Brand Loyalty in Banking
Jaap de Jonge, Editor, Netherlands
I agree with your observations. I think many people would primarily select the bank with the highest interest rate (assuming they are looking for a savings account).
But after this initial selection there is another step... If people know, like and/or trust the brand of that bank they will go for that. However if they never heard of that first bank, or if that first bank has a poor reputation, they will proceed to the next bank. I mean the one that is providing the second best interest rate. This process could be repeated.
Does this correspond with your findings?