BEHAVIOURAL ASPECTS OF USING FINANCIAL PRODUCTS IN AGRICULTURE THROUGH DESIGN THINKING
Keywords:
behavioural aspects, financial products, agriculture, design thinking, financial inclusion, farmers, behavioural economics, innovative solutionsAbstract
A study that analyses the behavioural aspects of the use of financial products in Ukrainian agriculture through the prism of design thinking is extremely relevant in the context of current economic, environmental and social challenges. The purpose of this paper is to identify the key behavioural factors that influence the choice of financial instruments by farmers and to develop recommendations for creating innovative and adapted financial products.
The results of the study show that traditional approaches to the development of financial services often do not take into account the specific needs and behavioural characteristics of farmers. These characteristics include risk aversion, cognitive biases, the anchoring effect, the influence of social norms, and conservatism. Financial design, which integrates behavioural economics, design thinking and classical financial approaches, aims to create customer-centric solutions that meet the real needs of users.
The article examines the impact of psychological, social, and contextual factors on financial decision-making in the agricultural sector. The authors propose a step-by-step process for implementing design thinking, which involves a deep understanding of farmers' behaviour, a thorough analysis of their needs, the development of suitable financial products, and fostering trust in financial institutions.
The authors have systematically organised the behavioural factors that influence the selection of financial products and have developed a model to facilitate effective communication between financial institutions and farmers. Additionally, they proposed specific measures aimed at enhancing financial inclusion within the agricultural sector. The implementation of financial design is expected to significantly improve the alignment of financial products with the genuine needs of farmers, thereby increasing their satisfaction and ensuring the sustainability of the agricultural sector during times of war and economic instability. This study holds substantial practical significance for financial institutions looking to expand their operations in agriculture and presents new avenues for further research in this field.
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