Global Financial Behaviour: Bank Account Choice
When it comes to choosing a bank, the key western European markets are for the most part in agreement: reputation is absolutely key. In the wake of the banking crisis of a few years ago, it is understandable how important the notion of trust is to consumers.
However, in France the key consideration for choosing a bank is locality and indeed this is the second highest consideration in Germany. However, in Britain and Spain it is interest rates that are the second greatest consideration (much less of a consideration in Germany and France). Perhaps the notion of being physically close to one’s bank is a historically important consideration in Germany and France, but rather weaker in Britain and Spain, especially with the rise of internet banking.
It is interesting to note that in India, where adoption of internet banking is extremely low, locality crops up repeatedly in different forms amongst the key considerations when opening a bank account. There, banks (and ATMs) close to the home or office and banks with a large number of branches are all highly important