de la Administración financiera. (3ª ed.). Pearson
Google. (s.f). Calificaciones y Opiniones en Play Store. https://play.google.com/about/comment-posting-policy/
González, S. (2014). La gestión financiera y el acceso a financiamiento de las pymes del sector comercio en la ciudad de Bogotá [Tesis de maestría, Universidad Nacional de Colombia]. https://repositorio.unal.edu.co/handle/unal/54173
Hester, D. D. (1977). Review: Contributions and Growth in Tobin’s Economic Essays: A Review Essay. Journal of Economic Literature 15(2), 486–494. https://www.jstor.org/stable/2723212
Jibran, M. A., Nadem, M. A. y Jamil, H. (2016). How Knowledge and Financial Self-Efficacy Moderate the Relationship between Money Attitudes and Personal Financial Management Behavior. European Online Journal of Natural and Social Sciences, 5(2), 296–308. https://european-science.com/eojnss/article/view/3234
Kahneman, D. y Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica,47(2)1, 263-291. https://doi.org/10.2307/1914185
Karjaluoto, H., Shaikh, A. A., Saarijärvi, H. y Saraniemi, S. (2019). How perceived value drives the use of mobile financial services apps. International Journal of Information Management, 47, 252–261. https://doi.org/10.1016/j.ijinfomgt.2018.08.014
Khalid, H., Shihab, E., Nagappan, M. y Hassan, A. E. (2015). What Do Mobile App Users Complain About? IEEE Software, 32(3), 70–77. https://doi.org/10.1109/MS.2014.50
Kim, B., Lim, J.-I. y Jo, Y.-H. (2014). Privacy Situation and Countermeasures of Financial Apps based on the Android operating system. The Journal of the Institute of Webcasting, Internet and Telecommunication, 14(6), 267–272. https://doi.org/10.7236/JIIBC.2014.14.6.267
Kim, Y., Park, Y.-J., Choi, J. y Yeon, J. (2016). FinTech Innovation: From Robo-Advisors to Goal Based Investing and Gamification. John Wiley & Sons. https://doi.org/10.1002/9781119227205
Langley, S. (2019). Landscaping UK Fintech. UK Trade & Investment
Latouche, S. (2014). Hecho para tirar la irracionalidad de la obsolescencia programada. Ediciones Octaedro.
Leonova, S. (2020). Informe de Aplicaciones de Finanzas: Pruebas comparativas y tendencias de AU. Liftoff. https://liftoff.io/es/resources/report/2020-mobile-finance-apps-report/?submissionGuid=eef72503-4aa0-4bd1-abee-0d971b51f295
Libaert, T. y Haber, J. (2013). Dictamen del Comité Económico y Social Europeo sobre el tema «Por un consumo más sostenible: la duración de la vida de los productos industriales y la información al consumidor para recuperar la confianza». https://eur-lex.europa.eu/legal-content/ES/TXT/PDF/?uri=CELEX:52013IE1904&from=EN
Marín, J. M. y Rubio, G. (2011). Economia Financiera. Antoni Bosch Editor.
Martínez, A. N. y Porcelli, A. M. (2017). Consumo (in) sostenible: Nuevos desafíos frente a la obsolescencia programada y la sustentabilidad. Ambiente y Sostenibilidad, 2016(6), 105–135. https://doi.org/10.25100/ays.v0i0.4294
Mien, N. T y Thao, T. P. (10-13 de julio de 2015). Factors affecting personal financial management behaviors: evidence from Vietnam. Proceedings of the Second Asia-Pacific Conference on Global Business, Economics, Finance and Social Sciences. Vietnam. https://globalbizresearch.org/Vietnam_Conference/pdf/VL532.pdf
Moreno, C. S. (2011). La teoría moderna del portafolio: un ensayo sobre sus formulaciones originales y sus repercusiones contemporáneas. Odeon, (5), 103–118. https://revistas.uexternado.edu.co/index.php/odeon/article/view/2867
Niño-Beltrán., L., & Guerra-Herrera, N. (2019, 3 de octubre). Evaluación de la incidencia de la obsolescencia tecnológica programada en la gestión de las finanzas personales realizada a través de las aplicaciones financieras del sistema operativo Android. Trabajo presentado en el V Encuentro ciencia, mujer y tecnología. Universidad Santo Tomas y Universidad Pedagógica y Tecnológica de Colombia. https://bit.ly/3F8H4d3
Noh, M. J. y Lee, K. T. (2016). An analysis of the relationship between quality and user acceptance in smartphone apps. Information Systems and E-Business Management, 14(2), 273–291. https://doi.org/10.1007/s10257-015-0283-6
O’dea, S. (2020). Smartphone users 2020. Statista. https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/
Pascale, R. y Pascale, G. (2011). Teoría de las finanzas. Sus supuestos, neoclasicismo y psicología cognitiva. XXXI Jornadas Nacionales de Administración Financiera, https://n9.cl/tksrc
Pontificia Universidad Javeriana. (2019). Curso Finanzas Personales. EDX. https://www.edx.org/course/finanzas-personales
Reaves, B., Scaife, N., Bates, A., Traynor, P. y Butler, K. R. B. (2015, 12-14 de Agosto). Mo(bile) Money, Mo(bile) Problems: Analysis of Branchless Banking Applications in the Developing World. [Resume symposium]. 24th USENIX Security Symposium. Whasington. https://www.usenix.org/conference/usenixsecurity15/technical-sessions/presentation/reaves
Sandborn, P. (2017). Forecasting technology and part obsolescence. Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture, 231(13), 2251–2260. https://doi.org/10.1177/0954405415598923
Schueffel, P. (2017). The Consise Fintech Compendium. School of Management Fribourg. http://schueffel.biz/wp-content/uploads/2017/09/Schueffel-2017-The-Concise-FINTECH-COMPENDIUM.pdf
Shefrin, H. y Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Financial and Quantitative Analysis, 35(2), 127. https://doi.org/10.2307/2676187
Silva, A. (2018). La evolución del sector fintech, modelos de negocio, regulación y retos. Fundef. https://www.fundef.mx/wp-content/uploads/2022/03/documento_fintech.pdf
Slade, G. (2007). Made to break technology and obsolescence in America. Harvard University Press.
Statista Research Department. (2019). Android vs iOS market share 2023. Statista, https://www.statista.com/statistics/272307/market-share-forecast-for-smartphone-operating-systems/
Taylor, V. F. y Martinovic, I. (2017). Short Paper: A Longitudinal Study of Financial Apps in the Google Play Store. Springer. https://doi.org/10.1007/978-3-319-70972-7_16
Torres, A. (2005). MEFIPES, Método para obtener finanzas personales sanas. Caso: Tenaris Tamsa. Universidad Veracruzana. [Tesis de maestría, Universidad Veracruzana]. https://cdigital.uv.mx/handle/123456789/34827
Treen, E., Pitt, L., Bredican, J. y Farshid, M. (2017). App Service: How do consumers perceive the quality of financial Service Apps on smart devices? Journal of Financial Services Marketing, (22), 119–125. https://doi.org/10.1057/s41264-017-0029-2
Vega, O. A. (2012). Efectos colaterales de la obsolescencia tecnológica. Revista Facultad de Ingeniería, (21), 55–62. https://revistas.uptc.edu.co/index.php/ingenieria/article/view/1434/1429
World Economic Forum. (2015). The Future of Financial Services. How disruptive innovations are reshaping the way financial services are structured, provisioned, and consumed. https://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf
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Mar 30, 2023
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Guerra Herrera, N., & Niño Beltrán, L. C. (2023). Impact of programmed technological obsolescence on personal financial management. Desarrollo Gerencial, 15(1), 1–24. https://doi.org/10.17081/dege.15.1.5863
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