Factors influencing the choice of commercial banks among university students in Zambia: the case of university of Zambia (UNZA) first year students.
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The Purpose of this study was to investigate the determinants of choice of the commercial banks among first year students at the University of Zambia. The Objectives of this study were to establish the criteria students use in selecting a commercial bank; to determine the rank of significance of choice of the determinants criteria and their influence on bank selection by university students; and to develop a marketing model and provide recommendations that commercial banks can use to attract the patronage of first year students. The Methodology used for this study was convenience sampling and data was collected through a self-administered questionnaire. A sample of 150 respondents was selected and 128 questionnaires were received back, but only 120 were suitable for analysis. The sample area was University of Zambia. Descriptive and inferential data analysis was conducted. The Findings, out of thirty determinants of bank selection criteria, the top five bank selection criteria in ascending order included the following: Bank status in industry; Reputation of the bank; Convenience of Location; Family member opinions or Friend recommendations; and Ease of obtaining borrowed funds. Additionally, the study findings pointed out that automated teller machine, branch internet banking, debit or credit cards, mobile banking, personal loan, agency banking (banking agents) as the major influence in bank selection in exception of investment products and e-cheque which are considered to be of least important in bank selection by students. The finding of the first and second hypothesis have indicated that the variances of financial benefits and industry status and size was equal and the variances of treatment of customers and bank product and services was also equal with type II error being committed in both hypotheses. Furthermore, the finding of the third hypothesis reviewed that mean treatment of customers and bank Product and Services were significantly the same resulting into type II error being committed. The Practical Implications of this study provides insight on the determinants criteria that influence the selection of a bank by first year students at the University of Zambia (UNZA), which has obvious management and theory implications. The report brings value and originality on bank selection determinants criteria from apparently under-researched and under-reported undergrad segment in Zambia and a typical Central-Southern African context. Key Words: University Student, Determinants, Commercial Bank, Selection Criteria, University of Zambia
The University of Zambia