Banking · Consumer Behavior in Banking
Consider the following statements regarding the influence of 'Cultural Factors' on consumer requirements in the Indian retail banking sector: Statement I: Cultural factors, including deeply held beliefs about debt and the social significance of assets like gold, significantly shape the consumer's preference for certain retail products over others. Statement II: In a culturally diverse country like India, the requirement for 'Local Language Support' and 'Culturally Relevant Marketing' is a peripheral concern that has no measurable impact on customer loyalty or product uptake. Statement III: The 'Joint Family System,' although declining in urban areas, still influences consumer requirements for multi-user bank accounts and group-based insurance products that cater to extended family structures. 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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