Agricultural and forestry business owners’ perceptions of banks
Over the course of the past the agricultural sector has been characterized by radical market changes. Changing market conditions have forced owners of agricultural and forestry businesses to make further investments. This increase in investments has led to a greater need for external capital, which...
| Autores principales: | , |
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| Formato: | H3 |
| Lenguaje: | Inglés sueco |
| Publicado: |
SLU/Dept. of Economics
2013
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| Materias: |
| _version_ | 1855570916543561728 |
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| author | Dickson, Cecilia Magnusson, Sara |
| author_browse | Dickson, Cecilia Magnusson, Sara |
| author_facet | Dickson, Cecilia Magnusson, Sara |
| author_sort | Dickson, Cecilia |
| collection | Epsilon Archive for Student Projects |
| description | Over the course of the past the agricultural sector has been characterized by radical market changes. Changing market conditions have forced owners of agricultural and forestry businesses to make further investments. This increase in investments has led to a greater need for external capital, which has increased the relationship between banks and owners of agricultural and forestry businesses. The financial sector is characterized by strong rivalry, which forces banks to create strategic positions in the financial market. Since agricultural and forestry businesses are generally seen as secure customers by banks, due to high property and land values, the competition between banks with agricultural and forestry businesses as customers has amplified. In order for banks to implement suitable strategies that will attract agricultural and forestry businesses, they need to maintain knowledge about the perceptions and expectations that agricultural and forestry businesses owners have of banks.
The aim of this study is to identify the perceptions that owners of agricultural and forestry businesses have of banks. The study aims at examining which aspects, service and product attributes that owners of agricultural and forestry businesses value the most in a bank relationship and why. This study has used a qualitative methodological approach, with the following interview techniques: the Zaltman metaphor-elicitation technique and the Laddering technique. Nine in-depth interviews were conducted with owners of agriculture and forestry businesses in order to explore different customer perceptions of banks. The methods were chosen with the aim to provide a thorough understanding of the respondents’ thoughts and feelings concerning a bank relationship.
The findings of the study indicate that owners of agricultural and forestry businesses value soft factors in a bank relationship prior to e.g. low interest rate. The most important indicator for the respondents was the trustworthiness of the bank. The respondents wanted to be able to trust their bank and their bank contact. In order for the bank to be trustworthy the respondents require the bank to obtain knowledge about the agricultural and forestry sector, the respondent’s individual business and personal characteristics. The bank and the bank contact should also act professionally, think long-term and act as a business partner. The respondents highly value one well-established bank contact for both private and business matters and to have personal connection with the bank contact. If the respondents trust their bank contact the respondents feel comfortable in a bank meeting, a more open dialogue can be exchanged and they are more likely to become long-term customers. Additionally, if the respondents trust their bank they are able to feel good, relaxed and safe. |
| format | H3 |
| id | RepoSLU5867 |
| institution | Swedish University of Agricultural Sciences |
| language | Inglés swe |
| publishDate | 2013 |
| publishDateSort | 2013 |
| publisher | SLU/Dept. of Economics |
| publisherStr | SLU/Dept. of Economics |
| record_format | eprints |
| spelling | RepoSLU58672024-09-14T01:41:38Z Agricultural and forestry business owners’ perceptions of banks Dickson, Cecilia Magnusson, Sara Banks Handelsbanken Owners of agricultural and forestry businesses Perceptions and Trust Over the course of the past the agricultural sector has been characterized by radical market changes. Changing market conditions have forced owners of agricultural and forestry businesses to make further investments. This increase in investments has led to a greater need for external capital, which has increased the relationship between banks and owners of agricultural and forestry businesses. The financial sector is characterized by strong rivalry, which forces banks to create strategic positions in the financial market. Since agricultural and forestry businesses are generally seen as secure customers by banks, due to high property and land values, the competition between banks with agricultural and forestry businesses as customers has amplified. In order for banks to implement suitable strategies that will attract agricultural and forestry businesses, they need to maintain knowledge about the perceptions and expectations that agricultural and forestry businesses owners have of banks. The aim of this study is to identify the perceptions that owners of agricultural and forestry businesses have of banks. The study aims at examining which aspects, service and product attributes that owners of agricultural and forestry businesses value the most in a bank relationship and why. This study has used a qualitative methodological approach, with the following interview techniques: the Zaltman metaphor-elicitation technique and the Laddering technique. Nine in-depth interviews were conducted with owners of agriculture and forestry businesses in order to explore different customer perceptions of banks. The methods were chosen with the aim to provide a thorough understanding of the respondents’ thoughts and feelings concerning a bank relationship. The findings of the study indicate that owners of agricultural and forestry businesses value soft factors in a bank relationship prior to e.g. low interest rate. The most important indicator for the respondents was the trustworthiness of the bank. The respondents wanted to be able to trust their bank and their bank contact. In order for the bank to be trustworthy the respondents require the bank to obtain knowledge about the agricultural and forestry sector, the respondent’s individual business and personal characteristics. The bank and the bank contact should also act professionally, think long-term and act as a business partner. The respondents highly value one well-established bank contact for both private and business matters and to have personal connection with the bank contact. If the respondents trust their bank contact the respondents feel comfortable in a bank meeting, a more open dialogue can be exchanged and they are more likely to become long-term customers. Additionally, if the respondents trust their bank they are able to feel good, relaxed and safe. Skog- och lantbrukssektorn har under en längre tid präglats av stora marknadsförändringar, vilket ökat skog- och lantbruksföretagens behov av investeringar. Ett tilltagande investeringsbehov inom skog- och lantbrukssektorn har bidragit till ett ökat behov av externt kapital. I den finansiella sektorn råder stark konkurrens, vilket gör att banker idag måste inta en stark position på marknaden för att erhålla och behålla attraktiva kunder. Då skog- och lantbruksföretag anses av banker som säkra kunder på grund av stora fastighetsvärden, har konkurrensen mellan banker om skog- och lantbruksföretagare som kunder ökat. För att banker ska kunna implementera lämpliga strategier gentemot skog- och lantbruksföretag måste de besitta kunskap om kundernas efterfrågan och förväntningar på banker. Syftet med denna studie är att identifiera skog- och lantbruksföretagares efterfrågan och förväntningar på banker. Studien ämnar undersöka vilka aspekter, tjänst- och produktattribut, som ägare av skog- och lantbruksföretag värderar högst i en bankrelation och varför dessa attribut anses viktiga. Studien är kvalitativ och har genomförts genom Zaltman metaphor-elicitation tekniken samt Laddering tekniken. Nio intervjuer med skog- och lantbruksföretagare har genomförts för att undersöka vilka förväntningar som finns på banker i dagsläget. Metoderna valdes med syfte att skapa en djupare förståelse för kunders tankar och känslor kring en bankrelation. Resultatet av studien visar att skog- och lantbruksföretagare värderar mjuka värden högre än till exempel ränta i en bankrelation, den viktigaste faktorn anses vara pålitlighet. Intervjupersonerna som deltog i studien värderar att kunna lita på sin bank och sin bankkontakt högt. För att kunderna ska uppfatta banken som pålitlig, bör banken besitta kunskap inom skog- och lantbrukssektorn, den enskilda kundens företagsverksamhet samt kundens personliga egenskaper. Banken förväntas från kunders perspektiv agera professionellt, tänka långsiktigt och fungera som en affärspartner. Intervjupersonerna i denna studie vill ha en och samma bankkontakt för både privat- och företagsärenden, samt en god personkemi med bankkontakten. Om kunderna litar på sin bankkontakt, kan en öppen dialog föras, bankmötet blir gemytligt och kunderna blir i större utsträckning långsiktiga kunder i banken. Anledningen till att skog- och lantbruksföretagare efterfrågar pålitlighet i en bankrelation beror på att de då kan kännas sig trygga, slappna av och må bra. SLU/Dept. of Economics 2013 H3 eng swe https://stud.epsilon.slu.se/5867/ |
| spellingShingle | Banks Handelsbanken Owners of agricultural and forestry businesses Perceptions and Trust Dickson, Cecilia Magnusson, Sara Agricultural and forestry business owners’ perceptions of banks |
| title | Agricultural and forestry business owners’ perceptions of banks |
| title_full | Agricultural and forestry business owners’ perceptions of banks |
| title_fullStr | Agricultural and forestry business owners’ perceptions of banks |
| title_full_unstemmed | Agricultural and forestry business owners’ perceptions of banks |
| title_short | Agricultural and forestry business owners’ perceptions of banks |
| title_sort | agricultural and forestry business owners’ perceptions of banks |
| topic | Banks Handelsbanken Owners of agricultural and forestry businesses Perceptions and Trust |