Factors affecting customers’ choice of Banks
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Mzumbe University
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A Dissertation Submitted in Partial Fulfilment of the Requirements for Award
of Masters of Business Administration-Corporate Management (MBA-CM) of
Mzumbe University
A customer is an individual whose relationship with a bank requires one to have an account as well as considering the time and occurrence of operation. For a buyer to maintain his/her account with a specific bank, there are elements that attract the customer towards that bank. This study intends to identify reasons to why customers’ preference is dynamic. The thesis’ specific objectives are to ascertain the basis that customers regard crucial in adopting services of a certain bank, assess aspects that regulate customers’ decision on banking services and finally to examine measures to be taken to attract customers in choosing provided monetary facilities. Studies explain how banks become successful when they are customer-focused. This is because meeting customers’ needs in relation with the provided banking services remain significant for a bank’s reputation. However, it is decisive for banks to explore various ways that customers consider to come to a decision. Such evaluation serves as a cornerstone to identifying appropriate marketing strategies. This analysis focused on the factors affecting customers’ choice of banks in Ilala, Dar es Salaam. The researcher used survey design to accumulate data from the identified domain.Data were collected through questionnaires, where a sample of 150 was selected. Collected Data were analysed by using ANOVA method. The study found that majority of the customers at specific banksare mostly interested with quality customer service, reduced interest rates on credit, lofty remuneration on savings, sim-banking facilities, low service charges and internet banking. The study recommends bank industry to invest more in customer service sector, update programs and trainings to employees. Prioritize on the operational services specifically on the network programs that are fast and tireless.
A customer is an individual whose relationship with a bank requires one to have an account as well as considering the time and occurrence of operation. For a buyer to maintain his/her account with a specific bank, there are elements that attract the customer towards that bank. This study intends to identify reasons to why customers’ preference is dynamic. The thesis’ specific objectives are to ascertain the basis that customers regard crucial in adopting services of a certain bank, assess aspects that regulate customers’ decision on banking services and finally to examine measures to be taken to attract customers in choosing provided monetary facilities. Studies explain how banks become successful when they are customer-focused. This is because meeting customers’ needs in relation with the provided banking services remain significant for a bank’s reputation. However, it is decisive for banks to explore various ways that customers consider to come to a decision. Such evaluation serves as a cornerstone to identifying appropriate marketing strategies. This analysis focused on the factors affecting customers’ choice of banks in Ilala, Dar es Salaam. The researcher used survey design to accumulate data from the identified domain.Data were collected through questionnaires, where a sample of 150 was selected. Collected Data were analysed by using ANOVA method. The study found that majority of the customers at specific banksare mostly interested with quality customer service, reduced interest rates on credit, lofty remuneration on savings, sim-banking facilities, low service charges and internet banking. The study recommends bank industry to invest more in customer service sector, update programs and trainings to employees. Prioritize on the operational services specifically on the network programs that are fast and tireless.
Keywords
Bank requires