Banking · Consumer Decision Making Process
Consider the following statements regarding the 'Consumer Decision-making Process' in retail banking: Statement I: The 'Information Search' stage for a retail banking consumer is increasingly dominated by digital word-of-mouth, including online reviews and social media influencers, rather than traditional bank brochures. Statement II: The 'Evaluation of Alternatives' is a purely mathematical process where consumers only compare interest rates and fees, completely ignoring intangible factors like brand trust and service quality. Statement III: 'Post-purchase Dissonance' is a psychological state of discomfort that occurs when a consumer regrets their choice of a bank or product, often leading to account closure and negative word-of-mouth. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and III✓
- 4Only I
Correct answer
Only I and III
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