Bank selection preferences in the context of generational differences
DOI:
https://doi.org/10.58423/2786-6742/2025-8-346-360Keywords:
bank selection, generations, digital banking services, corporate social responsibilityAbstract
The relevance of the paper is justified by the need to adapt to the changing financial preferences of different generations, which is increasingly being faced by the Slovak banking sector. The distinct financial behaviors of the Baby Boomer, X, Y, and Z generations, along with their expectations regarding digitalization and sustainability, pose challenges that financial institutions face in their daily operations. The aim of the research is to examine generational differences among Slovak bank customers in terms of bank selection, with particular emphasis on digitalization, financial literacy, and the role of social responsibility. As part of the research, Slovak bank customers with at least one current account were surveyed through an online self-administered questionnaire to identify the factors influencing their bank selection. For data analysis, descriptive statistics and cross-tabulation analysis were applied. Chi-square tests were used to assess relationships between variables, while the Kruskal-Wallis test was conducted to identify differences among subgroups. The cross-tabulation analysis demonstrated a significant relationship between electronic banking and customers' age, suggesting that younger generations prefer online banking, whereas older generations (Baby Boomers) tend to favour in- person interactions. For Generations Z and Y, electronic banking (particularly online banking services) has a significant influence on bank selection. The research did not confirm the existence of a differential impact of banks' financial products and services on generational differences in bank selection. The Kruskal-Wallis test did not show significant differences regarding the influence of account management, cash withdrawal, or credit and deposit options on bank selection across generations. Our findings indicate that different generations place varying levels of importance on environmental and social responsibility (Generation Z and Baby Boomers are environmentally conscious, while Generation X and Y support social responsibility). However, the cross-tabulation analysis did not show a significant relationship between banks' CSR activities and bank selection across different age groups. Due to the sample size, the research results are not representative; nevertheless, they may contribute to the development of targeted product and service strategies for Slovak banks, taking generational characteristics into account in order to expand their customer base.
References
Accenture Global Financial Services (Accenture). (2019, March 14). What Brings Your Customers Together. Helps Set Them Apart. https://www.slideshare.net/slideshow/2019-accenture-global-financial-services-consumer-study-persona-infographic/136318585
Aramburu, I.A. & Pescador, I.G. (2019). The Effects of Corporate Social Responsibility on Customer Loyalty: The Mediating Effect of Reputation in Cooperative Banks Versus Commercial Banks in Basque Country. Journal of Business Ethics, 154, 701-719. https://doi.org/10.1007/s10551-017-3438-1 DOI: https://doi.org/10.1007/s10551-017-3438-1
Armutcu, B. & Tan, M.F. (2023). A Study on Intentions of Generation Z Consumers to Buy Recyclable Products. Journal of Sustainable Marketing, 10(10), 1-17. https://doi.org/10.51300/JSM-2023-10 DOI: https://doi.org/10.51300/JSM-2023-109
Balázsné Lendvai, M., Kovács, I. & Balázs, B.F. (2023). Generációs észlelések az időtényező kapcsán a lakossági banki szolgáltatásoknál. Statisztikai Szemle, 101(5), 440-458. https://doi.org/10.20311/stat2023.05.hu0440 DOI: https://doi.org/10.20311/stat2023.05.hu0440
Bálintová, M. (2023a). A zöld bankmarketing és a bankhűség kapcsolatának vizsgálata szlovák ügyfelek esetében. Acta Academiae Beregsasiensis. Economics, 4(2023), 205-215, https://doi.org/10.58423/2786-6742/2023-4-205-215 DOI: https://doi.org/10.58423/2786-6742/2023-4-205-215
Bálintová, M. (2023b). Megtakarítási szokásokat befolyásoló tényezők Szlovákiában. In L. Mura (Ed.), Mladí vedci 2023. Fiatal kutatók 2023. Young Scientists 2023. Zborník vedeckých príspevkov doktorandov a mladých vedeckých pracovníkov. Doktoranduszok és fiatal kutatók tudományos kötete. Scientific Proceedings of PhD. Students and Young Scientists (pp 7-18). Paneurópska vysoká škola, Fakulta ekonómie a podnikania, Ekonomická univerzita v Bratislave, Obchodná fakulta, Univerzita J. Selyeho, Fakulta ekonómie a informatiky, Slovenská akadémia pôdohospodárskych vied, Odbor ekonomiky a manažmentu.
Bartošová, M., Fulajtarová, Z., Gvorová, A. & Štofanová, V. (2024). Postoje spotrebiteľov k spoločenskej zodpovednosti v bankovom sektore. Acta Aerarii Publici, 21(1), 44-59. https://doi.org/10.24040/aap.2024.21.1.44-58 DOI: https://doi.org/10.24040/aap.2024.21.1.44-58
Chen,S.C. & Hung, C.W. (2016). Elucidating the factors influencing the acceptance of green products: An extension of theory of planned behavior. Technological Forecasting and Social Change, 122, 155-163. https://doi.org/10.1016/j.techfore.2016.08.022 DOI: https://doi.org/10.1016/j.techfore.2016.08.022
Csiszárik-Kocsir, Á. (2022). Pénzügyi tudatosság a bankválasztásban - az ügyfélpreferenciák változása a pandémia hatására. Polgári Szemle, 18(1-3), 48-65. https://doi.org/10.24307/psz.2022.1105 DOI: https://doi.org/10.24307/psz.2022.1105
Csiszárik-Kocsir, Á. & Varga, J. (2019). Bankolási színterek és irányok a Z generáció körében. In Á. Csiszárik-Kocsir, J. Varga (Eds.), Vállalkozásfejlesztés a XXI. században. IX./1.kötet. A negyedik ipari forradalom pénzügyi és környezeti kihívásai (pp 44-57). Óbudai Egyetem, Keleti Károly Gazdasági Kar.
Erawan, A. & Sirait, T. (2024). Analysis of Digital Banking Product Marketing Strategies in Enhancing Business Performance (Case Study at Bank BJB). Journal of Social Science, 3(11), 1915-1935. DOI: https://doi.org/10.57185/joss.v3i11.379
Eren, B.A. (2021). New Generation Distribution Channels and Customer Experience Used in Marketing Financial Products and Services in Digital Transformation. In L. Sandhu (Ed.), Emerging Challenges,Solutions, and Best Practices for Digital Enterprise Transformatio (pp. 1-23). IGI Global. DOI: https://doi.org/10.4018/978-1-7998-8587-0.ch001
Garai-Fodor, M. & Csiszárik-Kocsir, Á. (2018). Értékrendalapú fogyasztói magatartásmodellek érvényessége a Z- és Y-generáció pénzügyi tudatossága esetén. Pénzügyi Szemle, 4, 518-536.
Henager, R. & Cude B.J. (2016). Financial Literacy and Long- and Short-Term Financial Behavior in Different Age Groups. Journal of Financial Counseling and Planning, 27(1), 3-19. http://dx.doi.org/10.1891/1052-3073.27.1.3 DOI: https://doi.org/10.1891/1052-3073.27.1.3
Kicová, E., Ponisciaková, O. & Rosnerová, Z. (2023). Financial Literacy of Customers of The Selected Slovak Bank As a Basis for Managerial Decision-making. Economics and Culture, 20(1), 91-101. https://doi.org/10.2478/jec-2023-0008 DOI: https://doi.org/10.2478/jec-2023-0008
Kieźel, M. & Stefańska, M. (2019). Generations on New Technologies in Retail Banking in the Context of Knowledge Economy. International Journal of E-Services and Mobile Applications, 11(3), 19-33. http://doi.org/10.4018/IJESMA.2019070102 DOI: https://doi.org/10.4018/IJESMA.2019070102
Kim, L. & Yeo, S.F. (2024). How stress and satisfaction influence customer service quality in banking industry. Heliyon, 10(11), e32604. https://doi.org/10.1016/j.heliyon.2024.e32604 DOI: https://doi.org/10.1016/j.heliyon.2024.e32604
Klein, P. (2019, October). Changes in the banking industry caused by Generation Y and Z. https://www.researchgate.net/publication/340808916_Changes_in_the_banking_industry_caused_by_Generation_Y_and_Z
Kohnová, L., Papula, J. & Salajová, N. (2021). Generation Z: Education in The World of Digitization for the Future of Organization. In Proceedings of International Technology, Education and Development Conference, INTED2021 (pp. 10199-10208). IATED. DOI: https://doi.org/10.21125/inted.2021.2126
Kwak, D.H., Holtkamp, P. & Kim, S.S. (2019). Measuring and Controlling Social Desirability Bias: Applications in Information Systems Research. Journal of the Association for Information Systems, 20(4), 317-345. https://doi.org/10.17005/1.jais.00537 DOI: https://doi.org/10.17705/1jais.00537
Li,T., Trinh, Q.V. & Elnahass, M. (2023). Drivers of Global Banking Stability in Times of Crisis: The Role of Corporate Social Resposibility British Journal of Management, 34(2), 596-622. https://doi.org/10.1111/1467-8551.12631 DOI: https://doi.org/10.1111/1467-8551.12631
Lopes, J.M., Gomes, S., Suchek, N. & Nogueira, S. (2024). The hidden reasons behind generation Z’s green choices. Discover Sustainability, 5(520). https://doi.org/10.1007/s43621-024-00764-8 DOI: https://doi.org/10.1007/s43621-024-00764-8
Maqbool, S. & Zammer, N. (2018). Corporate Social Responsibility and Financial Performance: An Empirical Analysis of Indian Banks. Future Business Journal, 4, 84-93. https://doi.org/10.1016/j.fbj.2017.12.002 DOI: https://doi.org/10.1016/j.fbj.2017.12.002
Machová, R. & Zsigmond, T. (2023). Banking Habits of Women in Hungary at the Time of Economic Difficulties -(Eds.), Hradec Economic Days, part 1, 2023 (pp. 425-435). University of Hradec Králové. DOI: https://doi.org/10.36689/uhk/hed/2023-01-041
McDonagh, P. & Prothero, A. (2014). Sustainability marketing research: past, present and future. Journal of Marketing Management, 30, 1186-1219. https://doi.org/10.1080/0267257X.2014.943263 DOI: https://doi.org/10.1080/0267257X.2014.943263
Národná banka Slovenska. (NBS). (2014, December 31). Prehľad o rozvoji bankového sektora. Počet klientov.https://nbs.sk/statisticke-udaje/financne-institucie/banky/statisticke-a-analyticke-prehlady/prehlad-o-rozvoji-penazneho-sektora/
Olsson, L.E., Friman, M., Lättman, K. & Fujii, S. (2020). Travel and life satisfaction - From Gen Z to the silent generation. Journal of Transport & Health, 18, 100894, https://doi.org/10.1016/j.jth.2020.100894 DOI: https://doi.org/10.1016/j.jth.2020.100894
Páldi, A. (2023). Financial Literacy Among Slovakian Generations. Gradus, 10(2), 1-6. https://doi.org/10.47833/2023.2.ECO.003 DOI: https://doi.org/10.47833/2023.2.ECO.003
Rekettye, G. & Hetesi, E. (2009). Kínálatmenedzsment. Akadémiai Kiadó Zrt. Budapest.
Siddique, N.E.A. (2012). Bank Selection Influencing Factors: A Study on Customer Preferences with Reference to Rajshahi City. Asian Business Review, 1(1), 80-87. https://doi.org/10.18034/abr.v1i1.147 DOI: https://doi.org/10.18034/abr.v1i1.147
Tan, E., Wanganoo, L. & Mathur, M. (2023). Generation Z, sustainability orientation and higher education implications: An ecopedagogical conceptual framework. Journal of Applied Learning & Teaching, 6(1), 1-10. DOI: https://doi.org/10.37074/jalt.2023.6.1.ss2
Vistharakula, U. R., & Kaushik, V. (2021). Influence of Gender and Age With Consumers ‘Green Behavior’. Current Journal of Applied Science and Technology, 40(12), 95-100. https://doi.org/10.9734/cjast/2021/v40i1231384 DOI: https://doi.org/10.9734/cjast/2021/v40i1231384
Xiao, J.J., Chen, Ch. & Sun, L. (2015). Age differences in consumer financial capability. International Journal of Consumer Studies, 39, 387-395. https://doi.org/10.1111/ijcs.12205 DOI: https://doi.org/10.1111/ijcs.12205
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Monika Bálintová
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons CC BY-NC License.
