Understanding customer Decision-Making in retail banking: Insights from a selected retail bank in South Africa
Résumé
In the ever-changing realm of retail banking, it is essential for banks to grasp the elements that affect customer decisions to stay ahead in the competition. This study delves into customer preferences when selecting a bank, focusing specifically on Absa Bank in South Africa. By utilizing a case study approach, the research delves into the factors that influence customer behavior in the retail banking industry. Referencing the consumer decision model, the study investigates various stages such as problem recognition, information search, evaluation of options, purchase decision, and post-purchase assessment. Factors such as security, convenience, assurance, accessibility, and responsiveness are pinpointed as crucial aspects in bank selection. The study employs quantitative research techniques, conducting surveys with Absa Bank customers to dissect their preferences. Findings suggest that transaction fees, corporate image, bank coverage, and size play a significant role in influencing customer decisions. The study emphasizes the importance of addressing these customer-identified factors to deter customer attrition. Recommendations include conducting regular surveys to keep abreast of changing customer preferences and maintaining a competitive edge. The research offered valuable insights that can guide strategic decision-making and marketing efforts in the retail banking sector.
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