Bank Preferences Among Depositors in Digos City, Philippines: A Conjoint Analysis
Keywords:
bank preference, depositors, conjoint analysis, choice models, PhilippinesAbstract
This study examines the preferences of bank depositors in Digos City, specifically aiming to determine the primary banking qualities that impact their decision-making. The study examines preferences for different qualities, such as bank location, savings instruments, queuing systems, banking days, and value-added services, by employing a combination of conjoint analysis and a survey technique. The results demonstrate a significant inclination for banks situated within shopping malls, underscoring the significance of easy access and convenience in the banking sector. Furthermore, there is a notable preference for versatile savings alternatives, such as the integration of ATM and passbook services. The study also reveals preference for longer banking hours, highlighting the changing demands of depositors in accordance with their lifestyles. Although innovative banking services such as e-banking are usually well-received, there is a nuanced response to specific technological advancements. The study provides additional evidence of how value-added services contribute to increasing depositor satisfaction and loyalty. These observations offer strategic implications for banks in Digos City, indicating the necessity of harmonizing conventional banking methods with contemporary, customer-focused innovations to efficiently serve the varied requirements of their customer base.
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