Services Used and Factors Considered Important in Selecting a Bank: An Investigation across Diverse Demographic Segments

Michel Laroche, Jerry A. Rosenblatt, Terrill Manning

International Journal of Bank Marketing · 1986 · 156 citations · 2 references

Concepts

TL;DR

Consumers consider various criteria important when choosing commercial banks. The study suggests that emphasizing key banking features can better influence target market segments. The research was conducted in Montreal, a highly competitive banking market. Consumers prioritize chequing services over savings, value speed, convenience, staff competence and friendliness, and attitudes differ by sex, language, age, income, and education.

Abstract

Consumers perceive the following criteria as important in their selection and patronage of commercial banking facilities. Services relating to chequing accounts are of greater importance than those relating to savings accounts. Speed of service, locational convenience, competence and friendliness of bank personnel are also important. Significant differences in attitudes and opinions between the sexes, language, age, income and educational level groups are revealed. These results come from a study carried out in Montreal, which was chosen for its highly competitive banking environment. By tailoring their marketing strategies to stress the satisfaction of the above features, bank marketers may be better able to influence the target market segments dealt with.

References

2