Rzeczywisty wizerunek banków spółdzielczych w segmencie młodych rolników

Szafrańska, Monika

Rzeczywisty wizerunek banków spółdzielczych w segmencie młodych rolników

Abstract

The image of a company is the picture that appears in the minds of consumers. The image is subjective and active, with the result that the image can be shaped after the individual has been provided with specific information and impressions about a particular institution. Nowadays, in an era of strong competition in financial markets, the complexity of banking services and widespread digitalisation, the positive image of the bank is becoming crucial in building the right relationships with current and future groups (segments) of customers, as well as other groups of the bank’s environment that are important from the point of view of the bank’s activities. Investments in shaping a positive image of a financial institution are justified, among other things, by the fact that bank customers receive additional value in the form of satisfaction caused by a strong image of the financial institution, which increases their loyalty to the bank, but also their willingness to accept higher prices, which directly translates into increased profit and value for the financial institution. The main objective of the monograph was to present the actual image of cooperative banks and to identify the attributes of the perception of banks among young farmers. It was assumed that the improvement of the bank’s image is possible through the appropriate creation of image differentiators, the ‘anchors’ of the financial institution’s identification. The specific objectives of the work are as follows:  characteristics of the cooperative bank sector in Poland,  a presentation of financial services for agribusinesses offered by Polish cooperative banks,  a presentation of the objectives of the mini-research project entitled: ‘The Actual Image of Cooperative Banks in the Young Farmers’ Segment’,  identifying the groups of attributes that have the greatest impact on the shape of the actual image of cooperative banks. Based on the literature on the subject and the research carried out, and taking into account the main objective and specific objectives adopted, the paper attempts to verify the hypotheses which state: H1. In the opinion of young farmers, the image of cooperative banks is positive. H2. The actual image of cooperative banks depends on both the analysed demographic and economic characteristics of the young farmer, psychological factors and the characteristics of the farm the farmer manages. H3. There are differences in the perception of the image of cooperative banks between shareholders of cooperative banks and those who do not have membership contributions. H4. A key attribute shaping the image of cooperative banks in the young farmer segment is their ability to provide transaction security. The following methods were used to realise the stated objectives and hypotheses of the study: • a critical-cognitive analysis of the theoretical output contained in national and international literature, • analysis of the structure and dynamics, • survey method (direct questionnaire interviews, n=256), • financial analysis methods (horizontal, vertical and ratio), • statistical methods (descriptive statistics, Student’s T-test, one-way analysis of variance - F-statistic, non-parametric ‘chi-square’ test, Cronbach’s alpha statistic), • graphical and tabular methods of presenting results. During the preparation of the monograph, domestic and foreign literature relating to the issues addressed in the study was used. The empirical material consisted of primary and secondary data (financial statements of cooperative banks, reports of the National Bank of Poland and the Association of Cooperative Banks). The main primary data source was the mini-project research results: ‘The Actual Image of Cooperative Banks in the Young Farmers’ Sector’. The temporal scope of the issues presented in the paper generally concerned 2024, while a broader time horizon, going back to the 19th century, was used to illustrate selected trends of a general nature and to present the history of cooperative banking in Poland. An assessment of the organisational and economic situation of the cooperative banks operating in the study area was carried out for 2022-2023. The following were analysed: the value of total assets, the value of receivables from the non-financial sector, the value of liabilities from the non-financial sector, the total capital ratio (TCR), the return on assets (ROA) and the return on equity (ROE). For the analysis of data expressed in monetary units, the time-varying value of money was taken into account to eliminate the impact of inflation from year to year. Annual consumer price indices (CPI - consumer price index) were adopted according to Statistics Poland in Poland. The method used in the study was: last year of analysis =100. The work is theoretical and empirical in nature and consists of an introduction, five substantive chapters, a conclusion and an appendix. The first chapter discusses the history of Polish cooperative banking from the 19th century until the 2020s. The last part of the chapter presents the current organisational and legal status of the cooperative bank sector in Poland. The second chapter discusses financial services for individual farmers and agribusinesses. The first part of the chapter presents the specifics of bank accounts for agricultural producers and deposit accounts. The next section contains information on loans, including preferential loans, which can be used by young farmers. Standard and innovative billing services are then described. In the last part of the third chapter, attention is given to other financial services offered by financial institutions to agricultural producers, such as leasing and insurance services. Chapter three characterises the mini research project: ‘The Actual Image of Cooperative Banks in the Young Farmers’ Segment’, which was financed by the Project ‘Greater Potential of Management Science and Quality through Better Use of the Capital of the Polish Countryside’. This project was funded by the state budget under the Ministry of Science’s ‘Regional Initiative of Excellence’ programme . Part one of chapter three outlines the main aim of the research and the scope of the mini-project. The study population and the respondents’ farms were then characterised. It concludes with a presentation of the area of operation and selected financial results of the cooperative banks that operated in the study area. Chapter four characterises the actual image of cooperative banks. The socio-economic and psychological determinants shaping the image of cooperative banks in the opinion of young agricultural producers are then presented. The following section of the study also presents the relationship between the image of the financial institution and selected characteristics of the respondents’ farms. The final section of this chapter highlights other factors that can determine the image of a bank, such as membership in a cooperative bank and the fact that a farmer uses the services of a cooperative bank and a commercial bank at the same time. Chapter five presents the results of the research on the distinguishing features of financial institutions that, in the opinion of customers, most influence the image of cooperative banks. Particular attention was paid to the relationship between the different areas of attributes shaping the image of the cooperative bank and the selected demographic-economic and psychological characteristics of the respondents. The final section of the monograph summarises the theoretical considerations and empirical research that made it possible to assess the image of cooperative banks in the young farmers’ segment. As already mentioned, the seven-point Osgood semantic differential scale was used to assess the actual image of cooperative banks. Fifty features were analysed. The average value from all scale items was 4.44, indicating a neutral image. The presented research results, therefore, do not allow the first hypothesis (H1), which assumes that the image of cooperative banks in the young farmers’ assessment is positive, to be accepted. The research carried out also made it possible to identify factors that differentiate young farmers’ assessment of the actual image of cooperative banks. Demographic and economic factors, psychological determinants and selected characteristics of the farm managed by the respondent were included in the analysis. In the group of determinants of a demographic-economic nature, the factors determining the image of the bank in the eyes of young agricultural producers turned out to be the number of people in the respondent’s household and the amount of average disposable income per person in the household. Those from the most numerous families had the best opinion of the cooperative banks. Taking the latter factor into account, it can be concluded that the higher the income, the worse the image of the cooperative banking sector in the eyes of customers. A ‘rather positive’ image was held by those whose income did not exceed PLN 2,446. Farmers, whose income was higher, had an indifferent view of cooperative banks. In the group of psychological determinants, two factors were taken into account: the respondent’s risk propensity and the self-reported personality type. The first factor mentioned was found to be statistically significantly related to customers’ opinion of cooperative banks. Respondents who declared a ‘risk propensity’ and those characterised by a ‘neutral attitude’ held an indifferent image of cooperative banks. In contrast, farmers with a ‘risk aversion’ rated the cooperative banks rather negatively. The research also examined whether the characteristics associated with the farm managed by the young farmer could condition the image of the bank in the eyes of this customer segment. According to the statistical analysis, the area of the farm proved to be a factor influencing the image of the cooperative bank. Users of larger holdings had a slightly better image of cooperative banks. No differences were found in farmers’ assessment of the image of cooperative banks by type of farm production. The results presented in this study, therefore, allow us to accept the second hypothesis (H2), which assumes that the actual image of cooperative banks depends on both the analysed demographic and economic characteristics of the young farmer, psychological factors and the characteristics of the farm that the farmer manages. Almost 30% of young farmers were shareholders in a cooperative bank. The analysis of variance carried out did not show any significant differences in the assessment of the image of the bank cooperatives between the group of people with shares and respondents who were only bank customers. In this context, hypothesis three (H3), which assumes that there are differences in the perception of the image of the cooperative bank between people who own shares of the cooperative bank and people who are only customers of these institutions, should be rejected. The results also indicate that the image of the cooperative bank does not depend on whether the farmer uses only the cooperative bank or has a bank account with both the cooperative bank and the commercial bank. As the statistical analysis shows, the assessment of the actual image of the cooperative banking sector is made by evaluating security in the broadest sense. The most important characteristic shaping the image of the cooperative bank in the group of respondents analysed was the security of transactions (rating of 6.63 on a seven-point scale). Among the 62 image attributes assessed, all of those related to security (6) ranked in the top 10 key image differentiators for a financial institution. In this context, hypothesis four (H4) should be adopted, which assumes that the most important attribute shaping the image of the cooperative bank in the young farmers’ segment is the ability to provide transaction security. The questionnaire used in the research allows the actual image of the bank to be measured at specific points in time. Given that the actual image of a bank is a variable category, it would be interesting to continue research in this thematic area in order to determine the dynamics and directions of the changes taking place. It would also be valuable to identify the actual image of cooperative banks in other segments of agribusiness customers, e.g., in the segment of large-scale farmers, as well as to assess the potential image of cooperative banks conducted among representatives of this banking sector. The book is primarily addressed to research workers representing the scientific discipline of Management and Quality Sciences, as well as lecturers and students in the field of management. Cooperative banking professionals can also use the monograph.