Financial misbehaviour

Stuart Armon
work.research

A new study reveals that financial services advertising that projects a softer, human image of a bank may not fit with consumers’ need for perceptions of stability and security.

Much has been written on the subject of behavioural economics of late, and increasing numbers of marketers are waking up to the fact that, while consumers can tell you what they do, they are unable to truly explain why, resorting to a cognitive post-rationalisation of behaviour. The affective nature of decision-making is something you have to look elsewhere for.

To understand the ‘what’ and the ‘why’, we combined consumer-depth interviews with some relevant academic research conducted by Dr Janice Denegri-Knott, an expert in consumer behaviour at Bournemouth University's Media School. In combination, we made some interesting discoveries that have helped to create a new model of consumer behaviour in the financial services sector, based on a number of insights, a few of which are shared here.