Evaluation of Choice Criteria of Private Commercial Banks in Bangladesh: An Empirical Analysis on Young Generation
This study portrays an analysis of choice criteria of private commercial banks and seeks to establish how the importance of various criteria, attracts the young customers. In particular, it isolates those criteria which have become significantly more important in motivating choice over time and those which have become significantly less important. A total of 1200 consumers aged 18-30 years of different universities have taken as a sample for the study. Various statistical tools like Mean, Std. Deviation and ANOVA are used to analysis the data. Findings reveal that the main factors determining their bank selection are: Bank’s reputation, 24 hours availability of ATM service, friendliness of bank personnel, low services charges, ease of opening a current account, and confidence in bank management. An interesting point is that gender differences do not discriminate the attitudes toward banking services and selection of bank. Findings suggest that it may be necessary to deal with male and female customers as distinctive segments with different priorities in their bank selection process. To plan an appropriate marketing strategy for attracting new customers, commercial banks need to identify the criteria on which potential customers determine their bank selection decision.
Almossawi, M 2001, “Bank selection criteria employed by college students in Bahrain: an empirical analysis”. International Journal of Bank Marketing 19(3), 115–25.
Anderson, W.T., Fox, E.P. and Fulcher, DG 1976, ‘Bank selection decision and market segmentation’', Journal of Marketing, Vol. 40, pp. 40-5.
Boyd, W., Leonard, M. and White, C 1994, Customer preferences for financial services: an analysis'', International Journal of Bank Marketing, Vol. 12 No. 1, pp. 9-15.
Coyle, T 1999, ``The bank of tomorrow'', Americans Community Banker, Vol. 8 No. 7,
Haron, S., Ahmed, N. and Planisek, S. 1994, ‘Bank patronage factors of Muslim and non-Muslim customers’, International Journal of Bank Marketing, Vol. 12 No. 1, pp. 32-40.
Hegazi, I.A. 1995, ‘An empirical comparative study between Islamic and conventional banks' selection criteria in Egypt’, International Journal of Contemporary Management, Vol. 5 No. 3, pp. 46-61.
Holstius, K. and Kaynak, E 1995, ‘Retail banking in Nordic countries: the case of Finland'', International Journal of Bank Marketing’, Vol. 13 No. 8, pp. 10-20.
Kaynak, E. and Kucukemiroglu, O 1992, ‘Bank and Product Selection: Hong Kong,
International Journal of Bank Marketing’, 10(1), 3-16.
Tan, C.T. and Chua, C 1986 “Intention, attitude and social influence in bank selection: a study in an Oriental culture”. International Journal of Bank Marketing 4(3), 43–54.
Gerrard, P. and Cunningham, J B 1997 “Islamic banking: a study in Singapore. International Journal of Bank Marketing” 15(6), 204–16.
Yue, H. and Tom, G., 1995. How the Chinese Select their Banks, Journal of Retail Banking,14(4), Winter.
Laroche, M., Rosenblatt, J.A. and Managing, T 1986, ``Services used and factors considered important in selecting a bank: an investigation across diverse demographic segments'', International Journal of Bank Marketing, Vol. 4 No. 1, pp 35-55.
Kazeh, K. and Decker, W 1993, ‘How customers choose banks’, Journal of Retail Banking, Vol. XIV No. 4, Winter, pp. 92-3.
Holstius, K. and Kaynak, E. 1995, ``Retail banking in Nordic countries: the case of Finland'', International Journal of Bank Marketing, Vol. 13 No. 8, pp. 10-20.
Mylonakis, J., Malliaris, P. and Siomkos, G. 1998, `Marketing-driven factors influencing savers in the hellenic bank market'', Journal of Applied Business Research, Vol. 14 No. 2, pp. 109-16.
Kennington, C., Hill, J and Rakowska, A. 1996, “Consumer selection criteria for banks in Poland”, International Journal of Bank Marketing 14(4), 12–21.
Lewis, B.R. and Bingham, G.H. 1991, “The youth market for financial services”, International Journal of Bank Marketing 9(2), 3–11.
Thwaites, D. and Vere, L. 1995 “Bank selection criteria: a student’s perspective” Journal of Marketing Management 11, 133–49.
This work is licensed under a Creative Commons Attribution 4.0 International License.