International Journal For Multidisciplinary Research

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Implication of Financial Services Marketing: A Study with reference to Behavioral Economics

Author(s) AMIT KUMAR
Country India
Abstract Abstract
Purpose – It has been argued that the insights provided by behavioral economics have profound
Implications for the study and practice of marketing. The purpose of this paper is to provide a detailed analysis of how such insights help enhance understanding of aspects of marketing and consumer behavior in financial services markets.
Design/methodology/approach – This paper looks at various facets of behavioral economics
Which it is felt provide particularly important and salient insights in the context of financial services. In particular, it studies loss aversion and prospect theory, status quo bias and defaults, framing and anchoring effects, hyperbolic discounting, availability effect and salience and over-confidence. In doing so, it provides a number of examples from the financial services context which provide insightful and informative insights for both commercial practitioners and policymakers. In each case, relevant phenomena are introduced and explained before providing a number of applications and examples from the financial services domain.
Findings – The authors find that the insights afforded by behavioral economics are useful in helping to explain various aspects of consumer behavior in financial services markets. It is shown that an understanding of the implications of behavioral economics may help in fashioning a choice architecture that is more likely to bring the desired consumer response, from either a commercial or policymaking perspective.
Practical implications – This analysis provides important insights for those responsible for the
Marketing of financial services, policymakers in the financial services domain, third sector agencies seeking to foster greater engagement with financial services and other interested parties.
Originality/value – The paper adds value by drawing together various aspects of behavioral
Economics, providing an analysis of their relevance to financial services marketing and offering
Numerous examples and applications.
Keywords-: Financial services, Behavioral economics, Consumer behavior in financial services,
Marketing
Paper type-: Conceptual paper
Keywords Financial services, Behavioral economics, Consumer behavior in financial services, Marketing
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-10-06
Cite This Implication of Financial Services Marketing: A Study with reference to Behavioral Economics - AMIT KUMAR - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.27997
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.27997
Short DOI https://doi.org/g795gt
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