Bank selection criteria: Role of customers’ demographic backgrounds

Eugene Saltson

Abstract


Several factors account for the choice of banks by customers as discovered with this research. The study sought to assess the role of demographic backgrounds of customers in bank selection processes. Findings through the quantitative research analysis revealed that bank selection criteria differ according to age groups, income levels and employment status. Furthermore, the study established that demographic backgrounds of customers positively impact bank selection. The study through the means of the factors that defined demography aided to see the most prioritized to the least prioritized bank selection criteria by most customers. Availability of debit cards with favorable terms, Bank’s reputation and its image, wide range of services offered and lower interest charges on loans, proved to be the four most preferred bank selection criteria. In this regard, banks can carve their services and products to meet the current and futuristic needs of customers in order to survive in the competitive banking terrain.


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