International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

 

The Determinants of Bank Election Choices by Customers: Recent and Extensive Evidence from Nigeria
Omo Aregbeyen

Abstract
This paper investigates the determinants of banks election criteria by banking and business customers in Nigeria. It is motivated by the need to address the several limitations in a previous study by Omar (2007) by providing recent and extensive evidence on the determinants of bank election choices in Nigeria, and to better inform bank executives and authorities with insights into the kinds of service customers find most appropriate for their banking needs. A total of 1750 respondents from six most metropolitan cities across the six geo-political zones and the FCT were sampled. Their responses on the importance of 25 different factors while choosing a deposit bank were sought and analysed. The findings of the study reveal that the safety of funds and the availability of technology based service(s) are the major reasons for customers’ choice of banks. While other factors received less rating, however, this does not in any way imply that they are not important at all. Significant gender and age differences in the factors /preferences were observed.

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