ORCID Profile
0000-0002-1526-8793
Current Organisation
Nottingham Trent University
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Publisher: Emerald
Date: 04-04-2016
DOI: 10.1108/IJBM-10-2014-0140
Abstract: – The purpose of this paper is to examine fairness within financial services. In making the contribution the authors examine fairness by four different channels to market and across a range of financial services products. The product categories in the study are those with the highest density levels in the UK. – Underpinned by the development of new measures, this paper is based on telephone interviews and on-line surveys with UK customers of financial services. More than 1,000 customers participated in the survey during the middle of 2013. After reporting the measurement model, the authors use ANOVA to report the differences in the perception of the dimensions of fairness by channel to market. – The authors found there to be significant differences in perceptions using different channels to market. The research shows that where a face-to-face interaction takes place, such as branch contact, they are perceived to be fairer than when interactions are more remote. Given the dimensions of fairness, this reveals the importance of communications during explanations so that interactions are deemed to be fair. – The focus of this research was the examination of fairness within the setting of the UK’s financial services sector. The authors are minded that if the research is replicated in other countries or contexts then different aspects of fairness might emerge. – Given the challenges faced by the financial services sector, there are implications for practitioners because they must be seen to be treating customers fairly. The research shows that remote contact such as the internet is not perceived as being as fair as face-to-face contact. The fair treatment of customers is likely to lead to positive brand benefits. – This study complements the understanding of fairness and provides insight for scholars and practitioners, within financial services.
Publisher: Emerald
Date: 13-09-2011
DOI: 10.1108/02652321111165257
Abstract: It has been argued that the insights provided by behavioural economics have profound implications for the study and practice of marketing. The purpose of this paper is to provide a detailed analysis of how such insights help enhance understanding of aspects of marketing and consumer behaviour in financial services markets. This paper looks at various facets of behavioural economics which it is felt provide particularly important and salient insights in the context of financial services. In particular, it studies loss aversion and prospect theory, status quo bias and defaults, framing and anchoring effects, hyperbolic discounting, availability effect and salience and over‐confidence. In doing so, it provides a number of ex les from the financial services context which provide insightful and informative insights for both commercial practitioners and policymakers. In each case, relevant phenomena are introduced and explained before providing a number of applications and ex les from the financial services domain. The authors find that the insights afforded by behavioural economics are useful in helping to explain various aspects of consumer behaviour in financial services markets. It is shown that an understanding of the implications of behavioural economics may help in fashioning a choice architecture that is more likely to bring the desired consumer response, from either a commercial or policymaking perspective. This analysis provides important insights for those responsible for the marketing of financial services, policymakers in the financial services domain, third sector agencies seeking to foster greater engagement with financial services and other interested parties. The paper adds value by drawing together various aspects of behavioural economics, providing an analysis of their relevance to financial services marketing and offering numerous ex les and applications.
Publisher: Informa UK Limited
Date: 09-09-2016
Publisher: Informa UK Limited
Date: 27-04-2015
Publisher: Emerald
Date: 08-07-2014
Abstract: – The purpose of this article is to derive, test and validate a comprehensive, inclusive measure of perceptions of fairness in consumers of financial services, as current attempts to measure fairness in a broad-based multi-dimensional manner are underdeveloped. – A quantitative approach where a large-scale s le of the perceptions of financial services consumers is taken in three periods. Subsequently, exploratory and confirmatory factor analysis are used to analyse the data. – Fairness comprises three distinct but related elements, namely, procedural, interactional and distributive fairness, and further sub-dimensions are also apparent. The measurement scale exhibits a high degree of validity and reliability and represents a robust measure of fairness perceptions. – Previous conceptual suppositions as to the multi-dimensional nature of fairness are strongly supported. A comprehensive scale is provided for fellow researchers to utilise in other settings. The main limitation is that the measures were tested in a single context, although this is offset by the large scale of the pilot exercise and multiple waves of data collection. – Perceptions of fairness can be measured accurately and tracked, measures for sub-dimensions of fairness can be compared and differences among sectors and demographic segments can be explored. Perceptions of fairness can be related to factors such as trust and purchase intentions in addition to other attitudinal measures. – The fairness measure developed, tested and validated here is the most comprehensive, multi-dimensional measure of fairness available that the authors know of. As such, it represents a valuable conceptual contribution to the assessment of perceptions of fairness.
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for James Devlin.