Behavioral Finance in the Banking Industry : Trends, Challenges, and Research Perspectives

Abstract

This study conducts a comprehensive bibliometric analysis of behavioral finance research within the context of banking and management from 2001 to 2025. Drawing on a dataset of 1,626 peer-reviewed publications retrieved from Scopus, the analysis utilizes VOSviewer to map publication trends, country and journal contributions, collaboration networks, and evolving research themes. The results reveal a sustained and accelerating growth in scholarly output, with the field transitioning from foundational studies of cognitive biases and market anomalies to contemporary topics such as digitalization, FinTech adoption, and risk management in financial institutions. The United States, India, China, and the United Kingdom emerge as leading contributors, while specialized journals such as the Journal of Behavioral Finance and the Journal of Banking and Finance play central roles in scholarly dissemination. Cluster and keyword analyses highlight the expanding intellectual structure of the field, identifying major research streams on cognitive biases, digital transformation, investor sentiment, and the intersection of behavioral finance with new technologies. The findings underscore the importance of behavioral insights for improving decision-making, risk management, and financial product innovation in the banking industry. The study also emphasizes the growing need for interdisciplinary collaboration and advanced analytical methods to address emerging challenges in a rapidly evolving financial landscape.