




































ASIAN FINANCE & BANKING REVIEW 6(1) (2022), 25-32 

 

25 

 

FINANCE & BANKING REVIEW 

ASFBR VOL 6 NO 1 (2022) P-ISSN 2576-1161   E-ISSN 2576-1188 
 

Available online at https://www.cribfb.com 

Journal homepage: https://www.cribfb.com/journal/index.php/asfbr 
Published by CRIBFB, USA 

THE COMPONENTS IMPACTING CUSTOMER’S BANK 

DETERMINATION CHOICE IN MOGADISHU, SOMALIA    

 
  Isse Sudi Mohamed (a)1    Md. Salim Chowdhury (b)   Md. Al-Imran (c)   Md. Ali Imran (d)   Afsana Mimi (e)  

 

(a) Independent researcher, Mogadishu, 00000, Somalia; E-mail: Issejaran@gmail.com 
(b) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Miicigan 48101-3636, USA; E-

mail: mchowdhury23@my.trine.edu 
(c) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Miicigan 48101-3636, USA; E-

mail: malimran23@ my.trine.edu 
 (d) Assistant Professor, Department of Business Studies, Faculty of Business & Entrepreneurship, Daffodil International University, Bangladesh; E-mail: 

imran@daffodil.ac 
(e) Lecturer, Department of Business Administration, Faculty of Business & Entrepreneurship, Daffodil International University, Bangladesh; E-mail: 

afsana.ba0178.c@diu.edu.bd 

 

 
A R T I C L E I N F O 

 
 

Article History: 
 

Received: 21st October 2022  

Accepted: 17th December 2022 

Online Publication: 30th December 2022 

 
Keywords: 

Service Quality, Accessibility, Image 

and Reputation, Bank Selection 

Choice 

 
      JEL Classification Codes:  

 

      D6, L1, L2, L8 

 
A B S T R A C T 
 

The primary goal of this study is to concentrate on the factors influencing customer bank selection in 

Mogadishu, Somalia. The study's objectives are "to investigate the role of bank image and reputation on 

bank selection decisions in Mogadishu, Somalia." and "to find the effect of convenience on bank selection 

decisions in Mogadishu, Somalia." The study used a descriptive research design with questionnaires as 

the primary data collection method. The sample size for this study was 80 people, with 95 bank customers 

as the target group. The Slovene form was used to collect the sample for this investigation.I proposed 

that bank marketers develop acceptable products and marketing programmes. Bank marketers should 

have a clear distribution of policies on specific and general techniques for persuading customers to 

choose a specific bank. Customers suggest some additional banking sector enhancements in addition to 

the services currently provided. Service quality influences bank selection decisions, as do bank image 

and reputation, bank reliability, and bank selection. 

 
 

© 2022 by the authors. Licensee CRIBFB, USA. This article is an open access article  distributed 
under the terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0/). 

                                                                                   

 

INTRODUCTION 

Since the early 1980s, the banking industry has been marked by increasing competition (Blankson et al., 2015; 

Alam & Nahar, 2022). This is due to a number of interconnected variables, such as competition and deregulation, 

which have changed the distribution of a variety of financial services. In other words, increased competition in 

the financial services industry as a result of a decade of deregulation has left banks with the burden of 

distinguishing themselves and offering to attract customers (Blankson, 2015). As in a financial crisis, the banking 

industry is critical to ensuring the country's financial system is stable. This industry has been defined as one of 

increasing rivalry since the early 1980s. Because the analytical framework of this theory excludes banks and the 

financial sector in general, the conventional perception of the financial system as a component contributing to 

growth faded in academic circles as the neoclassical theory of economic growth gained widespread popularity. 

Furthermore, while some economists continued to see the financial expansion as a growth engine, others argued 

that it was a result and symptom of genuine economic progress rather than a cause (Schmidt & Tyrell, 2003). 

Understanding and adapting to customer motivation, attitudes, and ultimate selection decisions for 

                                                      
1Corresponding author: ORCID ID: 0000-0003-4516-0668 
© 2022 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  

https://doi.org/10.46281/asfbr.v6i1.1890 

 
To cite this article: Mohamed, I. S., Chowdhury, M. S., Imran, M. A.-, Imran, M. A., & Mimi, A. (2022). THE COMPONENTS IMPACTING 

CUSTOMER’S BANK DETERMINATION CHOICE IN MOGADISHU, SOMALIA. Asian Finance & Banking Review, 6(1), 25-32. 

https://doi.org/10.46281/asfbr.v6i1.1890 

http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/asfbr.v6i1.1890
https://orcid.org/0000-0003-4516-0668
https://orcid.org/0000-0001-5499-677X
https://orcid.org/0000-0002-9340-5642
https://orcid.org/0000-0002-4732-063X
https://orcid.org/0000-0003-1055-9919


Mohamed et al., Asian Finance & Banking Review 6(1) (2022), 25-32

  

26 
 

offerings such as banks is no longer an option but an absolute necessity, given the changing international market 

environment, widespread adoption of information technology, and the emergence of the phenomenon of the 

"global village" (Levitt, 1983; Kotler, 2000). An important research endeavour to that end is to investigate the 

factors influencing consumer bank selection in various countries (Blankson, 2015). As a result of the current 

global financial crisis, research on the selection criteria used by consumers to choose a bank for conducting 

business in Japan has been expanded, with new methodology, findings, and suggestions for banks and customers. 

This is especially significant considering that banks and the (Ali et al., 2020a; Ali et al., 2020b) financial industry 

as a whole have suffered a loss of image and confidence as a result of the financial activities that contributed to 

the economic crisis. The rising competition in Sudan's banking market, as well as the similarity of services 

provided by Sudanese banks, necessitates banks identifying the important elements influencing bank customers' 

selection decisions. To shape their service delivery and build a robust growth strategy that focuses on products 

and services that customers value the most and motivates them to deal with their bank, it is critical to understand 

the bank selection criteria that customers use to choose between financial service providers (Kabir et al., 2021; 

Nayeen et al., 2020; Nahar et al., 2021; Rahman et al., 2021a; Rahman  et al., 2021b; Shahriar 2021a; Shahriar 

2021b; Zayed et al., 2022c; Bhuiyan et al., 2022;; Shayery et al., 2022). 

The study's purpose was to investigate the components impacting a customer’s bank determination 

choice in Mogadishu, Somalia. The findings of this study will help bank decision makers identify the major 

factors that may impact customer bank selection decisions. This data can help bank executives design effective 

marketing strategies for reaching and attracting customers. It will also help with their client retention efforts. 

Furthermore, the study's findings might be shared with other financial service providers such as microfinance 

and insurance. Despite a growing financial sector in (Chowdhury et al., 2020; Chowdhury et al., 2021; S. 

Chowdhury et al., 2021) Somalia, where multiple commercial banks have recently arisen as a result of a decade 

of stability and economic success, there is a scarcity of such study on Somali banks. The growing financial 

industry has created competition among banks that largely provide equivalent financial goods and services. As 

a result, in order to be successful and thrive in this industry, banks must attract new clients while maintaining 

old ones. 

The need to attract and keep customers should drive banks to differentiate their goods and services from 

those of competitors. Bank managers in Mogadishu, Somalia will be able to identify and understand their 

customers' purchasing behaviours, why they choose certain banks, what they value and expect from bank 

services, how they make selection judgements, and what variables impact their bank selection decisions. Finding 

such information would help retail banks in (Iqbal et al., 2021; Kader et al., 2019; Kader et al., 2021a; Kader et 

al., 2021b) Mogadishu, Somalia, comprehend and prepare proper marketing programmes and procedures to 

attract new customers and keep existing ones. According to the preceding, this study gives critical information 

to banks by investigating factors that impact bank selection decisions in Mogadishu, Somalia. Unemployment is 

defined as "someone of working age (16 and above), unemployed, able and available to work, and actively 

seeking employment." This includes anyone who is unemployed and is reaching out to contacts about job chances 

or applying for positions. 

Due to the similarity of services supplied by banks (Holstius & Kaynak, 1995), understanding the aspects 

that determine the foundation on which clients decide between suppliers of financial services has become more 

important for banks. This is because bank customers are likely to have an infinite number of switching choices 

in a highly competitive industry. As a result, it is becoming increasingly crucial for banks to identify the factors 

that impact clients' decisions to switch financial service providers (Rao & Sharma, 2010; Alam & Nahar, 2022). 

Furthermore, knowing consumers' bank selection criteria has been proposed as useful to banks in formulating 

the correct marketing methods necessary to attract new clients and retain existing ones. Furthermore, the 

outcomes of the study might be shared with other financial service providers, such as microfinance and insurance. 

There is minimal literature on why clients of Ethiopian banks transfer from one bank to another, to the best of 

the researcher's knowledge. Against this context, the purpose of this research is to examine the factors that 

influence consumers' choice of commercial banks in Ethiopia. A research analysing the factors of client bank 

selection in Somalia is supposed to address a gap in the literature. 

 
LITERATURE REVIEW 

The key factors that impact consumer bank selection are as follows: Service efficacy and efficiency. The most 

important element that influences a customer's choice to pick a bank is service quality. When transaction rates 

are fast or efficient, the chance of switching banks lowers. Customers' decisions to pick a bank may also be 

explained by the bank's service variety and quality. When a bank's service offerings are diversified, it attracts 

clients' attention. When it comes to picking a bank, female clients priorities service quality above male customers. 

Banks that provided additional supplemental services were regarded positively (Cicic et al., 2004). It was also 

demonstrated that banks that provided more supplemental services were evaluated positively. According to the 



Mohamed et al., Asian Finance & Banking Review 6(1) (2022), 25-32

  

27 
 

data, money safety, efficient service quality, and transaction speed all have a substantial favorable impact on 

consumers' bank choosing preferences. It is vital to comprehend the consumer character, which may be grouped 

into five categories: intangibility, inseparability, heterogeneity, perishability, and ownership, in order to achieve 

customer happiness. This is due to the fact that each category's opinion of service quality differs from one 

another, which will influence a customer's choice of bank indirectly (Iymperopoulou, 2006). 

Consistency throughout the year not only enhances the probability that a product or service will operate 

as expected, but it also assures on-time delivery. This assists in (Khan et al., 2022a; Khan et al., 2022b; Mia et 

al., 2022; Rubi et al., 2022)detecting customer experience indicators and potential risks of losing business to 

competition. Tanzania, which has six fully-fledged Islamic banks, identified the benefits of corporal efficiency, 

trust, core banking services, and other factors. The majority of respondents emphasized non-Islamic aspects. 

Customers will evaluate several typical characteristics while selecting a bank, such as the overall image of the 

bank, the bank's goodwill among customers/reputation, advertising in (Zayed et al., 2021a; and Zayed et al., 

2021b; Ahmed et al., 2022) mass media, the bank's current appearance/external appearance, employee clothing, 

transaction security, and financial performance. A study was performed, and respondents rated bank reputation 

as the most significant factor. According to financial elements such as cash security are highly important in the 

thoughts of customers. 

Both are subjective, but a reputation might be positive or negative, whereas an image can simply be. 

That doesn't mean your image has to stay the same or that there aren't any judgments that need to be adjusted. 

Working with a corporate image consultant may help you determine where your brand's image stands and provide 

a starting point for repositioning it in a more favorable light. Consumers want to know if their deposits are safe 

at the bank and if they can trust and remain loyal to the bank that they have selected. According to a poll of 

respondents, security concerns are linked to the bank's reputation. Some respondents stated, "Over the bank 

reputation, people know which bank can be trusted, and they personally would not go out for just any bank but 

have proved over time." Some respondents indicated that the renowned bank is (Al-Quraan et al., 2022; Faisal-

E-Alam et al., 2022; Zayed et al., 2022a; Zayed et al., 2022b) trustworthy, and that any transactions with the 

reputable bank made them feel protected in comparison to other banks. A bank is a financial intermediary that 

generates money by lending money to borrowers, resulting in a deposit on the bank's balance sheet. A banking 

system is a collection or network of entities that offers financial services to the public. These companies are 

responsible for maintaining a payment system, issuing loans, receiving deposits, and aiding with investment. 

Lending can be done directly through loans or indirectly through capital markets. With the introduction of 

technology and its penetration into all business domains, banks' obligation has grown to deliver better, faster, 

and more ubiquitous services to consumers to generate more money and hence profit. The banking activity 

comprises receiving money on current or deposit accounts, paying and collecting cheques drawn on or paid in 

by customers, issuing advances to customers, and any other business prescribed by the Authority for the purposes 

of the country's Banking Act (Aithal, 2016). 

In order to establish an efficient marketing plan for maintaining current customers and obtaining new 

ones, commercial banks must analyze the elements that impact potential customers' bank selection decisions. 

Banks play a vital role in boosting economic efficiency by directing funds away from resource-rich units and 

toward those with more productive investment opportunities. It also helps to enhance commerce and payment 

systems by cutting transaction costs and increasing ease. In other words, increased competition in the financial 

services industry as a result of a decade of deregulation has prompted banks to distinguish their organizations 

and offerings in order to attract clients. Competition is a critical driving force in improving the operation of banks 

in an economy; without competition, efficiency and financial sector development are improbable (Alam & Khan, 

2022). 
MATERIALS AND METHODS 

The logical and systematic technique for designing and guiding a piece of research is characterized as research 

design. It is the overarching strategy for how the researchers want to put their projects into action (Rabiee, 2004). 

This study used the descriptive approach as an appropriate methodology to describe and analyze the current state 

of the study. Furthermore, the quantitative technique was applied in the study since the research addressed the 

research purpose through empirical evaluations using numerical measurement and analysis. Finally, this study 

employed a cross-sectional design. The term "target population" refers to a specific group of people from whom 

researchers want to collect data or statistics (Hair et al., 2006). As a result, the bank clients in Mogadishu, 

Somalia, were the study's target demographic. In this chapter, the researcher assumes a target population of 95 

bank clients, chosen at random from the leading commercial banks in Mogadishu, Somalia. The sample size for 

this study was 95 respondents from four major banks in Mogadishu. The sample size is classified in the table 

below. This study's sample size was 80 supervisors, and the researchers chose only three commercial banks in 

Mogadishu, Somalia. 

 n=N/ (1+Ne) 2       



Mohamed et al., Asian Finance & Banking Review 6(1) (2022), 25-32

  

28 
 

Where, 

n = the sample size  

                         N = Total population  

e = Margin of error  

As a result, the sample size was calculated as follows: 

N = 95  

  e= 5% / 0.05  

 n = 95 / [1 + 95(0.05)2] = 80 

 

Data analysis is the process of putting wrongly collected or coded data into a data collection. The two 

most critical criteria in the data analysis process are editing and coding. Data analysis is the process of putting 

wrongly collected or coded data into a data collection all data were analyzed using SPSS (Statistical Package for 

Social Science). SPSS is a computer application used for survey authoring, data mining, and statistical analysis. 

The researcher will use this application since it is a more convenient and straightforward tool than SPSS V.20. 
 

RESULTS AND DISCUSSIONS 

According to table 1, the level of service quality was rated average mean (M = 2.134) overall and 

standard deviation 1.026 overall, indicating that overall service quality and bank selection decision in these few 

selected commercial banks was very excellent. 

 
Table 1. Service quality 

 
S/N Statement Number of the 

respondents 

Mean Standard 

deviation 

Clarification 

1 The bank's ability to provide excellent customer 

service influences your bank choosing selections. 

80 1.79 .953 Excellent 

2 The accuracy of the service transaction influences 
your choice of bank. 

80 2.17 .904 Very good 

3 The bank's ability to provide quick and efficient 

services influences your bank choosing options. 

80 2.08 .982 Very good 

4 The bank's provision of frequent and consistent bank 
statements influences your decision-making. 

80 2.30 1.123 Very good 

Source: primary data, 2022 

 

According to table 2, the overall image and reputation level was scored average mean (M = 2.28) and 

standard deviation 1.391, indicating that overall image and reputation and bank selection choice in these few 

selected commercial banks was very excellent. 

 
Table 2. Reputation and image 

 
S/N Statement Number of the 

respondents 

Mean Standard 

deviation 

Clarification 

1 Do you want to include the bank's founding date? 80 2.77 1.368 Normal 

2 Your choice is the bank's reputation and favorable 

image. 

80 2.26 1.194 Very good 

3 The financial stability and size of the bank are the 

best reasons you choose the bank. 

80 2.20 1.153 Very good 

4 The bank's reputation is reflected in the market rate. 80 2.17 .938 Very good 

Source: primary data, 2022 

 

According to table 3, the degree of Convenience was rated average mean (M = 2.592) overall and 

standard deviation 1.282 overall, indicating that overall Accessibility and bank selection choice in these few 

selected commercial banks was very excellent. 

 
Table 3. Accessibility  

 
S/N Statement Number of the 

respondents 
Mean Standard 

deviation 
Clarification 

1 It was simple to obtain the information I required to 

make a decision on which service provider to utilize. 

80 2.47 1.231 Very good 

2 My selection for a bank is determined by the 
proximity of bank branches to my location 

(university, workplace, and home). 

80 2.73 1.442 Normal 

3 My selection for a bank is determined by the 
proximity of ATM branches to my location 

(University, workplace, and home). 

80 2.77 1.476 Normal 



Mohamed et al., Asian Finance & Banking Review 6(1) (2022), 25-32

  

29 
 

4 The bank's operating hours have been extended. 80 2.44 1.111 Very good 

5 It is simple to start a savings or current account. 80  2.55 1.153 Very good 
 

1.153 
 

Very good 

Source: primary data, 2022 

 

According to table 4. The level of the bank selection decision was rated average mean (M = 2.3) overall 

and standard deviation 1.178 overall, indicating that the bank selection choice in these few selected commercial 

banks was very excellent. 

 
Table 4. Bank selection decision 

 
S/N Statement Number of the 

respondents 

Mean Standard 

deviation 

Clarification 

1 The bank has ample seating area and a counter 

partition to serve its customers. 

80 2.44 1.191 Very good 

2 The bank is a pioneer in developing innovative 
goods and services. 

80 2.14 1.226 Very good 

3 The availability of technology-based services such 

as mobile and online banking services influences 

bank selection. 

80 2.12 1.103 Very good 

4 Customers are served immediately by bank workers. 80 2.48 1.218 Very good 

5 The bank has made significant contributions to a 

variety of societal causes. 

80 2.32 1.152 Very good 

Source: primary data, 2022 
 

Personal characteristics such as age, education, income, and employment have a significant impact on 

consumer bank selection. As a result, bank marketers must create relevant goods and marketing campaigns. Bank 

Marketers should have a clear distribution of policies on specific and general techniques for luring clients to 

choose a certain bank. Customers place greater attention on aspects such as service speed, branch network size, 

branch location, and bank reputation. As a result, commercial banks should take these elements into account 

when developing their marketing strategies, such as expanding their branch networks and offering exceptional 

customer service. Customers recommend some further banking sector enhancements in addition to the services 

now provided. As a result, concentrating on the well-integrated use of technology and personnel via operations 

that adapt to customer demands encourages consumers to use various financial services rather than just a few. It 

also contributes to loyalty by fostering deeper and more complete consumer interactions. 

 

CONCLUSIONS  

The study's major objective examined the elements that influence client bank selection decisions in 

certain chosen commercial banks in Mogadishu, Somalia. The researchers came at the following conclusions 

that most of the respondents were young, aged 21 to 25, single, and held a bachelor's degree, proving that most 

bank customers were salaam bank Mogadishu Somalia. Generally, the number of factors impacting consumer 

bank selection decisions was large.   
 

 
Author Contributions: Conceptualization, I.S.M., M.S.C., M.A.I., M.A.I., and M.A.I.; Methodology, I.S.M.; Software, I.S.M.; Validation, I.S.M., 

M.S.C., M.A.I., M.A.I., and M.A.I.; Formal Analysis, I.S.M., M.S.C., M.A.I., M.A.I., and M.A.I.; Investigation, I.S.M.; Resources, I.S.M.; Data Curation, 

I.S.M.; Writing – Original Draft Preparation, I.S.M., M.S.C., M.A.I., M.A.I., and M.A.I.; Writing – Review & Editing, I.S.M., M.S.C., M.A.I., M.A.I., 
and M.A.I.; Visualization, I.S.M., M.S.C., M.A.I., M.A.I., and M.A.I.; Supervision, I.S.M.; Project Administration, I.S.M.; Funding Acquisition, I.S.M., 

M.S.C., M.A.I., M.A.I., and M.A.I. Authors have read and agreed to the published version of the manuscript. 

Institutional Review Board Statement: Not applicable. 

Funding: The authors received no direct funding for this research. 

Acknowledgments: Not applicable. 

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 

Data Availability Statement: Not applicable.  

Conflicts of Interest: The authors declare no conflict of interest.                                                                                                                                                                                                                                   

 

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