The banking sector is one of the most growing sectors in
the world economy and considered as the backbone of the economy. The customer behavior in banking industry varies from the customer behavior from other industries. Banking
decisions are very crucial decision since they have direct money involvement in
them. The following research was aimed at finding out the factors which affects
the consumer behavior in banking industry and the sources of information which
customer look for while deciding about the bank.
From the research carried out through collecting the
primary data from the banks’ customer after designing the questionnaire for
getting the responses, it has been revealed that customers give importance to
the place convenience and brand image of the bank while deciding about the
banking service. Hence, marketers should look for the wider reach and strong
brand image of their bank.
What has Changed?
Since the loyal customer provides lot of benefits to the
company like high purchase value, premium price, insensitive to prices change
and positive word of mouth. The commercial banks in the UAE are providing all
kinds of services which are given by banks in any developed nation in order to
achieve improved service quality for its customers. According to the national
statistics in year 2000, the number of branches has reached to 430 and number
of ATM has reached to 880. So there are approx. 7000 people per branch and 3500
people per ATM in the country.
In total, the UAE has 47 commercial banks and out of 47
banks, 27 commercial banks are foreign banks. Some of the major players in
commercial bank segment in UAE are Citi Bank, HSBC Bank and Standard Chartered.
Banks in UAE needs to evaluate their service quality in order to combat the
competition and position them as the service oriented bank.
The sources of information accessed by the consumers
while deciding about the bank customer responded that the TV media and
referrals are the most effective medium. Hence, the customers should create the
positive word of mouth publicity and should promote themselves through TV
media.
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