Factors Influencing the Choice of Commercial Banks by University Students in South Africa

Abstract

University students represent an attractive segment of customers for retail banks in many countries includingSouth Africa. The objective of this study was to investigate the determinants of the choice of commercial banksby university students. University of Fort Hare (Alice campus) was the study area. Data was collected throughself-administered questionnaire. Convenience sampling method was used. For data collection, forty questionswere identified through a review of the literature. Principal component analysis reduced the forty questions to sixfactors namely, service, proximity, attractiveness, recommendations, marketing and price. Data was analysedusing descriptive statistics, T-test and ANOVA. The Cronbach’s alpha was used to test the reliability of thescales. The results showed that the six factors are important factors are important determinants of the choice ofcommercial banks. Recommendations included marketing strategies by commercial bank management focusedon different market segments including university students.

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