Purpose: This study aims to systematically review the literature on digital consumers’ decision-making in the banking, financial services and insurance (BFSI) sector and proposes an integrative framework. Design/methodology/approach: By combining databases such as Web of Science and Elton B. Stephens Company (EBSCO), we identified, analyzed and synthesized 53 peer-reviewed empirical articles that explore the connection between digital solutions in the BFSI sector and various phases and constructs of the consumer decision-making process. We examined the dependent variables (DVs) used to operationalize consumer decision-making, performed a thematic analysis of the papers and proposed an integrative framework. Findings: The reviewed articles have garnered more attention from marketing researchers than from BFSI or artificial intelligence scholars, often employing traditional behavioral and experimental methodologies that have several limitations. We identified 38 DVs used to operationalize consumer decision-making, with the most frequently recurring constructs being “Intention to use,” “Utilization,” “Satisfaction,” “Perceived usefulness” and “Trust.” We propose an integrative framework that groups these DVs into three main clusters: subjects’ perceptions, user experience and adoption/usage choice. This systematic literature review highlights the increasing importance of emotion in recent decades and underscores the difficulty of establishing a framework where relationships between variables are direct and unidirectional, as traditional economic theories assume. Originality/value: To the best of the authors’ knowledge, this is the first study to provide a comprehensive and systematic understanding of the DVs and the research methods used to study the impact of recent digital solutions on consumer decision-making in the BFSI sector. Further, a framework is proposed that can offer a new perspective for consumer research.

Purpose: The purpose of this paper is to examine whether financial consumers are sensitive to presentational format of financial disclosure documents and whether this influences the financial attractiveness of products. Design/methodology/approach: In order to observe and measure consumers’ attention, the authors exploit the unobtrusive methodology of eye tracking on a sample of nonprofessional investors, applying an ecological protocol, through a cross-sectional design. Findings: The analysis reveals that financial information processing and attention distribution are influenced by the way the information is conveyed. Moreover, some layouts induce individuals to rate the products as less financially attractive, independent of the information content. This suggests the importance of studying the neural mechanisms of investors’ behaviour in the scrutiny of financial product documents. Practical implications: The results lead to recommend regulators and managers to study how investors respond to financial disclosure documents by exploiting neuroscientific techniques. Moreover, there is a role for the search of any benefit coming from emphasising specific sources of information inside documents. Originality/value: This research investigates the influence of presentational format on consumers’ information processing measuring the underlying neurophysiological processes; the consequent perception of financial attractiveness is also explored.

Information technology innovations have pushed toward the digitalization of payments. We carried out an exploratory study to understand if and how brain activity can be modulated by the method of payment (cash, card, and smartphone) or the amount of paid money (10€, 50€, 150€), or both. Sixteen healthy, right-handed, volunteers (eight females) underwent a fMRI session, during which 3 runs were presented with block-designed protocol. Each 5-min run was composed of a standard sequence of 12 videoclips, each lasting 12 s and alternated with 12s-rest periods, displaying a human hand paying, each time, through a different method. When contrasting the BOLD signal change by payment method, a greater activation of the parietal cortex (BA40) and right insula (INS) was observed during the exposure of subjects to videoclips showing payments with cash than with either card or smartphone, with any amount of money. A significant greater activation of the right BA40 was observed with 150€ than 50€ and 10€, as well as of the right INS and posterior cingulate cortex (PCC) with 150€ than with 10€, only in the cash condition. This pilot study indicates that cash enhances the salience and negative affective valence of parting with money, as suggested by the greater activity of areas processing the perceived utility of motor behavior (e.g., the parietal cortex), and the individual emotional involvement (e.g., INS). By highlighting that cash payment could represent a stronger self-regulating tool, these findings could be relevant for those interested in regulating compulsive shopping or digital gambling.

Purpose: The purpose of this paper is to explore whether and how the innovation performance of start-ups and small and medium-sized enterprises (SMEs) that collect funds using equity crowdfunding (EC), i.e. creators (or proponents), and the EC performance are influenced by the social media networks (SMNs) in which EC platforms' managers and firms exchange their ideas with investors and customers.Design/methodology/approach: The empirical analysis is conducted on a sample composed by all the creators that collected funds in EC platforms over the three-year period 2018–2020. For each creator, the innovation performance is computed as the percentage of sales from new or significantly improved product and services compared to total sales of firm. For each campaign, the EC performance is considered as the ratio between the total amount of funding raised at the end of the campaign and the target capital for the campaign. To investigate EC platform social media activity, LinkedIn profiles of EC platforms managers are analyzed using the social network analysis (SNA) methodology, which permits to observe the quantity and the quality of managers' interactions with other users. A regression analysis is thus performed to observe the relationship between managers' LinkedIn activities, EC performance and creators' innovation performance.Findings: Data reveal that EC platforms managers display different activities in networking, with some individuals more active than others and more oriented to interact with business profiles rather than personal ones. The variables related to managers' LinkedIn activities are shown to impact both on the EC performance and on the ability of creators to innovate, suggesting the existence of a link between creators, EC platforms and the activity of the subject who manages it.Originality/value: The present study is the first to examine the link between the ability of creators to innovate and SMNs, focusing on the social links of platforms managers and considering the LinkedIn social media; moreover, the analysis is conducted analyzing the quality of the interactions in addition to their number. The study is original also in that rather than focusing on specific EC platforms it considers all those purposefully authorized by the Italian financial market supervisory authority over a three-year time span. From a managerial point of view, the observation of the relevance of social networks by personnel with specific professional skills reveals it can be a successful driver for operators in the sector, not only to safeguard their reputation, but to stimulate the processes of co-creation of value that is essential in the crowdfunding market.

Background. While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim. We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods. Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results. At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders’ expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects’ buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed greater activation of areas involved in strategic decision making. Discussion. The neural correlates in DAT are similar to those observed in other decision making contexts. Trading is handled as a well-learned automatic behavior by expert traders; for those who mostly rely on heuristics, cognitive effort decreases and transaction speed increases, but decision efficiency lowers following a poor involvement of the dlPFC.

Background: In order to raise the level of investor’s protection, the European Commission has recently introduced the key investor information document (KIID), a standard, plainly worded, and consumer-friendly document which should provide individuals with essential information for their investment decisions. KIID layout has been delineated relying on results from focus groups, surveys and telephone interviews, ignoring the reliable, and unbiased insights offered by neuroscientific approaches. Aim: The current study aims to elucidate the patterns of eye movements in the early phases of information acquisition during the reading of financial disclosure documents, disentangling the independent role of color and impulsivity at modulating attention distribution toward the different sources of financial information. Materials and Methods: Oculomotor behavior was monitored in eighty-one healthy adults through the eye tracking technology (SMI REDn Scientific 60 Hz). An ecological protocol exploiting KIIDs was developed to control for several individual variables, through delivering standard visual stimuli based on official financial documents. Participants performed a passive exploration task (with the only specific instruction of visually exploring the document), followed by an active task where they were asked to rate the financial attractiveness of the products, as low, medium or high. The Barratt impulsiveness scale (BIS-11) was administered to each participant, to score such personality trait. Results: Attention distribution over the different information sources, included in the KIIDs, has been quantified and found to be independently modulated by both color and impulsivity, with a greater role of the former over the latter. The addition of either red or blue information to some KIID’s sections increases attention allocation toward the whole document, compared to the usual black and white version. BIS-11 total scores were inversely related to the first and average fixation duration in the neutral, though not in the colored condition. Discussion: Bottom-up, stimulus-related mechanisms of attention allocation influence information acquisition during the reading of financial prospectuses to the point that the increased attention induced by color compensates for individual impulsivity. Such evidence should be considered by regulators when devising the disclosure documents in order to increase investors’ protection.