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

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 des...

Full description

Saved in:

Bibliographic Details
Published in:	African journal of economic and management studies Vol. 5; no. 3; pp. 369 - 382
Main Authors:	D. Nkamnebe, Anayo, Ukenna, Steve, Anionwu, Carol, Chibuike, Victoria
Format:	Journal Article
Language:	English
Published:	Bingley Emerald Group Publishing Limited 26-08-2014
Subjects:	Aesthetics Africa Bank failures Bank management Banking Banking industry Branch banking Capital markets Central banks College campuses Commercial banks Cronbach's alpha Customers Data collection Economic stability Economics Extraction Factor analysis Foreign exchange markets Friendship International economics Investment analysis Literature reviews Management science Marketing Nigeria Proximity Regional banks Regulation Regulation of financial institutions Reliability Selection criteria Stock exchanges Students Sub-Saharan Africa Universal banking Nigeria Nigeria Consumer behaviour Bank selection Bank marketing
Online Access:	Get full text
Tags:	Add Tag No Tags, Be the first to tag this record!

Description
Summary:	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 α 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.
Bibliography:	ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 23
ISSN:	2040-0705 2040-0713
DOI:	10.1108/AJEMS-08-2011-0054