Determinants of Bank Selection Preference among Customers in the Kumasi Metropolis of Ghana

Abstract

The study investigated factors consumers consider in choosing a bank in Ghana. Questionnaires were sent to 300 respondents who were selected from the sample area of Kumasi, the second capital of Ghana. The result revealed five most important factors consumers consider when they are selecting a bank. They include; availability of Automated teller machine(ATM machine), effective and efficient customer service, ease of obtaining loan, number of branches and the rates of interest on saving. The study further revealed that friends and/or family members are very important to customer as they serve as the first source of information when it comes to the selection of banks. On the basis of the findings, it was recommended that, banks in Ghana invest in marketing research to identify the needs and wants of their customers so as to be able to provide them with products and services that will satisfy the identified needs of customers. The study recommends that, Ghanaian banks provide consumers with demand products and also pay more attention to the five most important factors mentioned which consumers consider when selecting a bank.