Behavioural Study on the Digitalisation of the Marketing and Distance Selling of Retail Financial Services PDF Download
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Author: James Suter
Publisher:
ISBN: 9789294780973
Category :
Languages : en
Pages :
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Book Description
The objectives of the project were to (i) illustrate the landscape of retail financial services providers using digital means to market and sell their products to EU consumers; (ii) map the commercial practices used by these providers online at the advertising and pre-contractual stages and assess these practices from the perspective of consumers; (iii) assess, via behavioural experiments, the impacts of these practices and corresponding remedies on consumers' decision-making and understanding of products and test the drivers behind these impacts; and (iv) make evidence-based conclusions and policy recommendations. The preparatory phase involved a literature review, online desk research, semi-structured interviews with stakeholders, focus groups and a legal assessment of identified commercial practices. Behavioural experiments were then conducted, in conjunction with a consumer survey, to understand consumers' perceptions of the commercial practices and to test the impacts of the practices and corresponding remedies on consumer decision-making and understanding. The results show, for example, the impacts of digitalisation on the sector, the importance of providing information upfront in a clear, comparable and balanced way and adapting information to the user's device, the effects of a faster/slower purchasing process, and that some identified practices may be legally problematic. Based on these results the study proposes a range of policy options.
Author: James Suter
Publisher:
ISBN: 9789294780973
Category :
Languages : en
Pages :
Get Book Here
Book Description
The objectives of the project were to (i) illustrate the landscape of retail financial services providers using digital means to market and sell their products to EU consumers; (ii) map the commercial practices used by these providers online at the advertising and pre-contractual stages and assess these practices from the perspective of consumers; (iii) assess, via behavioural experiments, the impacts of these practices and corresponding remedies on consumers' decision-making and understanding of products and test the drivers behind these impacts; and (iv) make evidence-based conclusions and policy recommendations. The preparatory phase involved a literature review, online desk research, semi-structured interviews with stakeholders, focus groups and a legal assessment of identified commercial practices. Behavioural experiments were then conducted, in conjunction with a consumer survey, to understand consumers' perceptions of the commercial practices and to test the impacts of the practices and corresponding remedies on consumer decision-making and understanding. The results show, for example, the impacts of digitalisation on the sector, the importance of providing information upfront in a clear, comparable and balanced way and adapting information to the user's device, the effects of a faster/slower purchasing process, and that some identified practices may be legally problematic. Based on these results the study proposes a range of policy options.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264731776
Category :
Languages : en
Pages : 143
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Book Description
The OECD Business and Finance Outlook is an annual publication that presents unique data and analysis on the trends, both positive and negative, that are shaping tomorrow’s world of business, finance and investment.
Author: Nora Beausang
Publisher: Bloomsbury Publishing
ISBN: 152651589X
Category : Law
Languages : en
Pages : 2506
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Book Description
With 2000+ pages of guidance, this important new textbook provides an extensive and in-depth guide to the current labyrinthine regulatory regime relating to consumer and SME credit (by way of cash loans) and protection generally, including the Consumer Protection Code, the Consumer Credit Act (housing loans and non-housing loans), the EU Consumer Credit Regulations, the EU Mortgage Credit Regulations and the Central Bank Housing Loan Regulations. Other lending-related conduct of business requirements are also covered in detail, including the Code of Conduct on Mortgage Arrears, the Lending to SME Regulations, the Code on Related Parties Lending and the Credit Reporting Act, together with applicable EBA/ECB Guidelines dealing with loan origination, product oversight and governance, non-performing exposures/loans and arrears. The regulated activities triggering authorisation as a retail credit firm or credit servicing firm are also addressed in detail. The book additionally extends beyond lending to have application to the wider business of regulated firms in the financial services arena, dealing in detail with issues including the general principles and requirements of the Consumer Protection Code,the fitness and probity regime including the area of minimum competency, distance marketing requirements and other background to the regulatory regime in Ireland including the increased regulatory focus on the culture of regulated firms and product oversight and governance. The available redress/recourse mechanisms are also covered, including the Financial Services and Pensions Ombudsman, the Credit Review Office, the regulatory and other consequences of breach of applicable requirements and the significant risk management area for regulated firms of their customers' statutory right to redress on breach of financial services legislation. In addition, the book has relevance to professionals dealing with consumers in any contractual context including extensive treatment of how the concept of 'consumer' has developed under common law, the unfair commercial practices regime and the increasingly topical area of unfair contract terms legislation. Relevant case law of the Irish courts and other common law jurisdictions, together with an expanding corpus of decisions from the CJEU, are addressed in detail. This book's practical style is designed to assist bankers, other regulated firms, lawyers, compliance professionals and regulators in the application of a complex area. Rather than simply setting out the separate requirements, the book seeks to navigate the at times contradictory legislative and regulatory strands to give (in so far as is possible) a coherent sense of how they integrate. Much of the content is unique and cannot be found in any other publication. An essential addition to the library of every lender, practitioner and compliance and regulatory risk professional, particularly in the areas of consumer and SME credit.
Author: Michele Visciola
Publisher: Springer Nature
ISBN: 3031187512
Category : Psychology
Languages : en
Pages : 240
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Book Description
This book puts forward a new paradigm to understand and implement Sustainable Innovation (SI). Innovation without sustainability leaves out large swathes of the population or generates maladaptive or misappropriate behaviors. Innovative solutions will be sustainable if they can retain individual and group differences while offering greater benefits for the common good. When working together, designers, life, human and social behavioral scientists can add value, which promotes behavioral changes to the advantage of sustainable models in all fields. This volume presents a guide on how to set up sustainable innovation programs, as well as ideas on how to integrate multidisciplinary teams into innovation projects. Moreover, this book offers students a synthesis of non-academic thinking on the relationship between design and behavioral science.
Author: Maria Lissowska
Publisher: Springer Nature
ISBN: 3030882314
Category : Political Science
Languages : en
Pages : 136
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Book Description
This book provides a comprehensive outlook on the state and role of consumer credits in the European economy and households. It underlines the role of consumerism and digitalisation, in the framework of legislation. It covers two major turns in consumer credit evolution: the 2008 crisis and Covid pandemic. The first had socio-economic sources, the second one was an external event, but provoked important changes in consumer behaviour. Lockdowns deepened the preference for digital financial products. FinTech and BigData operators acquired broader opportunities with the development of distance services. These new financial services need adapted legislation. The recently published project of Consumer Credits Directive covers new means of communication, such as smartphones, and extends rules to new ways of crediting, like crowdfunding. Consumer credit availability changed the behaviour of households. The propensity of poorer households to save faded due to the ease of getting credit. However, financial insecurity during the Coronavirus pandemic made households limit credits and build precautionary savings.
Author: Murali Guruswamy
Publisher: GRIN Verlag
ISBN: 3656598150
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Master's Thesis from the year 2013 in the subject Business economics - Offline Marketing and Online Marketing, grade: 64.6, University of Lincoln (PG-Business School), course: MBA, language: English, abstract: In the last few decades, the internet has been a powerful tool. The advent of internet has removed major industry barriers and made shopping much more easily. The development of internet from last 5 years has significantly increased the web-users which are due high speed data transmission and other technology developments have created an advantage for the firms to promote themselves more significantly. In the current era of internet customers use internet for varied purpose and activities; searching information about products/ services, companies, product features and prices, availability of the product, selection of products, placing order and paying them online ensuring a smooth transmission of the complete process. According to the UCLA centre for communication policy, online shopping has become the third popular internet activity which further followed up by e-mails and web browsing. Many researches have indicated that the internet shopping particularly in B2C has risen and online shopping become more popular to many people. According to The Emerging Digital Economy Report, in some companies the weight of e-commerce sales is high (Dell computer reached $ 18million sales through internet). This advent of internet has made the marketers to realise that the consumer behaviour transformation is unavoidable and thus they have to change their marketing strategy.
Author: Antony Beckett
Publisher:
ISBN: 9781899275625
Category : Consumer behavior
Languages : en
Pages : 24
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Book Description
Author: Murali Guruswamy
Publisher:
ISBN: 9783656598121
Category :
Languages : en
Pages : 68
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Book Description
Master's Thesis from the year 2013 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: 64.6, University of Lincoln (PG-Business School), course: MBA, language: English, abstract: In the last few decades, the internet has been a powerful tool. The advent of internet has removed major industry barriers and made shopping much more easily. The development of internet from last 5 years has significantly increased the web-users which are due high speed data transmission and other technology developments have created an advantage for the firms to promote themselves more significantly. In the current era of internet customers use internet for varied purpose and activities; searching information about products/ services, companies, product features and prices, availability of the product, selection of products, placing order and paying them online ensuring a smooth transmission of the complete process. According to the UCLA centre for communication policy, online shopping has become the third popular internet activity which further followed up by e-mails and web browsing. Many researches have indicated that the internet shopping particularly in B2C has risen and online shopping become more popular to many people. According to The Emerging Digital Economy Report, in some companies the weight of e-commerce sales is high (Dell computer reached $ 18million sales through internet). This advent of internet has made the marketers to realise that the consumer behaviour transformation is unavoidable and thus they have to change their marketing strategy.
Author: Nripendra P. Rana
Publisher: Springer Nature
ISBN: 3030243745
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498321860
Category : Business & Economics
Languages : en
Pages : 73
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Book Description
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
