The impact of Corporate Social Responsibility on customers' choice in commercial banks: an investigation among people living in the UK and in Italy

Abstract

In the current economic situation, Corporate Social Responsibility has played a fundamental role in integrating moral principles in banking activity. CSR is also gaining increasing importance in the business, in fact, it has been discovered that it has become one of the main factors that influence customers’ choice. As little is known on this topic in the banking sector, the aim of the research is to investigate whether CSR influences customers’ choice in the banking sector, focusing only on people living in the UK or in Italy, analysing differences and similarities between them. The approach that has been identified as the most suitable for this research, is the quantitative approach. Specifically, among a range of methods, the online survey appeared to be the most appropriate for the research topic, meanwhile the sample size of the research is composed of 132 individuals, obtained through the volunteer sampling technique. The findings suggest that CSR has become one of the factors that influence customers’ choice in the banking sector, however, only a relatively small percentage of participants stated that they are influenced by it. Therefore, the results suggest that CSR needs to be further implemented in order to play a more central role in customers’ choice in the industry considered. It has also emerged, from the data gathered, that there is a strong correlation between CSR awareness and the influence of it in customers’ choice, hence, suggesting also that banks should ensure a better knowledge of CSR among their customers. Lastly, it has also emerged that people living in the UK, compared to those living in Italy, are more aware of CSR and are also more keener to consider CSR when it comes to choose a bank.