Determinants of bank selection by university undergrads in south east Nigeria: empirical evidence

Nkamnebe, Anayo D. and Ukenna, Stephen and Anionwu, Carol and Chibuike, Victoria (2014) Determinants of bank selection by university undergrads in south east Nigeria: empirical evidence. African Journal of Economic and Management Studies, 5 (3). pp. 369-382. ISSN 2040-0705

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Abstract

Purpose – The purpose of this paper is to identify and ranks factors that influence bank selection by undergrads in South East Nigeria. Design/methodology/approach – Totally, 300 undergrads were sampled from two universities. Five-point Likert-type question containing 49 bank selection items was designed to collect primary data. Cronbach’s a was used to test the reliability of the instrument while factor analysis with principal component extraction was used to identify the underlying factors. Findings – Six principal factors were identified and ranked in order of importance. These factors are: bank’s financial stability, available and functional ATMs, professional bank staff, family and friends influence, proximity of bank branch to university campus, and internal and external aesthetics of bank. Practical implications – This study provides insight on the factors that influence the selection of a bank in the emerging and growing undergrads segment of bank market in Nigeria, which has obvious management and theory implications. Originality/value – Reports bank selection criteria from apparently under-researched and under-reported undergrad segment in a typical sub-Saharan African context.

Item Type:	Article
Uncontrolled Keywords:	Consumer behaviour, Bank selection, Nigeria, Bank marketing
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance
Divisions:	Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	16 Jan 2018 08:31
Last Modified:	16 Jan 2018 08:31
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/10008

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