Consumer Buying Behaviour Regarding Financial Products
Keywords:
Consumer Buying Behaviour, Financial Products, Economic Factors, Decision-Making ProcessAbstract
Understanding consumer buying behaviour regarding financial products is crucial for financial institutions aiming to effectively market their offerings and build lasting customer relationships. This review paper investigates into the complex process of consumer decision-making in the realm of financial products. Drawing upon various theories and models from psychology, economics, and marketing, the paper explores the intricate interplay of factors shaping consumer preferences and choices. Additionally, it discusses specific models applicable to financial products, including the Life[1]Cycle Hypothesis, Portfolio Theory, and Technology Acceptance Model, highlighting their relevance in understanding consumer behaviour. The paper also examines the impact of technological advancements and the rise of digital financial services on consumer buying behaviour. By providing insights into the complexities of consumer behaviour and preferences, this paper offers valuable guidance for financial institutions seeking to tailor their products and strategies to better meet the needs of their customers.
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