Determinants of Customers’ Bank Selection Decision in the Mfantsiman Municipality of Ghana

Abstract

The prominence of financial institutions in the development of an economy is well established. In Ghana various reforms in the financial sector have made the Ghanaian banking industry an intensely competitive proposition. This study, investigated the determinants of customers’ bank selection decision in the Mfantseman Municipality in Ghana. A descriptive cross-sectional survey research design was employed for the study. Data was acquired using self-administered questionnaires from bank customers. Multinomial logistic regression statistical method was used to analyse the data. The findings disclosed a significant relationship between customers’ choice of bank and advertising, branding, distance to bank location and types of electronic product offered by banks. It was recommended that banks should embark on aggressive advertising campaign on the benefits of their products and services, improve upon their brand image and financial stability. Banks should also come out with more electronic products that are relevant to the changing needs of potential customers.

Keywords: Selection Decision, Branding, Advertising, Location, Electronic Products, Banks

DOI: 10.7176/EJBM/12-28-03

Publication date:October 31^st 2020