Banks and restaurants - a study in Singapore.

• Main Authors: Chong, Choon Lian., Tan, Bee Hong., Tan, Lay San.
• Other Authors: Gerard Dionicio Gonzales
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business
• Online Access: http://hdl.handle.net/10356/51808
• Institution: Nanyang Technological University

The present study sought to establish the banking needs and behaviour of restaurants. In particular, the study focused on the rating of certain bank selection criteria, establishing the banks with which restaurants have a relationship, quantifying their multiple banking practices, and identifying their use of financial products and services. The results showed that the forty-one respondents rated “Accuracy of monthly bank statements” as the most important bank selection criterion. All forty-one of respondents had a relationship with at least one local bank. United Overseas Bank had the biggest market share, this being 61%. Within the sample, 39% were single-banking restaurants and 61% were multiple banking restaurants. The most common reason cited for practising multiple banking was that certain banks provide specialised services. Overall, multiple banking restaurants had 2.75 bank relationships. It was seen that current accounts were used by all restaurants, while other products (such as fixed deposits) were used by fewer restaurants. Of all the various non-cash means of settlement made available, credit cards were the most widely accepted.