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Consumer behaviour within financial services - Essay Example

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Current paper focuses on the examination of consumer behaviour within a particular industrial sector, this of financial services. The choice can be justified because of the importance of the specific sector for the promotion of the economy globally. …
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Consumer behaviour within financial services

The paper is based primarily on the views of the literature regarding the consumer behaviour on several industrial sectors and specifically the financial services industry. The development of consumer behaviour in modern financial markets can be influenced by a series of parameters including the structure of the particular market, the needs of consumers and the local cultural and social trends. UK can be considered as an indicative example of the interaction between consumer behaviour and the strategies followed by firms in the financial services industry. More specifically, the study of Nairn revealed that ‘the Sandler report of 2002 found a £27bn shortfall in the UK nation's savings; the report highlights the industry changes necessary for citizens to increase investment for their future and thus reduce this deficit’. The above report is mentioned by Nairn because of its importance for the development of a specific mode of consumer behaviour in the financial services industry. Moreover, the examination of all issues related with commercial activity in financial services industry showed that ‘the marketing departments in financial services organisations can go beyond this and harness 'risk tolerance' as a segmentation variable to alter behaviour on a more targeted, micro level; it is suggested that this practice could have an even more profound effect than that envisaged by Sandler’. ... Read More
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