KOGI STATE
Faculty of Management Sciences
Journal of MANAGEMENT
ISSN: 3212 - 3122
Emmanuel Mogaji, Ogechi Adeola, Robert Hinson, Nguyen Phong Nguyen, Arinze Christian Nwoba and Taiwo Soetan
Abstract
Purpose: This study aims to explore how banks in Nigeria are marketing financial services to financially vulnerable customers.
Design/Methodology/Approach: A multiple case study research strategy was used to analyse three commercial banks and two microfinance banks. Data was collected using semi-structured interviews with the banks' directors, as well as from banks' published annual reports and archival images.
Findings: The study reveals that Nigerian banks develop different product development portfolios, adopt innovative traditional marketing schemes, and apply inclusive technologies to reach and extend services to the unbanked and financially vulnerable customers in the society.
Originality: This study shows how financial services operators’ market and extend their services to financially vulnerable customers in emerging markets. It empirically establishes the importance of financial services to financially excluded customers.
Research Implications: Banks should focus on consumer engagement through the proactive development of technologies and employ innovative marketing methods. Customers' banking experiences can be enhanced if banks communicate with and educate customers about technological modes of engagement. In addition, financial services transactions support, and financial literacy education can assist banks in marketing their services to financially vulnerable customers; in mutually beneficial ways.
Design/Methodology/Approach: A multiple case study research strategy was used to analyse three commercial banks and two microfinance banks. Data was collected using semi-structured interviews with the banks' directors, as well as from banks' published annual reports and archival images.
Findings: The study reveals that Nigerian banks develop different product development portfolios, adopt innovative traditional marketing schemes, and apply inclusive technologies to reach and extend services to the unbanked and financially vulnerable customers in the society.
Originality: This study shows how financial services operators’ market and extend their services to financially vulnerable customers in emerging markets. It empirically establishes the importance of financial services to financially excluded customers.
Research Implications: Banks should focus on consumer engagement through the proactive development of technologies and employ innovative marketing methods. Customers' banking experiences can be enhanced if banks communicate with and educate customers about technological modes of engagement. In addition, financial services transactions support, and financial literacy education can assist banks in marketing their services to financially vulnerable customers; in mutually beneficial ways.
Keywords
Financially Vulnerable Customers; Bottom of Pyramid, Marketing, Financial Services; Nigeria; Sub-Saharan Africa.
Full Article
MARKETING BANK SERVICES TO FINANCIALLY VULNERABLE CUSTOMERS: EVIDENCE FROM AN EMERGING ECONOMY
UNIVERSITY, ANYIGBA
