A study of customer choice criteria for multiple bank users

This paper presents an analysis of customer choice criteria and multiple banking. In particular, the study presents an analysis of the relative importance of various choice criteria for main and secondary banks, highlights differences and considers marketing implications. A quantitative methodology incorporating 495 respondents is employed in the analysis. Findings show significant differences between selecting a first and secondary bank. Recommendations from others are influential and significantly more important in prompting choice of secondary bank. Offering an incentive is also significantly more important in prompting choice of secondary bank, but is less influential in terms of overall ranking of importance. Service expectation and low fees/overdraft charges are less significant in prompting secondary bank choice. Implications for the marketing of main and secondary accounts are explored.