Impact of External Factors on Customers’ Choice of Deposit Money Banks in Akure, Ondo State

Abstract

Listen

Translate article

The study investigated the influence of external factors on customers’ choices of Deposit Money Banks in Akure, Ondo State. With the population of 22 deposit money banks in Akure, Ondo State, Nigeria, a survey research design was used. Ten bank clients from each of the 11 deposit money banks in Akure that were chosen (50%) out of the 22 deposit money banks in Akure were taken into consideration using the random sampling technique. Information from respondents was gathered via the primary data source, and the study’s hypotheses were tested using linear regression. The study’s conclusions showed that customers’ choice of bank in Akure is significantly influenced by organizational factors (p=0.28<0.005) and that physical factors and customers’ choice of bank have a positive relationship (p=0.032< 0.005). Furthermore, the results demonstrated that, in Akure, Ondo State, customers’ choice of bank is positively influenced by technological factors (p=0.17< 0.005). The study came to the conclusion that customers’ decisions about depositing Money in money banks in Akure, Ondo State, are influenced by outside factors. The study also concluded that banks should cater to the social needs of their customers in order to draw in more of them and that they should operate with little to no bank interest to influence customers’ choices. According to the study, banks should determine which external factors influence customers’ choice of bank and address them appropriately.