What Do Young Intellectuals Look For in a Bank? An Empirical Analysis of Attribute Importance in Retail Bank Selection

Abstract

This study attempts to quantify the selection criteria used by university students in the process of selecting a bank to patronize. A quantitative methodology, using responses given by 482 Malaysia’s undergraduates, is employed in the analysis. Friedman’s nonparametric test for rank position and significance was performed to determine respondent’s preferences and to see if the differences were significant. Results of the study suggest that students appear to be very concerned about the security aspects, ATM service and financial benefits when selecting a bank. Factors such as locational convenience and recommendation, which proved to be influential in previous studies, are no longer given with such importance.