Evaluation of Choice Criteria of Private Commercial Banks in Bangladesh: An Empirical Analysis on Young Generation

Abstract

This study portrays an analysis of choice criteria of private commercial banks and seeks to establish how the importance of various criteria, attracts the young customers. In particular, it isolates those criteria which have become significantly more important in motivating choice over time and those which have become significantly less important. A total of 1200 consumers aged 18-30 years of different universities have taken as a sample for the study. Various statistical tools like Mean, Std. Deviation and ANOVA are used to analysis the data. Findings reveal that the main factors determining their bank selection are: Bank's reputation, 24 hours availability of ATM service, friendliness of bank personnel, low services charges, ease of opening a current account, and confidence in bank management. An interesting point is that gender differences do not discriminate the attitudes toward banking services and selection of bank. Findings suggest that it may be necessary to deal with male and female customers as distinctive segments with different priorities in their bank selection process. To plan an appropriate marketing strategy for attracting new customers, commercial banks need to identify the criteria on which potential customers determine their bank selection decision.