Achieving sustainable behavioral changes of daily work practices

The face of the mature market for financial services has been changing. Because of the increase in life expectancy, today’s consumers at retirement age are likely to have different needs for financial services than previous generations. When it comes to marketing financial services to older adults, financial service providers should be cognizant of the diversity of older consumer needs, although their needs for convenience and personal relationships with financial vendors’ representatives are of outmost importance regardless of type of service or vendor. The importance of providing a diversity of traditional and nontraditional financial services along with membership and loyalty programs is also highlighted as gateways to cross-selling more profitable services. In order to capitalize on developments that affect the market for financial services as they relate to the aging population, financial marketers need information about the needs, preferences and habits of older Americans as they apply to financial services. This chapter presents research on older consumers’ attitudes and habits with regard to financial products and services.. Based on this information, as well as information presented in the first four chapters of this book, marketing strategies are suggested for efficient and effectual delivery of financial services to satisfy older consumers financial needs and help promote their long-term well-being.

Financial inclusion is a critical driver of economic development, particularly among unbanked populations. In the Philippines, despite the widespread use of mobile phones, the adoption of mobile financial services remains low among low-income earners, especially among rank-and-file personnel such as janitors and security staff in State Universities and Colleges (SUCs) in the National Capital Region (NCR). This study investigates the relationship between the level of awareness of digital technology and the frequency of financial mobile service usage among these personnel. Using a quantitative descriptive research design, data were collected from 286 respondents across seven SUCs. The study measured awareness through indicators of digital technology knowledge, engagement, and decision-making, while financial service usage focused on payment transactions, money transfers, and remittances. Statistical analysis using Pearson correlation revealed a significant positive relationship between awareness of digital technology and financial service usage. The findings underscore the need for targeted digital literacy programs and policy reforms to enhance financial inclusion for underserved segments. This research contributes to the growing body of knowledge on the digital transformation of financial services and offers practical implications for educational institutions, financial service providers, and policymakers.

Since the world's first ATM was unveiled in London in 1967, the deployment of digital financial services has exploded. However, the issue of access for vulnerable groups such as elderly people, people with disabilities, financially less well off people and the unbanked, has never been fully addressed. Then, in 2020, the COVID-19 lockdown threw a glaring spotlight on accessibility. For millions of vulnerable people, a trip outdoors to make a financial transaction could have life-threatening consequences. Digital financial services were vital lifelines for millions in the lockdown, but those unable to access them were severely disadvantaged. Financial services providers, deluged with requests for help from customers unable to access digital services, were brought face to face with the problem of poor accessibility. That makes this an excellent time to ask: “What problems do vulnerable people face in accessing digital financial services and what can UK financial services providers do about them?” This paper addresses that issue, drawing on in-depth qualitative and quantitative research carried out in 2018–2019 and selectively updated in June 2020. Data, interviews with organisations representing vulnerable people, and comments from vulnerable people themselves, provide a picture of the access problems that they face. The main finding is that financial services institutions still have insufficient knowledge about accessible systems and processes, and about user-demand for them. More work is expeditiously needed. This paper aims to help inform that work, so that financial services providers can offer services that turn a problem into an opportunity for both vulnerable people and service providers.

As competitive liberalisation and the application of technology in the creation and distribution of financial services have increased consumer choice in the UK personal financial service industry, so consumer choice in the UK personal financial services industry, so consumer behaviour has assumed a greater role in determining the strategic environment in which financial service providers operate. This paper explores the reltionship between consumer behaviour and the strategic choices facing financial consumer behaviour and the strategic choices facing financial service firms by developing a framework of consumer behaviour and linking the forms of behaviour and type of financial service instrument that determines the strategic environment within which financial service providers operate. Based on that interaction the paper develops a contingency view of financial services strategy and argues that to be successful, financial service providers will need to move away from broad service provision and adopt more focused strategies that reflect far more closely the strategic environment in which they operate.

With the deregulation of the financial services sector in many countries and the proliferation of different channels of distribution for financial services products, non-traditional providers have sought to enter what they perceive as this lucrative market. Retailers are amongst those non-traditional providers who have sought to enter the market for financial services, using their brand strength and ever widening consumer proposition, to enable them to so do. This article discusses why and how leading European retailers and in particular, those based in the United Kingdom, have diversified into retailing financial services to their customers. It questions whether financial services really are a good fit with mass-market retailing and considers the case both for and against retailers diversifying into financial services. The article concludes by arguing that such diversification may leave retailers in a strategically ambiguous position, both co-operating with, whilst at the same time competing with the traditional banks and that this new source of competition is only likely to be successful for a limited range of financial services.

The purpose of this chapter is to examine how the concept of ‘professionalism’ in modern day financial services in the UK is understood and practised. It examines how computerisation, competition, remuneration strategies, Big Bang and misplaced regulation have all contributed to a reduction in professional standards. It goes on to examine how structural changes in the provision of financial services and the dash for profit growth have led to a reduction in ‘professional services’ and how they have been replaced by a sales culture. It further reflects on how these changes have altered the trust relationship between customers and providers. Finally it reflects on how professional bodies might assist in the restoration of professional standards and trust in the provision of financial services.

PurposeCustomer interactions with sellers change as social interactions in society change. The old dichotomy between transaction and relation exchange may no longer be valid as customers form relationships with sellers in new ways. It is against this background that the authors study how customers’ subjective perception of relational exchange appears in objectively defined transactional and relational exchange forms. The authors study one bank’s customers, and, based on objective bank records, the authors identify segments that behave as transactional and relational customers. The authors also identify a group of customers who are in between transactional and relational, and the authors call these interimistic relational, since they interact repeatedly with the bank in a short period of time. The paper aims to discuss these issues.Design/methodology/approachThe authors study how subjective attributes of relational exchange differ in objectively defined transactional, interimistic, and relational customer groups. The authors use a large data set, consisting of a combination of survey and objective bank records for 90,528 bank customers.FindingsFindings are that the old dichotomy between transaction and relation is no longer valid, since customers’ exchange behavior and perception of exchange do not match up when it comes to the transaction-relation dichotomy. The authors find empirical evidence for that the subjective relational attributes can be observed in objectively defined relational, interimistic, and transactional customer groups. Overall, subjective relational attributes are strongest in the objective relational group; they are weaker in the interimistic group. Relational attributes are weakest, but still present, in the transactional group.Practical implicationsThe findings presented here suggest strong support for relationship marketing practice, since even customers who behave transactionally perceive that they have an element of relationship with the seller. The authors find that customers may behave in a relational, interimistic, and transactional way, but that they perceive themselves as more or less relational. The practical implication is that customer analysis should focus on exchange forms, and that it is essential to analyze how exchange changes, and how multiple exchange forms may be combined in customer behavior and perception.Social implicationsThe social implications of this paper are that marketers should consider the exchange between customer and financial service supplier as more or less of a relationship, and more or less of a service. Financial service firm strategies and regulation of financial services should acknowledge that no financial service transaction is independent of the relationship between the financial service provider and the customer. It may seem so objectively, but subjectively, it is not.Originality/valueThe authors present a unique comparison of objective and subjective customer exchange. There are two contributions that come from this research. The first is that customers perceive themselves as partially relational, even though they behave transactionally. The other contribution is that the authors identified interimistic relational exchange (IRE) as an exchange form in between relational and transactional. IRE can potentially be very important for market research and practice, as it captures modern market behavior. In today’s world, consumers form their perceptions in a multitude of ways, and may therefore have relational attitudes and transactional behaviors. More research is needed into how consumer perceptions and behaviors relate to each other, and how it impacts consumer purchase of financial services.

This research examines the breadth of Indonesia's banking sector and financial service providers, focusing on their contributions to national economic development. The research methodology employed involves comprehensive literature review through examination of pertinent academic and industry sources related to Indonesia's traditional banking sector. The findings reveal that Indonesia's financial banking framework comprises two primary segments: traditional commercial banks and Shariah-compliant banking institutions, distinguished by their core operating philosophies, profit-sharing mechanisms, and regulatory oversight structures. Shariah-based banking has demonstrated remarkable expansion, achieving approximately 15% annual asset growth rates, indicating growing consumer confidence and market acceptance. Indonesia's financial service landscape encompasses two distinct categories: Banking Financial Service Providers (LKB) and Non-Banking Financial Service Providers (LKBB), where each category fulfills essential functions in facilitating financial intermediation processes. The digital revolution has fundamentally transformed financial service delivery models, promoting greater financial inclusion and accessibility across diverse population segments. The research findings indicate that effective collaboration among different categories of financial institutions is crucial for maintaining overall financial system stability while fostering sustainable national economic expansion.

The article reviews the risk assessment system of insurance broker activity in Ukraine, compares the current norms of risk assessment of insurance broker activity, namely the Regulations "On the approval of Methodological recommendations on the organization of corporate governance in financial service providers and non-bank financial groups" and "On the approval of the Regulations on the organization risk management systems in financial service providers and non-banking financial groups" with prospective changes to this process promoted by the regulator, the National Bank of Ukraine, taking into account the strategic goals of the development of the financial sector of Ukraine. It is noted that any participant in the market of non-banking financial services faces problems of resource fulfillment of essential requirements regarding risk management criteria. Moreover, the significant expansion of the quantitative and qualitative indicators of the risk assessment of the insurance broker itself emphasizes the need to narrow the calculations, taking into account the scale of activity of a participant in the market of non-banking financial services. It is proposed to optimize the determined overload of indicator calculations and reporting on risk management of the insurance broker by applying the expert method. In order to optimize the risk assessment of the insurance broker's activity, it is proposed to change the significance of each component of the process. Thus, when assessing the risk of an insurance broker's activity, preference is given to mandatory regulations – 40% of the total risk factor, 30% to activity indicators, and the weight of risk management and corporate governance was 20% and 10%, respectively. The recommended weighting coefficients were determined by conducting an expert evaluation of the opinion of 24 insurance market specialists, who identified the priority component of the risk assessment as meeting the standards of capital adequacy, liquidity and solvency. On the other hand, corporate governance and internal audit, which the regulator pays attention to, for an insurance broker corresponds to a less significant 20% of the total volume of risk assessment indicators of its activity.

The paper is devoted to the issue of Ukraine’s integration into the innovation space of the European Union, in which a special role belongs to venture business, which differs from other forms of innovation in terms of capital mobilization, source structure and investment conditions, as well as the use of new financial instruments. It is argued that the pace of Ukraine’s approaching with the EU in the field of innovation is not satisfactory: there are some positive changes, but many problems have been identified, in particular with venture financing of innovation. An analysis of venture agreements of asset management companies among mutual investment institutions (MIIs) shows that venture funds do not invest in high-tech industries, with the exception of some branches of financial services and ICT. The most common cases of financial support from venture capital in Ukraine relate to such economic activities as: construction, trade, hotel and tourism business, processing of agricultural products, insurance, publishing. In recent years, there has been a trend of moderate and extensive growth in the Ukrainian asset management sector, mainly due to the activity of new funds. The development of venture capital funds in Ukraine concentrates on the leading regions in measuring their contribution to the country’s economic development. As before, the level of concentration of venture business funds is growing, mainly in the capital and Kyiv region. The paper substantiates the need and proposes measures to overcome the regional asymmetry in the provision of MIIs financial services, based on strengthening the interaction between mutual investment institutions, on the one hand, and investors and issuers of securities, on the other hand. These measures will help ensure investment efficiency and reduce transaction costs related to this process. To this end, it is important to create an appropriate ecosystem of innovative investment, which will provide access to financial services provided by MIIs to all potential investors in the securities market (citizens and the business community of the country), regardless of regional affiliation. In recent years, there has been a trend of moderate and extensive growth in the Ukrainian asset management industry, mainly due to the activity of new funds. The development of venture investment funds in Ukraine focuses on the leading regions in terms of contribution to the country’s economic development. As before, the level of concentration of venture industry funds is growing, mainly in the capital and Kyiv region. The article substantiates the need and proposes measures to overcome the regional asymmetry in the provision of CII financial services, based on strengthening the interaction between mutual investment institutions, on the one hand, and investors and issuers of securities, on the other hand, which will help ensure investment efficiency and reduce related to this process transaction costs. To this end, it is important to create an appropriate ecosystem of innovative investment, which will provide access to financial services provided by CII to all potential investors in the securities market (citizens and the business community of the country), regardless of regional affiliation.

Mobile Financial Services (MFS) in Bangladesh: Measuring Its Consumerss Attitude & Its Role on Buying Decisions of Other Companyys Products of the Consumers

This article provides a critical examination of the current extensive promotion of ‘financial inclusion for refugees’. The current system largely ignores refugees from the marketplace, and they are not very visible in their host country financial service providers, particularly in the Malaysia narrative. This article establishes financial profiling, examining the possible financial inclusion of unbanked refugees, particularly Rohingyas in Malaysia. Hence, this study distributed questionnaires to 306 Rohingya refugees registered in UNHCR. The findings reveal that some refugees are unaware of financial service providers, especially digital financial services such as E-wallet. However, they were fascinated by having access to affordable and suitable financial services. The paper further explores the possible financial and economic impact of extending financial services to unbanked refugees. This study is amongst the pioneer in Malaysia, exploring challenges in the financial inclusion of refugees. The results are relevant to governments, financial regulators, and central banks to structure the right interventions to counter the challenges of extending financial services to this group.KeywordsRefugeesRohingyasFinancial inclusion

As far as our economic growth is concerned, we are growing rapidly .This statement is easily supported by GDP growth. Is this the growth of our whole economy? Ours is an agrarian economy and if people living in those rural areas are not being taken into account properly, then, it will be wrong to say that we are growing rapidly. A major portion of India lives in villages and that area is being excluded by the financial service providers. This article talks about the potential areas i.e. states regarding financial inclusion. This article tries to look into the problems faced by the bankers while opening up a branch in rural areas and problems the faced by customers. Ultimately, financial service providers have to foray into that field. This article gives an insight regarding financial inclusion. An attempt is being made by RBI , they have given some policies in which it is written clearly that Financial inclusion should be there. But it will be worth while to see the supply barriers in this field. The paper talks about those aspects too. This article discusses the issues raised in Andhra Pradesh recently, which should already be avoided by financial service providers. After all, the efforts of financial service providers should be more target oriented and packed with some strategy regarding financial inclusion and this paper just focuses upon some strategies. A survey of a rural area in Bareilly district was made to know the concerns of rural people regarding financial services. This paper is an attempt to peep into the different facets of financial inclusion but it will become effective only then, when policymakers show their required concern over it.

Alpha-Pyrrolidinopentiothiophenone (α-PVT): A forensic case study including plasma concentrations

Background and Purpose: Behavioral abnormalities account for much of the morbidity of vascular dementia (VaD) and Alzheimer’s disease (AD). The goals of the study were to compare the behavioral changes in patients with VaD associated with ischemic white matter subcortical changes and lacunar infarctions (VaD-WSI) to those in patients with AD. Methods: Thirty outpatients with VaD and multiple lacunar infarctions in the periventricular white matter and 30 AD patients, matched for age and severity of dementia, were enrolled in this prospective study. The behavioral abnormalities of these patients were assessed by interviewing their caregivers with the Neuropsychiatric Inventory. Results: A similar spectrum of noncognitive behavioral changes was found in AD and WSI patients. In VaD-WSI, the severity of delusions, hallucinations, aggression, irritability, aberrant motor behavior, nighttime behavior and appetite changes was correlated with cognitive decline, whereas depression, apathy, anxiety and euphoria were unrelated to the severity of dementia. In AD, none of the behavioral changes correlated with the severity of dementia. Conclusion: Behavioral changes are frequent in VaD-WSI and are present regardless of the severity of the cognitive decline. It is therefore important to assess behavioral as well as cognitive changes at early stages of the illness, to ensure appropriate treatment.