Decision Delegation and Trust: Insights from Financial Services: An Abstract

Roy, Sanjit Kumar, Devlin, James, Sekhon, Harjit and Bian, Xuemei (2020) Decision Delegation and Trust: Insights from Financial Services: An Abstract. In: Enlightened Marketing in Challenging Times. AMSWMC 2019. Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Developments in Marketing Science: Proceedings of the Academy of Marketing Science . Springer, Cham, pp. 211-212. ISBN 9783030425449, 9783030425456

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Delegation of consumption decisions to an agent, or surrogate, has attracted research attention in recent years. This emerging body of consumer psychology literature gives much attention to influential factors and reveals that engaging in decision delegation is a function of a number of factors (Aggarwal and Mazumdar 2008; Broniarczyk 2014), including consumer characteristics (e.g., confidence and expertise), product attributes (e.g., complexity and risk), and market conditions (e.g., number of substitutes and access to information). This stream of research, however, has largely ignored the effects of trust on consumer decision delegation despite its obvious importance. This study proposes and tests the role played by levels of trust and distinct aspects of trust in determining consumer decision delegation in the context of financial services. It has been noted that trust serve as a choice heuristic (Altman 2012) and consumers may well take the short-cut of delegating the decision when trust is high. Financial services is considered an ideal test-bed for the study, given the well-rehearsed challenges that consumers face when making choices (Devlin et al. 2015; McAlexander and Scammon 1988). This study provides an empirical investigation of decision delegation strategies and, in particular, the impact of levels of trust on the propensity to delegate decisions. The context for the investigation is financial services, an area where decision delegation plays a significant role. When making a decision consumers can delegate various tasks, such as deciding what attributes or features should be investigated, what alternatives should be considered or the complete decision in its entirety. This study tests the impact of cognitive trust, affective trust and system trust on the likelihood of engaging in the various levels decision delegation. Data were collected from customers of seven types of financial provider. Results indicate that trust levels on the part of consumers are an important determinant of levels of decision delegation employed, but that the relationship between trust and decision delegation is more nuanced and complex than expected.

Item Type: Book Section
Uncontrolled Keywords: Decision making, Decision delegation, Trust, Financial services
Subjects: N500 Marketing
Department: Faculties > Business and Law > Newcastle Business School
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Depositing User: Paul Burns
Date Deposited: 13 Mar 2019 17:54
Last Modified: 08 Jul 2021 15:00

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