A Research around the Basic Mindset Factors in Consumer Traditional bank Selection: Facts from Northern Cyprus

 A Research around the Basic Mindset Factors in Consumer Lender Selection: Facts from Northern Cyprus Essay

Banks and Bank Systems, Volume two, Issue four, 2007

Okan Veli afakli (Turkey)

A research on the fundamental motivational factors in client bank variety: evidence from Northern Cyprus Abstract

Industrial banks need to identify conditions on which customers determine their very own bank selection decision in order to plan a suitable marketing strategy to continue present buyers and attracting new types. The study concentrates on examining financial institution selection standards employed by customers residing in various cities of Northern Cyprus. The results reveal which the chief factors determining customers' bank selection are: " Service Quality and Efficiency”, " Financial institution Image”, " Convenient Location”, " Car parking facilities”, " Financial factors” and " Affected opinion”. The studies also show that it may be necessary to manage different demographic characteristics of respondents while distinctive segments with different priorities in their lender selection process. Keywords: Northern Cyprus, bank selection, motivational factors. JEL Category: G21.

Advantages Considerable amount of studies related to the factors successful in client bank selection is noticed (Anderson ain al., 1976; Evans, lates 1970s; Kaynak and Yavas, 1985; Ross, 1989; Kazeh and Decker, 93; Hegazi, 95; Metawa and Almossawi, 1998). This information is essential for banking companies to identify the right marketing strategies had to attract new clients and keep existing types (Kaynak and Kucukemiroglu, 1992). With growing competitiveness inside the banking market (Grady and Spencer, 1990), and similarity of providers offered by financial institutions (Holstius and Kaynak, 1995), it has become progressively important that banks identify the factors that determine the foundation upon which consumers choose between suppliers of financial services. In this regard, the standard aim of the research is to exploration the basic mindset factors in consumer financial institution selection in Northern Cyprus. 1 . Literature review A defieicency of bank variety criteria for broad categories of customers have been extensively searched (Yue and Tom, 1995). These studies usually submit similar factors but most importantly ranking importance of these elements varies among the studies. In this respect, the most influential factors specified in the relevant researches will be refereed. According to literary works on the subject, the ranking importance of bank selection factors exceptional to each analyze can be classified by descending order as " convenient location by or place of business, length of bank-customers relationships and quality of services made available from the bank” (Kaufman, 1967); " location, friendly workers, favorable bank loan experience; advice of close friends; and impact of relatives” (Mason and Mayer, 1974); " full service lender, customer positioning, a pleasant banking experience, convenience of time, searching accessibility, and private influence” (Fitts, 1975); " fast and

efficient companies, speed of transactions, friendliness of financial institution personnel, and confidentiality of bank” (Riggall, 1980); " reception with the bank, quickly and efficient services, reduce service fees, friendliness of personnel, and perceived confidentiality” (Holstius and Kaynak, 1995); " performance of services offered, bank's reputation, financial institution fees, convenient location, and interest rates on conserving accounts and loans” (Yue and Ben, 1995); " location ease and service quality detailed while attention to customers, personalized assistance and no queues” (Mylonakis ainsi que al., 1998); " technology and speed” (Coyle, 1999); " convenience, price, product selection, assistance and ambience” (Driscoll, 1999); " easy ATM locations, availability of ATM in several locations, bank's status, 24-hours accessibility to ATM companies and obtainable parking space nearby” (Almossawi, 2001); " competitive prices, long-term business relationship and performance in day-to-day operations” (Jones et approach., 2002); " convenience by and work” (Bowers, 1969); " societal factors,...

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Banks and Traditional bank Systems, Volume 2, Issue 4, 3 years ago

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