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Segmentation of Bank Customers by Utilising Ethnic/Cultural Profile Dimensions: A Qualitative Approach

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Abstract:

The aim of this study was to investigate investor's perceptions and attitudes regarding the provision of financial services in Greece with the objective to identify factors and criteria that influence choice decisions within this context. A qualitative research format was employed utilising focus group interviews with a total of 27 participants. Two distinct profiles were identified in the investors' segment, assimilating high (or European/global) and low (or Greek) ethnic/cultural profile dimensions. High ethnic dimension was related to characteristics such as unaware and insecure in investing in foreign fund houses, need for protection from wrong decisions and willingness for long-term investments. Low ethnic dimension was linked with the perceptions that foreign fund houses are challenging, financial institutions can offer security, need for simplified procedures, provision of accurate information, and appreciation of the role of the advisor. Findings suggested that ethnic/cultural self-properties moderated perceptions and attitudes towards financial institutions and their products/services. The perceived image of the institutions and their products/services as having either Greek or European/global orientations was determined by the integration of certain functional characteristics with ethnic/cultural preoccupations of what consists a Greek or European/global identity.

Keywords: BANK SEGMENTATION; CULTURAL PROFILE; DIMENSIONS; ETHNIC IDENTITY; ETHNIC PROFILE; FINANCIAL SERVICES; PSYCHOGRAPHIC SEGMENTATION

Document Type: Research Article

DOI: http://dx.doi.org/10.1362/026725703322189986

Publication date: June 1, 2003

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