The impact of Corporate Social Responsibility initiatives of retail banks in Hong Kong on customers’ selection of banking services

Retail banks in Hong Kong have implemented various Corporate Social Responsibility (CSR) initiatives in different domains which may involve the investment of resources. CSR initiatives were considered to have positive relationship with customers’ purchase intentions. However, the impacts of individual CSR initiatives on purchase intention were uncertain. Therefore. it will be beneficial for retail banks to understand the impacts of CSR initiatives on customers’ selection of banking services which can help using the resources in a more efficient and effective way. The aim of this study was to examine how different CSR initiatives affect the customers’ selection of banking services. Survey was used in the study. The results of survey were analysed. The first finding in the study was that the CSR initiatives had positive impacts on customers’ selection of banking services in Hong Kong. The second finding was that some CSR initiatives, e.g. customer-related (accurate information to customers; services to disadvantaged people, etc.), employee-related (work-life balance to employee, staff development and advancement, etc.), have positive impacts on customers’ selection of banking services in Hong Kong but, CSR initiatives in society domain may not have significant impacts on customers’ selection of banking services in retail bank industry in Hong Kong. Therefore, it showed that retail banks in Hong Kong must arrange appropriate CSR initiatives which could help the banks to enhance the impacts of such CSR initiatives.