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Women Owned Businesses and Bank Switching: The Role of Customer Service

Author

Listed:
  • Susan Coleman

    (University of Hartford)

  • Mary Carsky

    (University of Hartford)

Abstract

The number of businesses owned and operated by women is increasing rapidly, and women owned businesses are becoming a powerful economic force. It is estimated that half of the businesses in this country will be owned and operated by women by the year 2,000. This article describes research conducted on women owned small businesses and the nature of their banking relationships. Findings revealed that over 90% of those surveyed used banking products. A surprisingly high percentage of the women surveyed had switched banks. Major reasons for switching included poor customer service, an arrogant and condescending attitude on the part of bank personnel, and errors and mistakes. These results suggest opportunities for bank managers to improve the quality of their interactions with women business owners, a growing segment of the market.

Suggested Citation

  • Susan Coleman & Mary Carsky, 1996. "Women Owned Businesses and Bank Switching: The Role of Customer Service," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 5(1), pages 75-83, Spring.
  • Handle: RePEc:pep:journl:v:5:y:1996:i:1:p:75-83
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    File URL: http://jefsite.org/RePEc/pep/journl/jef-1996-05-1-f-coleman.pdf
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    References listed on IDEAS

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    1. Hustedde, Ronald J. & Pulver, Glen C., 1992. "Factors affecting equity capital acquisition: The demand side," Journal of Business Venturing, Elsevier, vol. 7(5), pages 363-374, September.
    2. Eugene W. Anderson & Mary W. Sullivan, 1993. "The Antecedents and Consequences of Customer Satisfaction for Firms," Marketing Science, INFORMS, vol. 12(2), pages 125-143.
    3. James F. Nielsen & Rowan M. Trayler & Bonnie M. Brown, 1995. "Banking Expectations: Do Bankers Really Understand the Needs of the Small Business Customer?," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(2), pages 99-112, Fall.
    4. James S. Ang, 1992. "On the Theory of Finance for Privately Held Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(3), pages 185-203, Spring.
    5. Haines, George & Riding, Allan & Thomas, Roland, 1991. "Small business bank shopping in Canada," Journal of Banking & Finance, Elsevier, vol. 15(6), pages 1041-1056, December.
    6. James S. Ang & James Wuh Lin & Floyd Tyler, 1995. "Evidence on the Lack of Separation between Business and Personal Risks among Small Businesses," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(2), pages 197-210, Fall.
    7. Gregory E. Elliehause & John D. Wolken, 1995. "Descriptive statistics from the 1987 National Survey of small business finances," Monograph, Board of Governors of the Federal Reserve System (U.S.), number 1995dsft1nsosb.
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    Citations

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    Cited by:

    1. Wei He & H. Kent Baker, 2007. "Small Business Financing: Survey Evidence in West Texas," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 12(1), pages 27-54, Spring.
    2. Mina Baliamoune-Lutz & Stefan Lutz, 2017. "Financing and performance of female-owned firms in Middle Eastern and African Economies," Documentos de Trabajo del ICAE 2017-09, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.

    More about this item

    Keywords

    Bank ; Women; Women-Owned; Woman-Owned; Bank Switching; Customer Service;

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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