Is there Brand Loyalty in Banking?
In my countryside (Binh Duong province, Vietnam) we have 55 banks at branch level and 150 at subbranche level that means the competition is so hard. Banks use many promotion policies for their mobilization and give loan to clients (business and personal).
In many years of observation, I noticed that clients will simply deposit their money in banks which give them the highest interest rate and donít care about a bank's ranking or brand.
In theory, I often hear experts say that clients will choose a bank with a strong brand for their transactions (like a deposit, loan, money transfer money). But this is completely opposite to the reality in my hometown. And that's why I am doing a research project to prove this fact.
Please share your experience and opinion. Thank you.