Bank Selection Criteria in the Iranian Retail Banking Industry

Apena Hedayatnia, Kamran Eshghi


Iranian retail banks need to identify criteria which bank customers consider when they select a bank in order to
plan their marketing strategies and survive in an intense competition that exist in this industry. This study
designed to examine the bank selection criteria being employed by bank customers in Iran. A total of 798
customers (55.7 percent male and 44.3 percent female) served as a sample for the study. 38 selection factors
extracted from relevant literature and interviews with five bank officials. Factors analysis is used to extract
important selection criteria and Friedman analysis ranks the factors according to their importance. Findings show
that the important factors determining customers' selection are: quality of services and new banking methods,
innovation and responsiveness of bank, friendliness of staff and confidence in manager, price and cost, staff
attitudes and convenience of bank location and services.

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International Journal of Business and Management   ISSN 1833-3850 (Print)   ISSN 1833-8119 (Online)

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