Factors Determining the Bank Selection Criteria of Consumers: A Banking Customers Survey

Abstract

The Indian banks are laying the groundwork for financial inclusion or opening financial services to everyone. Banks are working as a pillar for sustainable growth due to the expanding economy. The ability of banks to draw in and keep customers these days is a challenge. Due to the proliferation of financial institutions, customers now have many options. They are worried about the worth of their goods and services. It identifies those criteria that have grown to be essential in influencing the decision. The results demonstrate that accessibility, which includes ATM availability, convenient ATM locations, round-the-clock ATM service, and quick ATM transactions, is a crucial selection consideration. Additional elements, such as dependability, responsiveness, value-added service, convenience, and assurance, have also gained significance. Many aspects, including reputation, technology, branch accessibility, appearance, word-of-mouth, customer services, price, and facilities, were found using exploratory factor analysis. The customers carefully considered these considerations, putting the criteria for choosing a bank first. The sample size of the study was 187 respondents. The data analysis was performed with the help of t-test and mean.