Selection of the most appropriate student bank account in the Czech Republic on the basis of consumer preferences

Abstract

The aim of this paper is to examine student consumer behaviour in retail banking and on the basis of this analysis find out, which student’s bank account meets best student needs and expectations. Students from the Czech Republic, VSB – Technical University of Ostrava, Faculty of Economic, were chose as a population. The research is undertaken in the Czech Republic, because there is a gab in literature focused on student consumer behaviour in retail banking. Moreover this gap caused that all analysis of student bank accounts in the Czech Republic were based on subjectively chosen evaluation criteria. Therefore in this research is firstly the student consumer behaviour in retail banking examined and on the basis of student expectations and preferences is the multi criteria analysis used to analyse the offer of student bank accounts in the Czech Republic. The student consumer behaviour analysis in retail banking shows that for decision of Czech students are more important factors such as price of product, product features, range of service offered, goodwill of bank and ATM network. Impact of factors such as parent recommendations, friends recommendations and advertisement seems to be lower than in previous researches. It was also found that Czech students prefer basic financial services connected to their account for free instead of more sophisticated features. It was also examined that for Czech students are factors such as overdraft facilities and loan to study unimportant. However, due to very small number of respondents should be results of this research taken carefully.