The Importance of Image as a Competitive Strategy: An Exploratory Study in Commercial Banks

Abstract

Owing to increased competition resulting from a decade of deregulation of the financial services industry, banks find themselves faced with the task of differentiating their product as a method for attracting new customers. The importance of bank image is examined as a competitive strategy for increasing customer traffic flow. A survey of 60 business undergraduates and 46 MBA students measured attitudes relating to bank size, atmosphere, innovativeness, and attributes relating to good service. Some significant differences in response by certain demographic characteristics were also measured. Implications of the findings and suggestions for further research are provided.