Retail bank selection in developed and developing countries: A cross-national study of students' bank-selection criteria

This exploratory research article is concerned with students' selection of retail banks in the United States and Ghana. It is a comparative cross-national study aimed at revealing the factors determining retail bank selection among students in different environmental settings. The key objective is to establish if there are any significant differences and/or similarities in students' selection of retail banks in developed and developing economies. A similar data-collection method was employed in the United States and Ghana to facilitate constructive comparison. The results identified four key factors-convenience, competence, recommendation by parents, and free banking and/or no bank charges-to be consistent across the two economies. The recommendation of the study is that in the context of an open and liberalized market environment, retail bank marketing strategies should be standardized irrespective of the national development stage. It concludes that retail bank managers particularly in developing countries should learn to provide consistent and good customer care.