The School of Business Studies (SBS) at the Institute of Business Administration (IBA) Karachi organized its 1st International Conference 2022 on ‘Decision Making in a Disruptive Age’ at Marriott Hotel, Karachi. The three-day conference is being held from June 22-24, 2022. Esteemed local and international academicians, researchers, students and speakers are participating in the conference.
The first day of the conference comprised of two workshops on ‘Consumer Neuroscience’ and ‘Governance in Islamic Finance’.
The first workshop on ‘Consumer Neuroscience’ was conducted by Dr Joseph Devlin, Professor of Cognitive Neuroscience & Vice Dean (Innovation & Enterprise), Faculty of Brain Sciences, University College London (UCL); Dr Daniel Richardson, Professor of Experimental Psychology, UCL; and Dr John Hogan, a Neuroscientist at UCL.
The insightful workshop on neuroscience featured interactive sessions and examined the role of technology in understanding human behavior and its applicability in business research. The difference between implicit and explicit attitudes and consumers’ actual behaviors was also discussed.
The speakers shed light on various topics including cognitive dissonance, eye tracking, skin conductance response, justification of consumer choices and a thorough understanding of Neuro receptors and devices. The speakers also shared various case studies, experimental findings, and key insights from leading brands about the benefits of neuroscience and situations where neuroscience can go wrong. The sessions were interactive with discussions where the participants also shared the examples of their own experiences and understanding of the topic.
The workshop covered topics including the mechanism of the visual systems, the role of eye movement and consumer decision making, and color constancy. Moreover, the role of consumer neuroscience for businesses as a big thinking strategy was discussed, backed with examples of various successful advertisement campaigns which the trainers had conducted for renowned agencies. The workshop concluded with a discussion on the future of neuroscience and a Q&A session, where all three UCL speakers and Dean, School of Business Studies (SBS), and Head of Neuroscience lab, IBA, Dr Wajid Rizvi responded to various questions.
Dr Wajid Rizvi shared his experience of establishing Pakistan’s first ever Consumer Neuroscience Lab at the IBA Karachi. Commending the initiative, he said that conferences like these play an integral role in apprising marketers with the latest developments and practices in the field neuroscience.
The second workshop on ‘Governance in Islamic Finance’ commenced with an enlightening session on the theory, practice and challenges in corporate governance faced by Islamic Institutions by researchers including, Dr Tasawar Nawaz, Lecturer in Finance, University of Plymouth; and Dr. Nader Virk, Senior Lecturer, in Finance, Accounting and Finance, Swansea University. The session touched upon important themes relevant for decision-making in the disruptive age. The discussion leaned towards a pertinent question of how there is a need for Islamic Shariah Boards to establish standardized practices to interact with the conventional financial system which has the potential to reduce cost for the end-consumer and effectively avoid the Lemon’s Problem in the financial marketplace. On the revenue end, Islamic Institutions tend to charge a Halal premium in consumer goods and lending, which increases the price for the end-consumer.
The concluding remarks focused on the bottom-up approach where end-consumers play a more proactive role in determining how Islamic Institutions are governed.