Choice criteria for customer for selection of a retail bank: A prospect theory based conceptual model synthesized by an expert survey conducted via Delphi method

Description

Page: 1439-1444

Menka Pathria (I.K. Gujral Punjab Technical University, Kapurthala, Punjab) Ramandeep Saini (Chandigarh Group of Colleges, Landran, Mohali, Punjab)

The purpose of the study to synthesize a conceptual model for the factors affecting choice of retail banks based upon an established theory. In this study, expert survey based upon Delphi Study is conducted to arrive at the factors affecting consumer choice of a retail bank and in the end comes up with a theory based conceptual model. The study throws important factors basis the expert survey and proposes a conceptual model based upon prospect theory. The study has come across certain important variables from practitioner point of view, which have not been studied yet in the literature for context under study. The present research studies the factors affecting the choice of bank by retail customers which will help the policy and strategy makers in banking to review their marketing strategy for products and services and hence can better serve the customers enabling them to know what drives a potential consumer to choose a particular retail bank. This is probably the first study that creates arguments from expert survey to arrive at the repertoire of Choice Factors affecting a Retail Bank Customer while choosing a Bank thereby postulating a conceptual model considering both perceived switching cost and perceived trust as a moderators for intention to choose a retail bank.