How consumers choose a financial institution: decision‐making criteria and heuristics

Lee, Jinkook; Marlowe, Julia

doi:10.1108/02652320310461447

Cited by 79 publications

(76 citation statements)

References 34 publications

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“…Criteria development is not generally a separate construct in the traditional CDM models, but this component is relevant because it sets the boundaries of the decision (J. Lee & Marlowe, 1999). The development of criteria component of the model comprises a preliminary consideration leading to formation of an evoked set, and in tandem with this, development of the decision criteria that will later be used to evaluate possible solutions offered by the evoked set.…”

Section: Criteria Developmentmentioning

confidence: 99%

A review of consumer decision-making models and development of a new model for financial services

Milner

Rosenstreich

2013

J Financ Serv Mark

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It is recognised that existing theories of Consumer Decision Making (CDM) are not well suited for financial services and there have been calls for development of a new conceptual model. This article reviews prominent models of CDM and identifies strengths and limitations. A new conceptual model that is applicable to financial services is developed. An important element of the model is the recognition that the components interact rather than a consumer following a linear progression through a series of stages. The new model better reflects the iterative decision-making process relevant to financial services and enhances marketers' understanding of the process and thus their ability to influence it to increase the likelihood of positive outcomes for all. The model has three main components: inputs, processes and outcomes. Inputs include the purchase situation (contextual and environmental variables), consumer characteristics (psychological and social influences) and information sources (marketing mix and interpersonal). Processes include need arousal, information utility, criteria development and evaluation of alternatives. Outcomes include the decision (that may be to abort the purchase), the purchase itself and post-decision evaluation. Further research is required to test the relationships between the variables in different contexts, and thus enable refinement and/or validation of the model. A review of consumer decision-making models and development of a new model for financial services 2 AbstractIt is recognised that existing theories of consumer decision-making are not well suited to financial services and there have been calls for development of a new conceptual model. This paper reviews prominent models of consumer decision-making and identifies strengths and limitations. A new conceptual model that is applicable to financial services is developed. An important element of the model is the recognition that the components interact rather than a consumer following a linear progression through a series of stages. The new model better reflects the iterative decision-making process relevant to financial services and enhances marketers' understanding of the process and thus their ability to influence it to increase the likelihood of positive outcomes for all. The model has three main components: Inputs, processes and outcomes. Inputs include the purchase situation (contextual and environmental variables), consumer characteristics (psychological and social influences), and information sources (marketing mix and interpersonal). Processes include need arousal, information utility, criteria development and evaluation of alternatives. Outcomes include the decision (which may be to abort the purchase), the purchase itself, and post-decision evaluation.Further research is required to test the relationships between the variables in different contexts, and thus enable refinement and/or validation of the model.

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Section: Criteria Developmentmentioning

confidence: 99%

A review of consumer decision-making models and development of a new model for financial services

Milner

Rosenstreich

2013

J Financ Serv Mark

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“…Segmentation of customer markets offers commercial banks an influential discriminating method of grouping commercial bank customers in desired and profitable categories, so that their needs and wants may be effectively addressed for the purpose of preparing sound and effective marketing strategies. Previous studies such as Ta and Har (2000), Lee and Marlowe (2003), Arasli, Katircioglu and Smadi (2005) and Senyucel (2008) on the criteria which young customers use to select commercial bank have focused on developed countries such as Poland, Singapore, United States and Cyprus. Almossawi (2001) points out that although studies done in developed countries have contributed substantially to the literature on bank selection, their findings may not be applicable to other countries, due to differences in cultural, economic and legal environments.…”

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confidence: 99%

Factors Influencing the Choice of Commercial Banks by University Students in South Africa

Chigamba¹,

Fatoki²

2011

IJBM

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University students represent an attractive segment of customers for retail banks in many countries including South Africa. The objective of this study was to investigate the determinants of the choice of commercial banks by university students. University of Fort Hare (Alice campus) was the study area. Data was collected through self-administered questionnaire. Convenience sampling method was used. For data collection, forty questions were identified through a review of the literature. Principal component analysis reduced the forty questions to six factors namely, service, proximity, attractiveness, recommendations, marketing and price. Data was analysed using descriptive statistics, T-test and ANOVA. The Cronbach's alpha was used to test the reliability of the scales. The results showed that the six factors are important factors are important determinants of the choice of commercial banks. Recommendations included marketing strategies by commercial bank management focused on different market segments including university students.

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“…Conforme se observa, o setor bancário é um campo de pesquisa amplamente explorado, principalmente em função das significativas mudanças ocorridas nas últimas décadas (Lee & Marlowe, 2003). Neste setor, o desafio das empresas é estabelecer uma posição competitiva que seja sustentável a longo prazo, especialmente em um setor cuja diferenciação dos produtos e serviços é mínima (Carvajal, Ruzzi, Nogales, & Moreno, 2011).…”

Section: Referencial Teóricounclassified

Processo de investigação e análise bibliométrica: avaliação da qualidade dos serviços bancários

Ensslin

Pinto

2013

Rev. adm. contemp.

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O objetivo desta pesquisa é demonstrar como um pesquisador pode, de forma estruturada, selecionar artigos relevantes e identificar características dessas publicações que venham contribuir cientificamente para seu tema de interesse - aqui ilustrado na literatura internacional sobre Avaliação da Qualidade dos Serviços Bancários. O trabalho é caracterizado como exploratório-descritivo, de natureza teórico-ilustrativa, e tem como instrumento teórico de intervenção o Knowledge Development Process - Constructivist (Proknow-C). Com o desenvolvimento do processo, encontram-se: (a) um portfólio de 28 artigos alinhados com a visão adotada pelos pesquisadores que informaram a redação do referencial teórico desta pesquisa; (b) o periódico International Journal of Bank Marketing como aquele que apresenta o maior fator de impacto frente à comunidade científica para as bases JCR e SJR; (c) banking, customer satisfaction, customer loyalty e service quality como as palavras-chave mais recorrentes; e, (d) os autores A. H. Aldlaigan e F. A. Buttle e o artigo Customer satisfaction and retail banking: an assessment of some of the key antecedents of customer satisfaction in retail banking escrito pelos autores A. Jamal, e K. Naser, como destaques na área.

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How consumers choose a financial institution: decision‐making criteria and heuristics

Cited by 79 publications

References 34 publications

A review of consumer decision-making models and development of a new model for financial services

A review of consumer decision-making models and development of a new model for financial services

Factors Influencing the Choice of Commercial Banks by University Students in South Africa

Processo de investigação e análise bibliométrica: avaliação da qualidade dos serviços bancários

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