Generally, a deeper understanding of an international student’s financial needs will enable a bank to provide this student more personalized services. Therefore the purpose of this project is to explore the factors that influence overseas students’ choice of a bank in the UK. In order to fulfill this, 60 questionnaires were randomly given out on GIC campus and in front of GU library to obtain both qualitative and quantitative data, and the main findings of this research suggest that (1) location of banks and service fees are the most important positive factors for students to consider; (2) unreasonable charges and irresponsible staff could bring them some dissatisfaction. Furthermore, it is hoped that future studies could find more appropriate approaches to handle negative factors for banks based on this research. Measures, such as enhancing reputation and reducing service fees and overdraft fees for banks would be recommended based on the analysis in the conclusion.
Table of Contents
Introduction
Literature review
1. Introduction
2. Comparisons of two types of factors
3. Conclusion
Methodology
Findings
Discussion
Conclusion
Research Objectives and Focus
This research aims to investigate the factors that influence international students when selecting a local bank in the UK. The primary research question is to identify both positive and negative factors that impact these students' choices, examine the importance of these factors, and understand the reasons behind students' potential decisions to switch banks.
- Identification of positive factors in bank selection (e.g., service fees, location).
- Analysis of negative factors leading to student dissatisfaction and account switching.
- Evaluation of students' frequency of use and understanding of banking services.
- Examination of the impact of banking strategies on student decision-making.
- Exploration of the role of banking accessibility and service quality.
Excerpt from the Book
Comparisons of two types of factors
Basically, positive factors contribute a lot to the selection of banks for a student customer. According to Boyd et al (1994:9-15), positive factors such as ‘Interest rate’, ‘Exchange rate’ and ‘Opening hours’ can be used by a bank to attract student customers, particularly, the interest rate and the exchange rate are the most important for overseas students. A similar view hold by Elliot (1996:1-7) demonstrated that apart from the interest rate, ‘Location of banks’ could also impact students’ choice of banks. Moreover, further research conducted by Devlin (2002:273-290) and Mankila (2004:299-316) stated that ‘recommendation’ and ‘low fees’ are the most facets for students to consider. However, Thwaites and Vere (1995:133-149) pointed out that although the ‘recommendation’ is a positive factor, it is not the most important one based on their research; instead, they highlighted that most students would like to use ATM to take place of visiting the banks.
Additionally, Devlin and Gerrard (2005:297-306) carried out some surveys among 495 participants to reveal that nearly half students hold the opinion that factors such as ‘low fees’ and ‘less overdraft charge’ are crucial for them to make the judgment. A similar survey carried out by Wright (1999: 6-12) using 1200 participants illustrates that the majority of student customers pay more attention to the ‘service fees’ and ‘overdraft fees’ owing to the opinion that these fees are unreasonable. Nevertheless, there are some limitations for the ‘Positive’ factors. Firstly, it is difficult to determine which ones are the most significant for students due to that fact that each student in different situation may have different attitudes towards the banks and banking services. Besides, researchers could only reach the conclusion based on their surveys in specific regions which could not reflect all the perceptions in other regions. Third, they did not take the negative factors into account.
Summary of Chapters
Introduction: Outlines the scope of the study, defining positive and negative factors and setting the research objectives regarding student banking choices.
Literature review: Evaluates existing research on banking selection criteria, contrasting positive drivers like interest rates with negative experiences such as service charges.
Methodology: Details the research design, including the use of 60 questionnaires distributed at GIC and the University of Glasgow to collect quantitative and qualitative data.
Findings: Presents the statistical results of the survey through various figures, highlighting student preferences and behaviors regarding bank usage.
Discussion: Interprets the findings in relation to previous studies, emphasizing the critical role of service fees and location for international students.
Conclusion: Summarizes the key research findings, acknowledges study limitations, and provides recommendations for banks to improve services for international students.
Keywords
International students, UK banking, bank selection, service fees, student account, positive factors, negative factors, ATM, banking services, financial needs, bank switch, customer satisfaction, location, overdraft fees, banking strategy.
Frequently Asked Questions
What is the core focus of this research?
The research investigates the factors influencing how overseas students in the UK choose their banks and what motivates them to potentially switch institutions.
What are the primary themes examined in the study?
The study covers positive factors (like low fees and location) versus negative factors (like poor service or unreasonable charges) that impact student banking decisions.
What is the main goal of the research?
The aim is to identify which factors are most critical to international students and to provide insights that could help banks improve their services to better meet student needs.
Which scientific methodology was applied?
The research employed a quantitative methodology, utilizing 60 questionnaires distributed to students at Glasgow International College and the University of Glasgow to gather data.
What topics are covered in the main body of the work?
The main body includes a literature review of previous banking studies, a detailed explanation of the survey methodology, a presentation of statistical findings, and a discussion of results compared to existing theories.
What are the characterizing keywords for this paper?
Key terms include international students, UK banking, bank selection, service fees, student accounts, and customer satisfaction.
Why are service fees considered the most significant factor?
According to the findings, students often have limited financial capabilities, making cost-related factors like service fees their primary concern upon arrival in the UK.
How does the accessibility of ATMs influence student choices?
ATMs are the most frequently used banking service (68%), as they offer students convenience, ease of use, and quick access to fundamental services without needing to visit a physical bank branch.
- Arbeit zitieren
- JUNYU WU (Autor:in), 2011, An investigation into factors which could influence overseas students' choice of banks in the UK, München, GRIN Verlag, https://www.grin.com/document/181691
