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Psychology: You Can Take That to the Bank The Discipline’s Role in the Modern Retail Banking Industry

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dc.contributor.advisor Wang, Shu-wen Dekle, Anna 2019-04-07T23:48:28Z 2019-04-07T23:48:28Z 2018
dc.description.abstract Throughout the history of retail banking, there have been a multitude of challenges that have arisen and shaped various aspects of this industry. A review of this historical account helps establish the current difficulties facing retail banks—(1) the people, both in terms of those inside the workplace through organization, structure, and dynamics of the employees as well as those outside of the workplace through understanding customer behavior and (2) the digital transformation as a consequence of technological advances as well as new forms of competition. An appraisal of past literature not only reveals how each of these are indeed relevant obstacles, but also how each has been discussed, and, furthermore, how psychology can effectively address these roadblocks. It is with this last consideration that a plan will be constructed with the intent of guiding retail banks to remain vital not just in the present but, far into the future. Although there may be a variety of solutions to these challenges, this specific paper will highlight the role that psychology as a field can have. This is accomplished by discussing the manner by which various subfields—such as organizational psychology, social psychology, consumer psychology, and behavioral economics—can positively contribute in both handling the people in the workplace and the customers integral to a bank’s success as well as addressing the digital transformation that has occurred.
dc.description.sponsorship Haverford College. Department of Psychology
dc.language.iso eng
dc.title Psychology: You Can Take That to the Bank The Discipline’s Role in the Modern Retail Banking Industry
dc.type Thesis
dc.rights.access Open Access

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