Bank Switching Research Articles

Breaking up with your bank: the role of competitors’ effective advertising in customer switching intention

The discrepancy between customer expectations and experiences can result in significant adverse consequences. This study, exploratory in nature, utilised the structural equation modelling technique to reveal how competitors’ effective advertising influences customers’ expectations of in-using banks, triggering their switching intentions in line with the expectation-confirmation theory, with a dataset of 471 responses from retail bank customers in China via an online semi-structured survey with a convenient and non-probability method. This study revealed that competitors’ effective advertising not only directly influences customers’ bank switching intentions but also indirectly impacts customers’ switching intentions by influencing customers’ expectations of price and service quality. The study also found that the price was positively correlated with customers’ perceptions of service failure and customers’ switching intentions, while service failure is associated with customers’ switching intentions. This study is the first attempt in the literature to examine customers’ decisions to switch banks that focus mainly on competitors’ effective advertising and provide in-depth insights.

Antecedents for Consumer’s Switching Behavioural Intention Retail Banks in Zimbabwe: Integrating the Theory of Planned Behaviour

The purpose of this research is to examine the antecedents of the behavioural intention of consumers to switch a retail bank for another in Zimbabwe. The study used positivism research philosophy where quantitative data was collected from a purposively chosen sample of 150 participants. Data was analyzed using logistic regression equation with two dependent variables. Our study confirms the probability of switching retail banks in Zimbabwe was driven by factors such as; brand image, changing demographics, brand loyalty, brand image, ease of use, and the perceived usefulness. The recommends that retail banks should invest more in building brand image to retain loyal customers. A combination of technological innovations and transaction cost reductions could help to increase brand loyalty, brand image, and the attraction of new customers while retaining the old ones. The study contributes to the literature on bank switching behaviour by pioneering the use of binary choice models.

Real-type test platform capacitor bank switching oscillation suppression strategy and switching device design

Real-type test platform capacitor bank switching oscillation suppression strategy and switching device design

An efficient multi-timescale regulation strategy for distribution networks based on active and passive resources combined

Introducing solar and wind power into distribution networks (DNs) is an important initiative to promote the cleanliness and low-carbonization operation of DNs. However, the source and load outputs are uncertain in DNs, which will lead to problems of inaccurate regulation and insufficient renewable energy utilization. Therefore, this study provides an efficient multi-timescale regulation strategy for DNs based on active and passive resources combined. First, the day-ahead regulation model is constructed to minimize the total operating cost in a day for DNs. It aims to determine the on-load tap changer (OLTC) and capacitor bank (CB) switching schemes and consider them as the constraints for intraday regulation by power flow unification. Then, an intraday source and load uncertainty model is considered, which aims to cope with the problems of inaccuracies in the day-ahead source and load prediction. Based on this, the objective function of the intraday regulation model is set. It aims to minimize the deviation from the total day-ahead cost and then ensure the optimal system economy and determine the intraday new energy and energy storage system (ESS) short-time action scheme. Finally, the example results show that the proposed scheme can achieve the maximum utilization of renewable energy and improve the low-carbon economic operation of the whole system.

Capacitor Bank Panel Design to Improve Industrial Power System Efficiency and Safety

Industrial loads generally use control equipment and power electronics that use semiconductor materials that are very sensitive to voltage fluctuations. As reactive power compensation, industries usually use capacitor banks to increase power factor, reduce losses and increase line capacity. But it turns out that the use of capacitor banks also causes problems related to capacitor bank switching during the energizing process. During the energizing process, transient voltages and currents will be generated which can potentially damage control equipment, power electronic equipment, switching equipment and the capacitor bank itself. The Capacitor Bank panel assembly process involves the preparation of components such as MCB (Miniature Circuit Breaker), MCCB (Molded Case Circuit Breaker), Capacitor Bank, and other components. After that, these components are carefully assembled according to the pre-prepared design. Next, the installation of the Capacitor Bank panel involves mounting the panel to the location according to the plan and connecting it to the building's main power system. Accurate wiring and meticulous testing are required to ensure that the panels function properly. Therefore, a good understanding of the assembly and installation process of Capacitor Bank panels is essential to ensure efficient, and safety.

A multi-objective artificial hummingbird algorithm for dynamic optimal volt-var controls for high electric vehicle load penetration in a photovoltaic distribution network

Renewable energy systems (RESs) and electric vehicles (EVs) have become global necessities to meet the sustainable development goals (SDGs). Because they are intermittent and stochastic, these two technologies have caused power grid operation and regulation challenges despite their environmental benefits. A new combined dynamic optimal network reconfiguration (DONR) and capacitor bank switching (CBS) optimization technique reduces solar and multi-type load effects on the distribution network performance. Considering substantial EV load penetrations, ONR and CBS should coordinate to reduce energy loss, improve the voltage profile, and save money during 24 h operation. The artificial hummingbird algorithm (AHA) solves this difficult optimization problem for the first time. An enhanced IEEE 33-bus benchmark test system was used to simulate various instances to evaluate the computational characteristics of the AHA and compare it with other similar algorithms. The obtained results demonstrate the superiority of the combined DONR and CBS for real-time scenarios over any individual approach.

Net saving improvement of capacitor banks in power distribution systems by increasing daily size switching number: A comparative result analysis by artificial intelligence

AbstractThis paper studies the effect of the number of switching (NOS) per day of capacitor banks on loss reduction in radial distribution systems. To this aim, the daytime (more precisely, 24 h) is divided into different numbers of time segments (equal to the same NOS) for capacitors’ size switching. The resulting non‐linear programming with discontinuous derivatives (called DNLP) model is solved subject to related constraints. The results reveal the impact of hourly switching of capacitor banks on further loss reduction (namely 118.4435, 83.7856, and 101.738 MWh for three IEEE systems) and higher net savings (i.e. k$5.6067, k$4.2772, and k$5.3542 for the same systems) of radial distribution systems compared to daily switching. Then, the hyper‐tuned Random Forest model is trained based on the IEEE 69‐bus network, fine‐tuned by the IEEE 10‐bus network, and fitted by the IEEE 33‐bus network to have an intelligent multi‐classification task with the highest accuracy. Numerical simulation, in both classic and intelligent parts, is presented to demonstrate the performance of DeepOptaCap. For the final step, DeepOptaCast is compared to other intelligent models of Light Gradient Boosting Method (LGBM), Decision Tree, and XGBoost, regarding KPIs of mean absolute percentage error, root mean squared percentage error, mean absolute error, root mean squared error, and coefficient of determination to demonstrate the model's superiority.

“One size doesn't fit all”. Bank switching decisions and customer vulnerability in Europe

PurposeThis paper examines the relationships between bank switching and both customer vulnerability and consumer-oriented policies (financial education and disclosure practices).Design/methodology/approachThe analysis employs microdata from the Special Eurobarometer on Financial Products and Services, for 24 European nations. It carries out a probit estimation on the factors explaining propensity of bank switching, focusing on three characteristics associated with customer vulnerability: an advanced age, low educational attainment and residence in a rural or a relatively poor region.FindingsThe authors report that the probability of bank switching is significantly lower for three groups of vulnerable customers: the elderly, the less educated and those living in deprived regions. Further the authors identify that national financial education policies and disclosure practices have no significant effects on bank switching.Research limitations/implicationsBased on these results, the authors propose more targeted policies recognising customers' heterogeneity are required to increase bank switching behaviour.Originality/valueThis paper exploits a unique source of information on bank switching behaviour and customer characteristics across European nations. These data are complemented with information about consumer financial education policies and disclosure practices from the World Bank and geographical, market and regulatory factors at the regional and national levels. The paper contributes to two academic areas. First, it presents further evidence on heterogeneity of bank customer switching behaviour, addressed at improving the understanding of customer vulnerability in banking services. Second, it examines the efficacy of consumer-oriented policies (financial literacy and disclosure practices) in encouraging bank switching.

A novel superimposed voltage energy‐based approach for single phase to ground fault detection and location in distribution networks

AbstractThe structure complexity and the extended geographical area are among the factors that create challenges in accurate fault location and detection in distribution networks. The single‐phase to ground (SPG) faults are considered as most frequent reasons for distribution network interruption, which can threaten the network's reliability. Signal processing methods are usually used as common approaches to distinguish and locate faults in distribution networks. This paper proposes a novel scenario to select optimal wavelet packet transform (WPT) coefficients for SPG fault location and a method based on superimposed voltage energy to distinguish the faulty phase according to these coefficients. Furthermore, employing the energies of the superimposed voltages helps to minimize the effects of high resistance faults (HRFs) and load encroachment on the efficiency of the faulty phase detection part. Comparing the obtained results with other scenarios demonstrates the considerable efficiency of the proposed scenario. Finally, with the help of general regression neural networks (GRNN) as machine‐learning tools, a new algorithm is derived for detecting and locating the SPG fault and capacitor bank switching overvoltage (COV). Simulation results are implemented on the IEEE 34‐bus standard distribution network, demonstrating the efficiency and superiority of the suggested method.

КОМБІНОВАНЕ РЕГУЛЮВАННЯ КОМУТОВАНИМИ КОНДЕНСАТОРАМИ Й ВЕНТИЛЬНИМ ПЕРЕТВОРЮВАЧЕМ НАПРУГИ АСИНХРОННОГО ГЕНЕРАТОРА АВТОНОМНО ПРАЦЮЮЧОЇ МІНІ-ГЕС

The principles of operation and a static simulation model of the power-generating equipment of the autonomous power supply source based on a hydroelectric unit with a 275 kVA induction generator and a combined capacitor-inverter excitation system supplying a symmetrical passive load have been developed. The initial excitation of the generator is carried out by a bank of capacitors of the initial excitation. During low power demand the generator voltage is kept constant by adjusting the reactive power of the semiconductor converter, and at high loads, the voltage is adjusted as a result of the switching of additional capacitor banks. The developed methodology for performance analysis the pro-posed power supply source is based on the IG equivalent circuit. Computations of the static characteristics of the gen-erator operating with a constant rotor speed were carried out and the obtained static characteristics were analyzed for two set values of the load power factor. Ref. 5, fig. 4, table.

Automatic Power Factor Correction using Microcontroller

Power quality is a key factor in all industrial and many more applications. An industry need to maintain certain power quality standard during day-to-day work for variety of applications. Power quality of electricity provided by utilities is also vital aspect. The best power quality helps to increase the overall production and gets rid of any sort of technical problems reducing cost of energy. The mains power factor is one of the important parameter which decides the quality of power. When the need of reactive power becomes more, power factor decreases, reducing the efficiency of power system. Therefore, there is need to add capacitance of required value when power factor goes below the specified value, preferably 0.92. Addition of required capacitors reduces the losses improving power factor. The paper proposes digitally controlled topology for performing Automatic Power Factor Correction to improve power quality. The design and simulation of Automatic Power Factor Correction system using microcontroller (AT89S52/C51) has been presented in the paper. The system power factor has been monitored using power factor transducer followed by Arduino microcontroller which control the switching of capacitor banks in order to compensate reactive power and bring power factor near to unity enhancing power quality. The simulation results are also presented in the paper.

Financial development, interest rate pass-through and interest rate channel of monetary policy

The paper examined the interest rate operations and processes in Nigeria and examined the role of financial development in incentivizing central bank monetary policies from the monetary policy rate to the money market rates, lending rates, and deposit rates. The analysis covered the period from 1981 to 2021 with sub-samples for 1981 to 2011 and 1991 to 2021 to test the consistency of the findings. The findings confirmed that interest rate pass-through is incomplete for Nigeria, albeit to a lower degree in the short run compared to the long run. The reasons for this may be due to interest rate stickiness, problems of asymmetric information, and bank switching costs. Also, the findings confirmed that financial development weakens the impact of monetary policy on the interest rate pass-through process, while the analysis of the asymmetric mean adjustment lags confirmed that changes in the policy rate are transmitted to the deposit and lending rates within the year it was announced. The analysis confirmed that the results across each sub-sample and the robustness tests are consistent with the main analysis. Therefore, it is imperative that policymakers should account for financial development when designing monetary policy effectiveness since it can hinder or strengthen the interest rate monetary policy channel.

Analysis of transmission line modeling routines by using offsets measured least squares regression ant lion optimizer in ORPD and ELD problems

This paper proposed an offset measured least regression based ALO to solve ORPD and ELD problems of IEEE 57 bus system designed with different transmission line models. These two problems are highly non-linear and non-convex defiance optimization of problem. The solution of ALO depends on exploration and exploitation if the difference between local and global variables is large, therefore chance to miss the best optimal solution. The weighted elitism phase of the algorithm gives diversified results because exploration is more biased toward elite particles. Which is due to decreasing of random walk to achieve the convergence characteristics. The proposed LSR-EALO can balance both exploration and exploitation, which improves the solution of optimization problem. Simulation is performed with proposed method on different IEEE 57 bus power system models, such as the positive sequence, 3-Phase PI, and distributed CP transmission lines based power systems, and lumped PI lines based low voltage hardware model (LVHM). In this paper, the ORPD problem was used to describe control variables like generator voltage, tap changers of transformers, and switching of capacitor banks subjected to power loss minimization function. Also, described voltage deviation and voltage stability index. Similarly, the ELD was described the active power allocation among generators to meet the sum of load demand and losses in the systems at minimum fuel cost function. And in depth analysis of the optimization results shows accuracy of control variables in ORPD and ELD problems. Also, the effectiveness of proposed method was also verified by comparing results with other meta heuristic algorithms.

단일동조 저차 고조파 필터뱅크 과도회복전압

Industrial power systems include lots of non-linear loads which draw in non-sinusoidal currents. These non-sinusoidal currents are harmonic sources in the power systems, leading to power quality issues. A typical way to solve the power quality issues is to install single-tuned harmonic filter banks in parallel that provide low impedance paths for harmonic currents at their tuning orders, allowing for harmonic mitigation. Depending on harmonic orders, single-tuned harmonic filter banks have different switching characteristics: high amplitude and frequency back-to-back inrush currents of high-order harmonic filter banks; and high transient recovery voltage of low-order harmonic filter banks. This paper focuses on the latter to offer beneficial insights on power system design for safe and reliable harmonic filter bank switching. Theoretical analysis with electromagnetic transient studies describes how the high transient recovery voltage occurs in the low-order harmonic filter banks during the open operation of a circuit breaker. A field measurement on a second-order harmonic filter bank with 30 MVar and 33 kV proves that an excessive transient recovery voltage of approximately 92 kV can appear across the circuit breaker terminals. Lastly, this paper discusses the gap between this excessive voltage generated in a field and the test voltage specified in the IEC standard.

Influence of Behavioural Finance, Customer Satisfaction, and Service Quality on Bank-Switching Behavior

As banking clients and depositors became more service- and price-conscious in their purchasing behavior of financial services, their banking behavior was increasingly prone to change. Thus, bank customers tend to switch banks due to underlying factors that influence their behavior. However, banks strive to retain and attract more clients as this may increase their future income and reduce the risk of liquidation. The banking industry of South Africa is characterized by a concentration of dominance by fewer large banks. Hence, this study used a self-administered questionnaire in the economic hub of South Africa where most bank customers reside, Gauteng, South Africa. Customer satisfaction has been recognized to play a crucial role in success in a competitive banking environment. Thus, this paper investigated the influence of customer satisfaction on bank-switching behavior in a South African context using structural equation modeling. The findings show that customer satisfaction and bank reliability and empathy significantly influence depositors’ behavior to switch between banks. It was also found that a relationship exists between behavioral finance biases and the bank-switching behavior of depositors. The novelty of this paper is that understanding how depositors make their financial decisions and how they form their risk perceptions will contribute to managing banking risks. It may also advise banks on what will cause bank customers to switch from their bank to another. Keywords: bank switching, customer satisfaction, service quality, depositors. DOI: https://doi.org/10.55463/hkjss.issn.1021-3619.60.21

A novel controlled switching strategy of back-to-back capacitor banks considering the prestrike characteristics of vacuum circuit breakers

Controlled switching of capacitor banks is an effective way to suppress the inrush current during capacitive-making operations. The objective of this paper is to determine the influence of the prestrike characteristics of four types of vacuum circuit breakers (VCBs) combined with two types of controlled switching strategies on the suppression effect of the inrush current. The four types of VCBs are cup-type axial magnetic field (AMF) single-break VCB, spiral-type transverse magnetic field (TMF) single-break VCB, cup-type AMF double-break VCB and spiral-type TMF double-break VCB. The prestrike characteristics of the four types of VCBs are investigated by synthetic tests. The two types of controlled switching strategies are the traditional controlled switching strategy (the closing command depends on the mechanical touch instant of the two contacts in VCBs) and the novel controlled switching strategy (the closing command depends on the 50% pre-arcing time ta50 of the VCBs). The results show that the spiral-type TMF double-break VCB combined with the novel controlled switching strategy is the best choice for applying back-to-back capacitor bank controlled switching.© 2017 Elsevier Inc. All rights reserved.

Bank switching of US small businesses: new methods and evidence

Despite being informationally opaque, small firms often switch from their primary financial institution to transactional lenders, with the relationship banking theory invoking the holdup problem as a culprit explanation. Using US evidence and an estimation strategy that overcomes traditional shortcomings in small business research, our study captures the determinants and, for the first time, the ex post effects of the switching decision. We find that switching is less likely when the primary financial institution is a nearby bank associated with quality services and connected to the firm via other business or social relationships. Small firms become more loyal as they grow in size and pursue nonmortgage credit. Outside the primary relationship, both loan approval and borrowing cost are adversely impacted, however loan maturities are longer. Moreover, the likelihood of pledging collateral remains unaffected, provided that the type of collateral is least sensitive to the borrower’s information environment. Jointly, our findings describe a trade-off inconsistent with the holdup problem, and an opportunity for banks to enhance customer loyalty by improving aspects of the relationship unrelated to the terms of credit.

DPMU-based multiple event detection in a microgrid considering measurement anomalies

A microgrid may be subjected to various unexpected events, such as sudden tripping of a generator/load, line outages due to faults, sudden switching of large capacitor banks, etc. Detection and classification of events play an essential role in the reliable operation, control, and restoration of microgrids. Due to low observability in microgrids, anomalies in measurements pose a challenge for reliable detection of events using conventional methods. This work proposes a data-driven approach for event detection in microgrids using phasor measurements collected from distribution-level phasor measurement units (DPMUs). The proposed method can determine whether the change in phasor measurement is caused by an event or due to any measurement anomalies. The model explores the interdependency among all phasor measurements collected from an unobservable microgrid. This method can identify and replace anomalies in DPMU measurements using a Rauch–Tung–Striebel (RTS) smoother. The proposed algorithm performance is validated on a test system developed in an OPAL-RT/HYPERSIM real-time simulator and phasor measurements from DPMUs.

Impact of Consumer Awareness on Switching Behavior in Banking

In the era of open banking, the phenomenon of bank switching will intensify. The aim of the current study is to answer the following question: is switching, or not switching banks, a result of conscious and independent decision-making? The results from primary data demonstrate that the switching group clients are more conscious than non-switching group clients. They are more likely to compare offers from different banks, visit blogs about finances, demonstrate independence in making financial decisions, and use more service providers which improves their knowledge concerning the offers. The analysis of perceptual maps shows that the switching group is differentiated by various switching costs.

Signatures of Transient Overvoltages in Low Voltage Power Systems in Tea Factories and Their Implications on Insulation Deterioration and Allied Power Quality Issues

Electrical equipment and supply cables demand a better quality of supply, with the recent advancements in integrated sensitive solid-state controls. Divergently, proliferated heavy inductive motors and some performance additions based on power electronics have introduced power quality issues to the network. Thus, this study mainly investigates the impact of switching transients generated by electromechanical machines in industrial power systems on insulation deterioration while taking transient overvoltages due to capacitor bank switching also to support. Transients with a high rate of rise are likely to catalyze the degradation of the insulation quality and break down the insulating material through ionization. These steeply passing overvoltage stresses let partial discharges ensue, which can attack the insulation over long service. To unveil this danger, 314 common-mode transient waveforms were measured in the electrical machines of five tea factories in Sri Lanka, in a 50 ms measurement window, taken in 55 measuring attempts. Most of the transients observed are in the form of a damped oscillatory waveform tailed by fast exponential collapse. That correlates to insulation degradation having a very steep rise as 30.04 V/ns, the highest at the withering section. When machines are heavily loaded, situations tend to generate transients with high amplitudes. There were transient bursts that spread as 426.3 ms, while 14 ns fast rise times were recorded from withering motors. Unlike electrical resonance and power-frequency overvoltages, electromagnetic switching transients last even less than 100 ms. To underline this, an analysis of the frequency domain of transients was also presented, which proves high density of high-frequency components reaching 107 kHz range. Accepting the fact that frequency and amplitude are always under the influences of innumerable dynamics, the observational evidence of the study endorses that electrical stress built by the transient nature of the factories reduces the life expectancy of electrical insulation.