The Promotion and Optimization of Bank Financial Products Using Consumers’ Psychological Perception

Abstract

With the rapid economic growth and increased national income year by year, individuals and families have an increasingly greater demand for financial products. Banks’ sales of financial products have become a new economic profit growth point for major banks. Based on consumers’ psychological perception, the influencing factors of consumers’ behavior in purchasing bank financial products are studied. The influencing factor model path of consumer purchase behavior is constructed to find out the factors affecting consumers’ purchase of bank financial products and formulate appropriate promotion strategies according to the influencing factors. Through the research methods of literature analysis, small-scale in-depth interview, questionnaire surveys, and statistical analysis, this exploration selects four variables: independent variable, mediator, control variable, and dependent variable. They are influencing factors of purchasing bank financial products (perceived convenience, risk value of bank financial products, satisfaction of purchasing communication process), consumers’ willingness to buy bank financial products, consumers’ personal characteristics and consumers’ behavior of purchasing bank financial products. Meanwhile, based on 196 valid questionnaires, regression analysis is carried out through a regression model. The results show that the three influencing factors of consumers’ purchase of bank financial products–perceived convenience, risk value of bank financial products, and satisfaction with the purchase communication process significantly impact consumers’ purchase of bank financial products. They can put forward specific promotion suggestions for banks. This exploration aims to study the optimization of bank financial product promotion strategy from the perspective of consumer psychological perception to provide a reference for subsequent related research.

The influence of customer participation and convenience on customer satisfaction: a multiple mediation

“…Studies conducted by Khalid et al (2011), Kaura, Prasad and Sharma, (2015), Joshi and Joshi (2019) and Wang and Ching (2019) analyzed customers' behavior in banks located in Pakistan, India and USA respectively also identified convenience as an important index to obtain higher levels of perceived quality of customer satisfaction service. The main aspects related to convenience identified were facilities, decoration, staff kindness, convenient location of agencies, 24/7 ATM machines and parking, Zhang and Jin (2022) show that convenience and satisfactions increase the probability to buy bank financial products. By understanding the needs of customers, organizations can create greater quality perception and higher levels of customer satisfaction (Rao & Sharma, 2010;Roy, Lassar, & Shekhar, 2016).…”

“…Perceived service quality was identified as a mediator of the relationship between convenience and customer satisfaction. Second, the banking companies improve their quality of service, which consequently improves consumer satisfaction (Jiang, Balaji, & Jha, 2019;Zhang & Jin, 2022). To ensure that the customer finds the interaction with the banking service to be appealing and to offer valuable benefits, the banking service should therefore allow for customer participation to increase the perception of economic value and, more importantly, to facilitate the dissemination of information.…”