A study of customer choice criteria for multiple bank users (2023)

Table of Contents
Article preview Journal of Retailing and Consumer Services Abstract Introduction Section snippets Literature review Methodology Results and discussion Implications Limitations and conclusions References (32) Bank selection criteria employed by college students in Bahrain International Journal of Bank Marketing Bank selection decisions and marketing segmentation Journal of Marketing Customer preferences for financial servicesan analysis International Journal of Bank Marketing An Examination of the Multiple Bank User Segment Through a Multi-Discriminant Approach Banking services for young intellectuals International Journal of Bank Marketing The use of secondary data in business ethics research Journal of Business Ethics Bank selection criteria of multiple bank users in Hong Kong International Journal of Bank Marketing Customer knowledge and choice criteria in retail banking Journal of Strategic Marketing Comments on bank selection decision and market segmentation Journal of Marketing Management ResearchAn Introduction Three customer values are key to marketing success Journal of Retail Banking Services Attitudes, behaviour and patronage factors of bank customers towards Islamic banks International Journal of Bank Marketing Conventional and Islamic bankspatronage behaviour of Jordanian customers International Journal of Bank Marketing Internet banking Journal of Financial Services Research Islamic bankinga study in Singapore International Journal of Bank Marketing The multiple banking behaviour of Singaporeans International Journal of Bank Marketing Cited by (38) Customer experience in the banking industry Impact of consumer awareness on switching behavior in banking Recommended articles (6) FAQs Videos

RegisterSign in


  • Access throughyour institution

Article preview

  • Abstract
  • Introduction
  • Section snippets
  • References (32)
  • Cited by (38)
  • Recommended articles (6)

Journal of Retailing and Consumer Services

Volume 12, Issue 4,

July 2005

, Pages 297-306

Author links open overlay panelJamesDevlinaPersonEnvelopePhilipGerrardbEnvelope


This paper presents an analysis of customer choice criteria and multiple banking. In particular, the study presents an analysis of the relative importance of various choice criteria for main and secondary banks, highlights differences and considers marketing implications. A quantitative methodology incorporating 495 respondents is employed in the analysis. Findings show significant differences between selecting a first and secondary bank. Recommendations from others are influential and significantly more important in prompting choice of secondary bank. Offering an incentive is also significantly more important in prompting choice of secondary bank, but is less influential in terms of overall ranking of importance. Service expectation and low fees/overdraft charges are less significant in prompting secondary bank choice. Implications for the marketing of main and secondary accounts are explored.


This study provides an insight into customer choice criteria and multiple banking. In particular, it presents an analysis of the relative importance of choice criteria in prompting choice of main and secondary banks. A relatively large number of studies have analysed the issue of choice in the context of banking services (cf. Anderson et al., 1976; Martenson, 1985; Boyd et al., 1994; Devlin, 2002) including a number in a particular cultural, ethnic or religious context (cf. Erol and El-Bdour, 1989; Erol et al., 1990; Joy et al., 1991; Kaynak et al., 1991; Gerrard and Cunningham, 1997, Gerrard and Cunningham, 2001).

Far less is known about choice criteria in “multiple banking” settings with Kaynak and Kucukemiroglu (1992) and Gerrard and Cunningham (2001) being the only known studies. In common with those studies, in this analysis, multiple banking is defined as occurring where an individual uses the same product at two or more separate banking institutions. For our study, the common product is a current account, alternatively known as a transactional account. Whilst previous studies will be discussed in the literature review section, both have limitations and have not answered the fundamental question about the extent to which important choice criteria for main and secondary banking institutions differ significantly and the marketing implications which arise from any differences which are found. This study addresses these matters by presenting a detailed comparison of the relative importance of criteria which influence choice of main and secondary banking institutions.

The current study, thus, adds to existing academic understanding of multiple banking, as the question of choice criteria differences in the case of multiple bank users has been largely overlooked in previous studies. As a result, the findings will be of particular interest to academics whose interest lies in the marketing financial services. Practitioners will also be provided with an enhanced understanding of the factors which prompt choice of institution for a secondary account, which will enable them to tailor marketing efforts towards attracting such account holders when formulating strategies to achieve such objectives. The findings of this study should be of value to practitioners, especially those who aim to expand their customer base.

The study proceeds as follows. In Section 2, a detailed literature review is presented, whilst, in Section 3, the methodology for the study is detailed. The results and a discussion of them are outlined in Section 4 and, in Section 5, implications are presented. Finally, in Section 6, limitations are acknowledged and conclusions drawn.

Section snippets

Literature review

The review will deal firstly with the literature pertaining to choice criteria in banking generally, then focus specifically on issues relating to multiple banking. The vast majority of studies, which have sought to establish how consumers choose a particular provider of financial services, have focused on consumers and how they select the bank which will provide them with general banking services. In what may be considered as the seminal study, Anderson et al. (1976) found that, whilst one


The data used in this study were generated from responses to questionnaires completed at face-to-face interviews, with questions posed verbally by trained surveyors who noted consumer responses. The data were collected throughout Britain in the early part of 2000. The questionnaire was designed to generate a wide range of data about consumers and their relationships with financial services’ providers and details of their demographics. The data used in this study were taken from responses to

Results and discussion

Table 4, Table 5 show the choice criteria for both main and secondary banks ranked in order of mean importance of each item. Visual inspection of the tables reveals that the scale items appearing at or near the top of the lists are common for both main and secondary banks. Choosing a bank near home, on the basis of family relationship, taking note of the recommendation of others and choosing a bank near a place of work dominate the rankings for both main and secondary banks. Such findings are


Prior to discussing the implications of differences in importance of choice criteria for main and secondary banks, it is worthwhile to comment briefly on the managerial consequences of the importance rankings generally. Rankings for both the main and secondary banks were dominated by locational and relationship factors, as well as recommendations. With those choice criteria having the greatest influence on consumers, it is apparent that consumers are making relatively simplistic and uninvolved

Limitations and conclusions

Prior to conclusions being drawn, limitations and recommendations for future research are presented. A potential limitation was that the data collection method did not allow for aggregation of data using factor analysis or related techniques. However, it should be noted that the use of data reduction techniques has very rarely been employed in bank choice criteria studies and the present analysis, in common with the vast majority of prior studies, relies on a comparison of individual choice

References (32)

  • M. Almossawi

    Bank selection criteria employed by college students in Bahrain

    International Journal of Bank Marketing


  • W. Anderson et al.

    Bank selection decisions and marketing segmentation

    Journal of Marketing


  • W. Boyd et al.

    Customer preferences for financial servicesan analysis

    International Journal of Bank Marketing


  • J.J. Burnett et al.

    An Examination of the Multiple Bank User Segment Through a Multi-Discriminant Approach


  • R.Y.-K. Chan

    Banking services for young intellectuals

    International Journal of Bank Marketing


  • C.J. Cowton

    The use of secondary data in business ethics research

    Journal of Business Ethics


  • L. Denton et al.

    Bank selection criteria of multiple bank users in Hong Kong

    International Journal of Bank Marketing


  • J.F. Devlin

    Customer knowledge and choice criteria in retail banking

    Journal of Strategic Marketing


    (Video) Problem-Solving Techniques #13: Weighted Scoring Model

  • G.M. Dupuy et al.

    Comments on bank selection decision and market segmentation

    Journal of Marketing


  • M. Easterby-Smith et al.

    Management ResearchAn Introduction


  • M.B. Elliot et al.

    Three customer values are key to marketing success

    Journal of Retail Banking Services


  • C. Erol et al.

    Attitudes, behaviour and patronage factors of bank customers towards Islamic banks

    International Journal of Bank Marketing


  • C. Erol et al.

    Conventional and Islamic bankspatronage behaviour of Jordanian customers

    International Journal of Bank Marketing


  • K. Furst et al.

    Internet banking

    Journal of Financial Services Research


  • P. Gerrard et al.

    Islamic bankinga study in Singapore

    International Journal of Bank Marketing


  • P. Gerrard et al.

    The multiple banking behaviour of Singaporeans

    International Journal of Bank Marketing


  • Cited by (38)

    • Perceptions on the accessibility of Islamic banking in the UK—Challenges, opportunities and divergence in opinion

      2017, Accounting Forum

      This study examines the views of UK-based Muslims, Islamic Scholars and Islamic banking employees on the current state of the latter industry, both in practical terms and as regards engagement with the nation’s large, but often marginalised Islamic community. The British Government has recently championed the Islamic banking sector and committed to supporting it as a means of addressing financial services needs and consolidating London’s position as the global centre for Islamic investment. The analysis adds to the substantive literature in two principal ways: (i) by contextualising the evidence via the notions of empowerment, engagement and social justice that underpin both the state’s attempts to foster growth and the central tenets of Islam; and (ii) by placing comparison of the opinions of key groups at the heart of the investigation. The findings reveal that while progress has been made, UK-based Muslims see several substantive impediments to access, including the complex terminology of Islamic banking products, the lack of internet banking facilities and branch networks as well as a generalised lack of interest in marketing on the part of the institutions. Whilst some coincidence of perception is evident, the views of bankers are shown to be out of line with those of the other parties in a number of key areas. For example, bankers appear to see less potential in the role of the internet as a medium for spreading awareness than do either potential customers or religious scholars. The paper therefore concludes with a call for multi-party Ijtihad and Qiyas (deductive analogy) that will encourage industrial outreach and, in so doing, support long-term growth.

    • The region-of-origin effect on the preferences of financial institution's customers: Analysis of the influence of ethnocentrism

      2016, BRQ Business Research Quarterly

      Citation Excerpt :

      They found that lower service charges on checking accounts, lower interest charges on loans, promptness in correcting errors, accurate billing, courtesy of personnel and higher interest payments on saving accounts were more important for national bank customers, whereas fast and efficient service, available parking space nearby, the bank's external appearance, mass media advertising, and interior comfort were mentioned as the most salient factors for local bank customers. Devlin and Gerrard (2005), in a study throughout Britain, found that closeness to home, a family relationship, the recommendation of others, closeness to the workplace dominated the bank selection criteria. Blankson et al. (2009) carried out exploratory research on students’ selection of retail banks in the United States and Ghana.

      The financial crisis that started in the USA in 2007 has obliged many small financial entities in southern Europe to undertake mergers in order to comply with the stability and solvency policies established by the European Central Bank. In Spain, this situation has led to a profound restructuring of the financial system, obliging many of these institutions to decide whether or not to maintain their regional brand identity after such a merger. The purpose of this study was twofold: on the one hand, to analyze the importance customers attach to the origin of their usual financial institution and the relative utility they give to the three levels of brand origin presented: regional, national and foreign, and, on the other, to assess whether consumers’ level of ethnocentrism modifies their preference structure and, if so, to identify the profile of the individuals composing each segment. The technique of Conjoint Analysis was applied to a survey of 427 customers. The results showed the bank's to be the attribute with the greater importance in forming customers’ preferences than other characteristics of the institution such as the treatment by employees, the location of offices, the electronic banking services, and the number of social activities the entity carries out in the region. In addition, the respondents prefer regional brand origin over national and foreign. Both the importance and the utility attached to the regional brand origin increase with higher levels of consumer ethnocentrism. The findings of this study will serve to these entities as a guide for their decision-making regarding brand management.

    • Calibrated fuzzy AHP for current bank account selection

      2013, Expert Systems with Applications

      (Video) Marketing: Segmentation - Targeting - Positioning

      Citation Excerpt :

      This explorative study will give an insight into the most important criteria in selecting a student bank account using calibrated fuzzy AHP, described in Section 3. In the literature there are several studies for bank selection in different countries: Romania (Katircioglu, Tumer, & Kılınç, 2011a); Ghana (Hinson, Owusu-Frimpong, & Dasah, 2011; Mahmoud, Tweneboah-Koduah, & Danku, 2011); USA (Lee & Marlowe, 2003), Northern Cyprus (Katircioglu, Unlucan, & Dalci, 2011b; Safakli, 2007); Malaysia (Ahmad, Rustam, & Dent, 2011; Amin, 2008; Mokhlis, Salleh, & Mat, 2011); Greece (Lymperopoulos, Chaniotakis, & Soureli, 2006); Bahrain (Al-Ajmi, Abo Hussain, & Al-Saleh, 2009; Almossawi, 2001); United Kingdom (Devlin & Gerrard, 2005; Farquhar & Panther, 2008; Thwaitesa & Verea, 1995); Singapore (Ta & Har, 2000), Poland (Kennington, Hill, & Rakowska, 1996); Hong Kong (Denton & Chan, 1991); India (Gupta & Dev, 2012). Each study has its own list of criteria.

      Fuzzy AHP is a hybrid method that combines Fuzzy Set Theory and AHP. It has been developed to take into account uncertainty and imprecision in the evaluations. Fuzzy Set Theory requires the definition of a membership function. At present, there are no indications of how these membership functions can be constructed. In this paper, a way to calibrate the membership functions with comparisons given by the decision-maker on alternatives with known measures is proposed. This new technique is illustrated in a study measuring the most important factors in selecting a student current account.

    • Constructing a strategy map for banking institutions with key performance indicators of the balanced scorecard

      2012, Evaluation and Program Planning

      Citation Excerpt :

      In particular, they found that a bank's cost structure, size, and loan portfolio were the most critical determinants of a new bank's success. In the study by Devlin and Gerrard (2005), data were drawn from a questionnaire survey that collected the responses of 495 consumers regarding their financial service relationships. The authors performed a statistical analysis of consumer choice criteria and presented an itemized comparison of the relative importance of the selection criteria for main and secondary banking institutions.

      This study presents a structural evaluation methodology to link key performance indicators (KPIs) into a strategy map of the balanced scorecard (BSC) for banking institutions. Corresponding with the four BSC perspectives (finance, customer, internal business process, and learning and growth), the most important evaluation indicators of banking performance are synthesized from the relevant literature and screened by a committee of experts. The Decision Making Trial and Evaluation Laboratory (DEMATEL) method, a multiple criteria analysis tool, is then employed to determine the causal relationships between the KPIs, to identify the critical central and influential factors, and to establish a visualized strategy map with logical links to improve banking performance. An empirical application is provided as an example. According to the expert evaluations, the three most essential KPIs for banking performance are customer satisfaction, sales performance, and customer retention rate. The DEMATEL results demonstrate a clear road map to assist management in prioritizing the performance indicators and in focusing attention on the strategy-related activities of the crucial indicators. According to the constructed strategy map, management could better invest limited resources in the areas that need improvement most. Although these strategy maps of the BSC are not universal, the research results show that the presented approach is an objective and feasible way to construct strategy maps more justifiably. The proposed framework can be applicable to institutions in other industries as well.

    • Customer experience in the banking industry

      2022, Handbook of Research on Interdisciplinary Reflections of Contemporary Experiential Marketing Practices

    View all citing articles on Scopus

    Recommended articles (6)

    • Research article

      A repeated Bayesian auction game for cognitive radio spectrum sharing scheme

      Computer Communications, Volume 36, Issue 8, 2013, pp. 939-946

      Due to the remarkable growth in the number of users and the limited spectrum resource, an efficient spectrum sharing scheme is very important and has been an active area of research over the years. Auction model is a rich mathematical tool and widely used to solve the spectrum allocation problem in cognitive radio networks. In this paper, a new spectrum sharing scheme is proposed based on the repeated auction model. In the proposed scheme, users adaptively decide their prices by using the Bayesian game approach and share spectrum bands based on the double auction protocol. According to a distributed control manner, the proposed scheme is dynamic and flexible that can adaptively respond to current system conditions. With a simulation study, it is confirmed that the effective solution of spectrum sharing is achieved under widely diverse system environments.

    • Research article

      Adaptive threshold spectrum sensing based on Expectation Maximization algorithm

      Physical Communication, Volume 21, 2016, pp. 60-69

      (Video) London’s missing meals - Economy Committee

      In this article we address a novel method for spectrum sensing, based on the Expectation Maximization algorithm applied to the histogram of the moving average signal power. The method enables the estimation of the number of active users in a given frequency band, the power received from each user, the occupied time slots and the front-end noise floor. The proposed approach takes advantage of the statistical properties of the averaging estimator output, which allows to model the received estimated power as a Gaussian mixture. This model represents the distributions of the users transmitted signal power as well as the system noise floor. Moreover, the Gaussian with the lowest mean that is related with the noise floor, can be used to estimate an adaptive threshold for a constant false alarm rate detector. Finally, the method was validated in a Wi-Fi experimental setup, where real-world data was acquired with a software defined radio.

    • Research article

      A game theoretic approach to modeling undesirable outputs and efficiency decomposition in data envelopment analysis

      Applied Mathematics and Computation, Volume 244, 2014, pp. 479-492

      The changing economic conditions have challenged many organizations to search for more effective performance measurement methods. Data envelopment analysis (DEA) is a widely used mathematical programming approach for comparing the inputs and outputs of a set of homogeneous decision making units (DMUs) by evaluating their relative efficiency. Performance measurement in the conventional DEA is based on the assumptions that inputs should be minimized and outputs should be maximized. However, there are circumstances in real-world problems where some output variables should be minimized. We consider the concepts of technical efficiency (the ratio of the desirable outputs to inputs) and ecological efficiency (the ratio of the desirable outputs to undesirable outputs) in DEA. We then introduce a new measure called process environmental quality efficiency (the ratio of the inputs to the undesirable outputs) and use game theory to integrate these three different efficiency scores into one overall efficiency score. The cooperative and non-cooperative game theory concepts are used to integrate different efficiency ratios into a linear model. We also present a case study to exhibit the efficacy of the procedures and to demonstrate the applicability of the proposed models.

    • Research article

      Local measurements and virtual pricing signals for residential demand side management

      Sustainable Energy, Grids and Networks, Volume 4, 2015, pp. 62-71

      Demand side management and response schemes have the potential to reduce peak demand and improve grid utilization (improving the peak-to-base ratio). Existing methods often rely on accurate predictions or knowledge of the future demand, and most require a bi-directional communication infrastructure. This paper proposes two novel demand management approaches that do not have either of these requirements. The demand management problem is formulated as a constrained optimization problem to meet end-user energy demand subject to the physical limits of the electrical network. The adopted model focuses on the last mile of distribution networks and accounts for transformer load, line load and phase unbalance limitations. The optimization problem is solved iteratively, in a distributed and computationally tractable manner. In the first method, the behaviour of all users is coordinated through a time-varying price signal (a virtual price) that reflects how much power can be distributed given the network constraints. This virtual price signal is broadcast to all end-users by the Distribution Service Operator through a passive uni-directional communication channel. In the second method, an algorithm local to the user approximates the state of congestion in the network using the historical local voltage measurements. This method does not require a communication infrastructure. The performance of both methods is compared and their resulting behaviours are illustrated using a realistic simulation relevant to a typical Australian suburban low voltage distribution network.

    • Research article

      El mundo imaginado tres cuartos de siglo atrás

      Investigación Económica, Volume 75, Issue 297, 2016, pp. 3-72

      El presente artículo aborda las razones por las que, a diferencia de lo que pasó durante la Primera Guerra Mundial, cuando las naciones involucradas anhelaban retornar a la situación previa, durante la Segunda Guerra Mundial nadie aspiraba a retornar a la situación de los años treinta, por lo que los diseñadores del futuro debieron realizar un intenso y creativo esfuerzo de imaginación, mediante el que se agiganta la figura de Lord John Maynard Keynes.

      This article discusses the reasons why, unlike what happened during the First World War, when the nations involved wished to return to the previous situation, during the Second World War nobody aspired to return to the situation of the thirties, so the designers of the future had to make an intense and creative effort of imagination, by which the figure of Lord John Maynard Keynes was an exceptional one.

    • Research article

      Exploiting layerwise convexity of rectifier networks with sign constrained weights

      Neural Networks, Volume 105, 2018, pp. 419-430

      By introducing sign constraints on the weights, this paper proposes sign constrained rectifier networks (SCRNs), whose training can be solved efficiently by the well known majorization–minimization (MM) algorithms. We prove that the proposed two-hidden-layer SCRNs, which exhibit negative weights in the second hidden layer and negative weights in the output layer, are capable of separating any number of disjoint pattern sets. Furthermore, the proposed two-hidden-layer SCRNs can decompose the patterns of each class into several clusters so that each cluster is convexly separable from all the patterns from the other classes. This provides a means to learn the pattern structures and analyse the discriminant factors between different classes of patterns. Experimental results are provided to show the benefits of sign constraints in improving classification performance and the efficiency of the proposed MM algorithm.

    View full text

    Copyright © 2004 Elsevier Ltd. All rights reserved.

    (Video) 2. Case Study: Churn Prediction


    What determines customers choice of a bank? ›

    Important factors which affect the customer's choice are staff friendliness, speediness of the process, reputation of banks, services quality and cost of loan but the unimportant factors include financial advice availability, effective advertisement of the bank and availability of direct deposit (Khazeh & Decker, 1992) ...

    What are criteria used to select financial institution? ›

    reputation, competitiveness of loan rates, time required for loan approval and friendliness of tellers, are the most important factors in explaining how customers choose banks. A selection criterion is one of the factors that influence of selecting the financial institution among the customers.

    What is repayable demand Mcq? ›

    An overdraft is repayable on demand.

    What are the criteria of financing? ›

    Financial Criteria means: (i) earnings or earnings per share; (ii) stockholder return; (iii) return on capital, investment, or stockholders' equity; (iv) cash flow or throughput; (v) EBIT or EBITDA; (vi) return on assets employed; (vii) gross margin; (viii) operating profit; (ix) working capital; (x) market share; (xi) ...

    What are the criteria for evaluating loan sources? ›

    The 6 criteria used to assess requests for financing
    • Calibre of the business principals. Principals are the primary source of fuel for business projects. ...
    • Business environment risks. ...
    • Project credibility. ...
    • Company's ability to pay and financial structure. ...
    • Principals' financial history. ...
    • Security.

    How do I choose a bank for my savings account? ›

    What to look for in a savings account
    1. Interest rate and APY.
    2. Initial deposit.
    3. Minimum balance requirements.
    4. Account fees.
    5. Rate tiers.
    6. Accessibility and ease of use.
    7. Supplemental savings accounts.
    28 Sept 2022

    What are the 4 factors that influence consumer behavior? ›

    In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.

    What are the major factors that influence consumer behavior? ›

    Consumer behavior is influenced by many factors such as situation, psychological, environmental and marketing factors, personal factors, family, and culture. Businesses try to collect data so that they can make decisions on how they can reach their target audience in the most efficient way.

    When was minimum reserve system started in India Mcq? ›

    The Minimum Reserve System is the currency issue system followed by the RBI at present. It was adopted in 1956. The Minimum Reserve System which requires the RBI to keep a minimum reserve of Rs 200 crores comprising foreign currencies, gold coin and gold bullion (minimum of Rs 115 crore in the form of gold).

    What is the cash reserve ratio CRR Mcq? ›

    The Cash Reserve Ratio (CRR) refers to the share of Net Demand and Time Liabilities that banks have to hold as balances with the RBI. The objective of CRR is to keep inflation under control. During high inflation in the economy, the central bank raises the CRR to lower the bank's loanable funds.

    When the cash reserve ratio is increased by the RBI it will Mcq? ›

    Explanation: To the degree that it is compatible with the Banking Regulation Act of 1949, the Firms Act also applies to banking companies. The RBI's increase in the cash reserve ratio (CRR) will result in: Reduce the amount of money in circulation in the economy.

    Who are the customers of a bank? ›

    What does Customer of a bank mean? A customer is a person who has an account with a bank or has a relationship with the banker even though he has no account with the bank.

    What makes a bank good? ›

    High Yield Options

    You want more for your money, so looking for a bank that offers high yield accounts is a good idea. Look at the options offered by savings accounts, and find out whether there are special savings accounts with better yields. You can also ask after interest bearing checking accounts, and consider CDs.

    What do banks care about? ›

    Bankers will also consider the five C's: character, capital, capacity, collateral, and conditions. Although businesses don't have credit scores, your company's credit history and reputation help determine its creditworthiness.

    What are customer types? ›

    What are the Different Types of Customers?
    • Five Main Types of Customers. In the retail industry, customers can be segmented into five main types: ...
    • Loyal Customers. ...
    • Impulse Customers. ...
    • Discount Customers. ...
    • Need-Based Customers. ...
    • Wandering Customers. ...
    • Related Readings.
    25 Apr 2022

    How can banks improve customer service? ›

    1. Empower Local Employees To Resolve Issues. ...
    2. Offer Better Rates On CDs And Savings. ...
    3. Be Proactive Rather Than Reactive. ...
    4. Ensure Customer Privacy And Security. ...
    5. Promote Financial Education. ...
    6. Focus More On Customer Satisfaction. ...
    7. Innovate With Products Customers Want And Need. ...
    8. Offer More Value-Added Services.
    11 Jul 2022

    Who is called customer? ›

    A customer is an individual or business that purchases another company's goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.

    What makes one bank better than another? ›

    So, in a business where products and services are easily replicatable, what differentiates one bank from the others is the quality of customer engagement, the employees who handle the client interface part and how well they are able to offer great customer experiences consistently across all customer touch points.

    What bank is best? ›

    Our top picks for best national banks of 2021-2022
    • Capital One - Best Overall.
    • Bank of America - Best Customer Service.
    • Wells Fargo - Best Mobile App.
    • Charles Schwab - Best for Low Fees.
    • Citibank - Best for High Yield Savings Account.
    26 Oct 2021

    What are four factors you should consider when selecting a financial institution? ›

    4 Things to Look For When Choosing a Bank
    • Products and Services That Fit Your Needs.
    • Security for Your Money.
    • Convenient Access to Your Cash.
    • Minimal Fees.
    11 Jun 2018

    What is most important to bank customers? ›

    Competitive interest rates are important to over 90% of consumers. Over half of consumers consider savings account interest rates the most important type of interest rate.

    What are the 5 most important banking services? ›

    The 5 most important banking services are checking and savings accounts, loan and mortgage services, wealth management, providing Credit and Debit Cards, Overdraft services.

    What are the three main types of bank transactions? ›

    Banking account transaction types:

    ATM: Deposit or withdraw funds using an ATM. Charge: Record a purchase on a credit card or withdraw funds using a debit card. Check: Withdraw funds by writing a paper check.

    How do banks handle difficult customers? ›

    How to deal with difficult customers
    1. How to deal with a difficult customer. ...
    2. Get in the right mind-set. ...
    3. Listen carefully. ...
    4. Be polite and calm. ...
    5. Find an immediate solution. ...
    6. Go the extra mile. ...
    7. Follow up. ...
    8. Avoiding customer complaints.

    Why is customer service important in a bank? ›

    Providing quality customer service is important in the banking industry because it makes customers feel valued, helps you meet their needs more effectively and improves your overall customer retention.


    1. Using Multiple Regression in Excel for Predictive Analysis
    (Management Information Systems)
    2. Parshas Noach: Man As The Microcosm of the Universe - The Electrifying Teaching of the Zohar
    (Rabbi Daniel Glatstein Official)
    3. How to make Summary Report in Excel within 2 minutes, How to Summarize Data in Excel
    (Microsoft Office Tutorials)
    4. Full Research Proposal Example - Part 1
    (Richard Makurumidze)
    5. MARKET TARGETING IN HINDI | Benefits & Targeting Strategies with Examples | STP Marketing Management
    (Sonu Singh - PPT wale)
    6. 230 Peter Cook, Author of D3 Start to Finish
    Top Articles
    Latest Posts
    Article information

    Author: Sen. Ignacio Ratke

    Last Updated: 02/16/2023

    Views: 6349

    Rating: 4.6 / 5 (56 voted)

    Reviews: 95% of readers found this page helpful

    Author information

    Name: Sen. Ignacio Ratke

    Birthday: 1999-05-27

    Address: Apt. 171 8116 Bailey Via, Roberthaven, GA 58289

    Phone: +2585395768220

    Job: Lead Liaison

    Hobby: Lockpicking, LARPing, Lego building, Lapidary, Macrame, Book restoration, Bodybuilding

    Introduction: My name is Sen. Ignacio Ratke, I am a adventurous, zealous, outstanding, agreeable, precious, excited, gifted person who loves writing and wants to share my knowledge and understanding with you.