External information search for banking services

Empirically examines how certain variables influence the extent of external information search for banking services. The effects of perceived benefit, perceived cost, perceived risk, and perceived knowledge are tested within a proposed structural equation, cost-benefit based Banking Services Model (...

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Bibliographic Details
Published in:	International journal of bank marketing 1999-12, Vol.17 (7), p.305-323
Main Authors:	Heaney, Joo-Gim, Goldsmith, Ronald E
Format:	Article
Language:	eng
Subjects:	Automobiles Bank marketing Banking Consumer behavior Consumer behaviour Consumers Decision making Financial services Information sources Marketing Purchasing Services Services marketing Specialty products Studies
Online Access:	Get full text
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Summary:	Empirically examines how certain variables influence the extent of external information search for banking services. The effects of perceived benefit, perceived cost, perceived risk, and perceived knowledge are tested within a proposed structural equation, cost-benefit based Banking Services Model (BSM). Surveys a sample of 661 students at a major US university to gather data on their information search for banking services. The results reveal that the BSM provides a good fit to the data. Perceived benefit, cost and knowledge influence the extent of prepurchase bank information search. In addition, the consumers felt that it was more beneficial to obtain more information when there was a perceived benefit of lowering risk and when they already had some form of prior product knowledge. Implications of the BSM for services marketing management and consumer theory, limitations of the study, and future research are discussed.
ISSN:	0265-2323 1758-5937