An Analysis of Buying Behavior Towards Financial Products Among It Professionals at Kerala

Abstract

ABSTRACT newlineThe economic reforms made in the 1991 opened up the country to the global economy. The reforms made the Indian Economy more competitive by the entry of private and foreign players in different industries. The consumers had little choice of financial products and services in the traditional operations of financial services because of the rigidity of the structure. The deregulation and emergence of new technologies changed the financial services landscape by producing a highly competitive market for financial services. Now the consumers have a wide choice of financial products for the investment. Despite having a wide choice of financial products, the Indian consumers prefer traditional financial products such as bank deposits, life insurance for investment and are reluctant to invest in financial products such as shares, derivatives, futures which have a higher potential of earnings. This may be because of lack of awareness of new kind of financial products, existence of biases and high risk perception on other modern financial products. However there may be change in the buying behavior of financial products among different market segments. newlineThe challenge for the financial services providers is that they are less certain about the buying behavior of financial products across the different market segments. This research seeks to analyze and understand more about buying behavior of consumers in IT Industry towards a range of financial products for investment, including bank deposits, insurance products, mutual funds and commodities. The objectives of the studies were framed to give an insight about the buying behavior .An attempt was made to understand the motives of savings, financial awareness and preference and pattern of investments in financial products by the IT Professionals .The consumer criteria for the selection of service provider and trustworthiness of information source is also studied. The impact of sales promotion such as advertisement, social media marketing and personal selling is also stud