Informing, Engaging, and Empowering: A Theoretical and Practical Investigation of Perceptions, Attitudes, Intentions and Behavior in the Financial System
As the world becomes a global market, people have access to a wealth of information in various domains. Bank customers are exposed to substantial amount of information and financial decisions due to the growing use of internet services and the transition towards personal banking. As a result, informed customers will have a better understanding of financial products, will be more empowered and engaged by it, and therefore more confident in their own ability to make responsible financial decisions.
This research examined the relations between the informed bank customer, psychological processes and perceptions such as empowerment and engagement, and the resulting empowered financial behavior.
We established a theoretical model depicting the relations between all those constructs. Furthermore, by using mixed methods, we combined both subjective research, which is based on multiple surveys and statistical analysis, and objective research, which is based on big data machine learning methods.
The results indicate that being financially informed is associated with being an engaged customer. Furthermore, the customer's informed level can be influenced and changed with education, and as a result it will improve empowerment perception and financial behavior. By using predication algorithms, we also found out that engagement features can predict customer's financial empowered behavior.