Consumer behaviour within financial services Essay

Consumer behaviour within financial services - Essay ExampleThe paper is based earlier on the views of the literature regarding the consumer behaviour on several industrial sectors and specifically the financial services patience. The development of consumer behaviour in modern financial markets prat 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 standard 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 nations 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.