A study of the factors that affect consumers' choice of banking services in Singapore

Abstract

Banks need to be aware of possible differences in customers' expectations in relation to individual banking product. Banks also need to identify the banking needs of different socio-economic groups. A model has been developed to classify the factors that may affect bank customers' decisions in choosing the various banking products. These factors are grouped into 4 main categories, namely, Cost/Benefit, Customisation, Convenience and Confidence.