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I s bank staff interaction associated with customer saving behavior in banks?
Author(s) -
Birkenmaier Julie,
Fu Qiang John
Publication year - 2021
Publication title -
journal of consumer affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.582
H-Index - 62
eISSN - 1745-6606
pISSN - 0022-0078
DOI - 10.1111/joca.12348
Subject(s) - odds , service (business) , logistic regression , business , population , marketing , educational attainment , savings account , actuarial science , economics , finance , economic growth , computer science , demography , sociology , machine learning
Major changes are underway in the U.S. retail banking sector toward heavy investments in technology and fewer in personnel. Using the 2017 survey of household economics and decision‐making (SHED) ( n = 11,359), we examine the relationship between saving behavior related to emergency, long‐term and periodic expenses and personal, technological, and hybrid bank account access methods. Binary logistic regression models were used to estimate the odds of reporting various saving behaviors in relation to various banking access methods. Findings suggest that the personal access method is positively associated with savings behavior for periodic expenses for the general population, and negatively associated with emergency savings in people with lower education attainment. Technology is associated with all types of saving behavior, while the hybrid access method is associated only with saving for periodic expenses. As investments in self‐service technology increase, the importance of access methods to savings behavior must be considered.