Lived experiences of multi-banked bank account holders with a focus on banks at Manda hill mall Lusaka, Zambia.
Date
2020-06-25
Authors
Muleya, Gistered
Habanyati, Honesty
Simui, Francis
Kanyamuna, Vincent
Journal Title
Journal ISSN
Volume Title
Publisher
Advances in Social Sciences Research Journal – Vol.7, No.6
Abstract
Multi-banking among bank account holders is a trend that has been on
the rise in the recent past. Even though most banks provide similar
services, like money transfer, deposits, loans, safety vault keeping,
insurance and other services, it is seen that consumers have preference
to certain specific banks. The purpose of this study was to assess the
lived experiences of multi-banked bank account holders at Manda Hill
Mall Lusaka, Zambia. Data was generated from seven purposively
sampled multi-banked account holders using; in-depth interviews,
focus group discussions, informal discussions and observations. Factors
that emerged contributing to multi-banking among account holders
were fraternity, proximity, customer service, security and brand loyalty.
The study concluded that most of the factors that influence multibanking
involve the attitude of the account holders, fraternity
inclinations, security constraints and poor customer services. Thus, it is
recommend that account holders and would be account holders should
be accorded chance to be well informed and make independent
decisions as to which bank to bank with. In addition, Banks need to
improve their service provision and strengthen relationships with their
customers. Further, there is need for the banks to keep moving with
time and improving their brand to appealing international standards.
Above all, there is need to enhance security to the satisfaction of the
clients.
Description
Keywords
Lived experiences. , Multi-banking. , , Account holder. ,