CUSTOMER CHOICE
Date
2011-04-13
Authors
Govender, Krisen
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The South African banking landscape has been characterized by changes since
the late 1990’s. Within this environment this priority banking arena has also
become highly competitive and this is driven by a limited n umber of available
priority banking clients. The ability to innovate is seen as a highly competitive
advantage by all the role-players within this sector.
The purpose of this study was to investigate factors that customers felt were
important in determining their choice of priority bank. The study focused on the
existing clients of priority banks and investigated the factors that would have an
effect on retaining them as clients of their current priority bank.
A qualitative research methodology was empl oyed and made use of in-depth
interviews as this allowed a more flexible approach to interviewing and also
enabled the ability to probe a greater range of information in the interview process.
The general consensus amongst those interviewed felt that cust omer service,
characterized by personal interaction was deemed to be important as a means to
retain priority banking clients by their institutions. In order to ensure that these
institutions also provided flexibility to their clients, increased usability of their selfservice
channels was deemed to be important. Advertising and sponsorship were
acknowledged as harnessing the image of the brand and ensuring it remains
dominant within clients’ mind space but it was evident that they had minimal
influence to leveraging off as a source of competitive advantage
Description
MBA - WBS
Keywords
Banks and banking, Customer service