Consumer financial decisions, traditionally viewed as rational, are increasingly recognized as being influenced by emotions and intuition. This study examines how imagery and emotions in financial contexts influence decision-making, specifically in hypothetical loan approvals where loan application documents include carefully selected imagery. Using a mixed-method approach, including neuromarketing methodologies such as eye-tracking and galvanic skin response (GSR), and a between-subjects experimental design utilizing self-report data, this study provides unique and granular insights into financial decision-making.
In Study 1, respondents were individuals with 2 years of relevant education and business experience who were expected to apply for business loans themselves in the near future. Results indicate, via neuromarketing measures, that emotions, when influenced by imagery, take precedence over financial data in decision-making. Men (vs. women) respondents were more (vs. less) likely to approve applications with positive imagery. In Study 2, self-reported data revealed a discrepancy between emotional responses and self-reports across 320 participants. Overall, the results (1) show that specific imagery can influence loan approvals and (2) provide further evidence to the extant literature on the role of emotions in decision-making in an often perceived “calculative” financial context.
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