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The Psychology of Banking
On Using Psychology to Understand Bankers’ and Customers’ Motivations in Banking…
Since the financial markets are going through rapid changes and considerable volatility, I thought I had to study the psychology of banking. I’m going to steer clear of all economics and just focus on what it means to be a banker or an investor from a psychological perspective. Of course, the driving force behind banking is money, and banks thrive in a culture of consumerism. Banks serve a variety of functions, from stabilizing the economy to stabilizing an individual’s credit history, and banks can specialize in business, investment, savings, retail, personal or mortgage lending. The psychology of banking can be constructed in two ways. One way is to understand the psychology of the banker, another way is to gain insight into the mind of the client or client/investor. Banking is like any other business, but the only difference between banking and other businesses is that in banking, bankers and customers deal directly and only with money, which can have a big impact on how much they value banking. . Money is raw and raw, it’s almost like an item that stimulates some basic need, and the prospect of dealing with raw money is both exciting and daunting.
The banker’s psychology is based on his personal, social and political needs for money. It is almost an addiction that the banker is concerned first and foremost with his own profit, with how much he has added to his account. Just as a merchant or shopkeeper is obsessed with the goods available, a banker is obsessed with the money he can lend, borrow, or do business with. The desperate need to make more money is the number one factor driving bankers. This can be seen as a “personal” need and a desire for money to satisfy personal needs to a large extent. Any investment or business banker or broker or anyone in the financial sector may have a healthy or unhealthy personal need for money. Of course, we all need and love money, but bankers care more about money.
Second, bankers who are in love with money not only care about their own money, but also other people’s money. It’s important to understand that money is still the banker’s main object of concern, and while the smell of money can make him quite altruistic, there is also a general or “social” need to protect and nurture other people’s money.
Third, the banker has a greater political need, whether he is manipulating/controlling his money or someone else’s money, this “political” need stems from knowledge of the state of the country’s economy, and his active role in stabilizing the economy awareness of the role.
While the first personal need for money satisfies a fundamental individual drive, the social need to protect other people’s money is altruistic, while the political need to stabilize a nation’s economy is primarily a need for power. Thus, for the banker, money satisfies his altruistic needs, his needs for power, and his personal desires. This can almost be explained psychologically with Maslow’s hierarchy model, where basic desires come first, followed by the need for power, and then the need for altruism. With this in mind, any banker will be concerned with his own profits first, the economy and stability of the country second, and his clients and investors last.
The second aspect of the discussion is about how the banking industry helps to derive the psychology of customers, clients or investors. There are different types of clients and people have different priorities or expectations of banks and bankers. Customers may have borrowing, investing or saving needs depending on their age or stage of life. For example, young students and low-income individuals who are interested in borrowing through credit cards and loans will consider banks as support in adhering to their financial problems. Of course, borrowing money is equally important to businessmen and professionals, but the motivations may be different. The need to ‘borrow’ due to personal or professional needs will be the most important reason young people use banking, while young people, students, graduates or those in work or new employment will be driven by their need to borrow Banking. So, generally speaking, 18-30 year olds are usually less interested in interest rates and more interested in the convenience of borrowing that is available through credit cards or loans at this ‘step in’ stage of their life.
Young professionals and middle-aged adults are often more banking savvy and want to invest to add to the money they already make. The group focuses on better interest rates and better returns on investments rather than outright borrowing unless absolutely necessary. The “investment” needs of young and middle-aged professionals may overlap with the borrowing needs, and buying a house or starting a business has become a top priority. However, these are again investments, so 30-55 year olds are primarily looking for investments and banking can help meet their investment needs during this critical ‘growth’ stage of life. Middle to late age is characterized by heightened fear of loss of life and the need to save for the future. We are conditioned to worry about the future, mostly old age and dependencies. Declining stamina and a productive working life are very real, and we want to save for old age starting after 50 and continuing at least until 70. While we should have realized it sooner, we often don’t seem to show that we need to save until at least middle age. In late middle age, the main motivation for banking business needs is the need for “savings”, and customers in late middle age want to save their income and don’t care too much about investment. This is a time when people are beginning to consciously, albeit very slowly, distance themselves from their social and professional lives. During this “moving” stage of life, older men and women just want their money to be there when they need it.
Of course, in very old age, the need to borrow, invest, or save gradually declines. The psychological stages described above are universal and do not take into account individual differences. Many people develop savings or investment needs early in life, and there may be social and cultural patterns in an individual’s banking and financial behaviour. Given a more subjective/individualistic perspective, anyone’s borrowing, saving, and investing needs can be interestingly explained with the help of psychoanalysis. Freud believed that we all go through the oral, anal, penile, latent, and genital phases of sexuality during childhood, and that our personality patterns are largely determined by how effectively we resolve conflicts during this period , or just become opinionated at some stage. Thus, anal retentive personalities are those with an excessive need for control or precision, so these individuals are more likely to start saving from a very young age, and even show extreme stinginess when it comes to money matters or banking behaviour. Anal rejection personalities are the kind of people who waste too much, so these people will be interested in overborrowing and possibly turning their credit history into a mess. Verbally aggressive personalities are those who are ambitious and have extreme investment needs, and while this may be a positive aspect, there are more psychological aspects to the individual that bankers should be aware of before lending prematurely. Maybe banks should psychologically test individuals before lending to see which customers are likely to repay and which customers are not likely to meet their obligations, maybe then we can avoid future banking disasters.
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