Typically, mystery shopping is associated with consumer market research. However, financial regulators - such as the Bangko Sentral ng Pilipinas - are also using it as a tool to check if financial institutions are complying with regulations.
Policymakers in emerging markets are only recently starting to use behavioral methods to address consumer protection challenges. There are some straightforward ways in which consumer protection policy can be more effective when it is based on insights into consumers' behavior.
The boom in behavioral research methods means that gaining a deeper, more evidence-based understanding of how actors in a financial market behave, what incentives drive them, and what new policies or products can lead to responsible and inclusive financial systems.
A recently completed study in Mexico sought to determine how the perceptions sales staff have of different types of consumers and their knowledge impacted the quality and quantity of information consumers receive when shopping for an individual credit or savings product.
Policymakers in emerging markets are only recently starting to use behavioral methods to address consumer protection challenges. Making financial markets fair for poor consumers can be difficult, but there are some straightforward ways in which