Research On The Differentiated Behavior Of Consumer Rights Protection In Financial Institutions

With the development of China's financial market,the process of innovation of financial products and services is accelerated.Financial innovation not only meets the diversified needs of financial consumers,brings many hidden risks.After the global financial crisis broke out,many countries began to establish the financial consumption rights and interests protection system,and our country also attached great importance to it.Financial institutions have the advantage of information and the monopoly position.Financial institutions may differentiate heterogeneous financial consumers and harm their legitimate rights and interests.It is of great significance to find and avoid the differentiated behaviors of financial institutions and to optimize the protection environment of financial consumption rights and interests.Under the guidance of the theory of financial consumption rights and interests protection,according to the expert scoring and empowerment to extract the questionnaire data,and establish an index system.Using the survey data and principal component analysis,the empirical analysis is carried out by Tobit regression model.The study found that consumers have heterogeneity in financial literacy,education,age,monthly income,occupation and place of residence,which will make the consumer rights protection behavior of financial institutions appear different.The study shows that financial literacy,residence and age are the factors that influence the behavior of financial institutions under the understanding of customer indicators;under the conditions of information disclosure,the standard degree of service and the fair trade index,age,education,occupation and residence can lead to the differentiation of financial institutions;under account management and service indicators,education,monthly income,residence will affect the behavior of financial institutions;under debt recovery indicators,residence can affect the behavior of financial institutions.Recommendations based on this: Financial institutions need to increase the understanding of financial consumer rights and interests protection,improve the system of consumer protection,increase the degree of financial staff in the service specification,establish long-term effective mechanism of financial literacy and consumer education,to eliminate the differential behavior,financial institutions to safeguard legitimate rights and interests of financial consumers.