Determinants of Consumer Patronage for Retail Banking Outlet Choice in Emerging Economies

The aim of the study is to identify the determinants of customer patronage towards selection and consumption of retail banking outlet and its services. The study attempts to identify the determinants with respect to the bank selection process of retail banking customers. The determinants of before, during and after stages of selection of retail bank are listed out from the previous literature of banking. The expectations towards all these determinants are recorded on a five point scale with help of a structured questionnaire from a sample of 600 retail banking customers in an Indian city of Visakhapatnam. The determinants are evaluated by adopting multivariate analysis tools like factor analysis to determine most influencing determinants of retail banking outlet selection. The most affective determinants of retail banking are identified to be security, privacy, ambience, people, brand and benefits. The study proposes the bank managers and marketers to concentrate on these six determinants for effective design of banking services mix