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An Exploratory Study on the Important Factors of Financial Services Depending on the Types of Financial Consumers  

Chun, Sung-Yong (단국대학교 경영학부)
Publication Information
Journal of the Korean Operations Research and Management Science Society / v.36, no.4, 2011 , pp. 125-141 More about this Journal
Abstract
There have been some research papers on financial services marketing, but there are only few exploratory studies that analyze characteristics of financial consumers in Korea. This study examines, based on FGI and web survey results, which factors consumers consider more important when choosing their financial services. I found that 'product profitability' is the most important factor when consumers choose their financial services, followed by 'relational benefits', 'convenience', 'product diversity', 'company stability', 'branch satisfaction', and 'social responsibility' in order of importance. The study also showed that there are differences in perception of these important factors depending on the types of consumers such as gender, age, size of financial assets, degree of risk-taking, and main financial company they are using. This study hopefully provide implications to marketing managers in financial services that they could decide which factors they have to focus on more when planning marketing strategies. Another objective of this study is to provide useful insights to the future researchers in financial services marketing.
Keywords
Financial Services Marketing; Financial Consumer; Exploratory Study;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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