Author

  • Binuyo, Adekunle Oluwole

    • University of South Africa, Unisa, South Africa
    • South Africa

  • Aregbeshola, Rafiu Adewale

    • University of South Africa, Unisa, South Africa
    • South Africa

Abstract

Influence of demographic variables on banking has continued to attract the interest of researchers over the years with a good number focussing on impact of demographic variables on choice of banks by customers. This study however differs from previous studies in that its focus is on the evaluation of bank products appeal across demographic variables in South Africa and Nigeria. This descriptive study made use of primary data collected by administering validated and pre-tested questionnaires to 3,684 bank customers within selected strategic locations across Nigeria and South Africa using the snowball sampling technique. Both descriptive and inferential statistics were used to analyse the data generated. High Chi-Square statistics (corroborated with cross – tabulation and correlation analyses) coupled with very low probability values indicate highly significant associations between demographic variables and the dependent variables. The study recommends customer-centric approach on the part of banks to be able to provide customers with effective and unique value offers for various customer segments. Also, policy intervention is required to promote infrastructural upgrade for better product and service delivery. A more inclusive regulatory framework is required to draw more of the unbanked self – employed populace in the interest of boosting the economic performance of both countries.

Keywords

References

  • Albert, M., Njanike, K. & Mukucha, P. (2011). Gender Effects on Customer Satisfaction in Banking Industry: a case of commercial banks in Bindura, Zimbabwe. E3 Journal of Business Management and Economics , 2(1), 40-44.
  • Al-Somali, S., Gholami, R. & Clegg, B. (2009). An investigation into the online banking acceptance in Saudi Arabia. Technovation , 29(2), 130 -141
  • Aregbeyen, O. (2011). The determinants of bank selection choices by customers: Recent and extensive evidence from Nigeria. International Journal of Business and Social Science , 2(22), 276 – 288
  • Asikhia, O. (2011). SMEs and Poverty alleviation in Nigeria: Marketing resources and capabilities implications. New England Journal of Entrepreneurship , 13(2), 57-70
  • Aterido, R., Beck, T. & Iacovone, L. (2011). Gender and finance in Sub-Saharan Africa: Are women disadvantaged? World Bank Policy Research Paper 5571.
  • Awamleh, R. & Fernandes, C. (2006). Impact of organizational justice in an expatriate work environment. Management Research News , 29(11), 701–712.
  • Bauer, K. & Hein, S. E. (2006). The effect of heterogeneous risk on the early adoption of internet banking technologies. Journal of Banking and Finance , 30(6), 1713 – 1725.
  • Berger, S. C. & Gensler, S. (2007). Online banking customers: Insights from Germany. Journal of Internet Banking and Commerce , 12(1), 1 – 6.
  • Blankson, C., Omar, O. E. & Cheng, J. M. S. (2009). Retail bank selection in developed and developing countries: A cross-national study of students’ bank-selection criteria. Thunderbird International Business Review , 51(2), 183-198.
  • Chiemeke, S. C., Evwiekpaefe, A. E. & Chete, F. O. (2006). A study of price and quality in service operations. International Journal of Service Industry Management , 5(2), 23-34.
  • Cohen, D., Gan, C., Hwa, A. & Chong, E. (2006). Customer satisfaction: A study of bank customer retention in New Zealand. Research Archive, Discussion Paper 03. Lincoln University.
  • Dusuki, A. W. & Abdullah, N. I. (2007). Why do Malaysian customers patronize Islamic banks? International Journal of Bank Marketing , 25(3), 142-160.
  • Flynn, L. R. & Goldsmith, R. E. (1993). Identifying innovators in consumer service markets. Service Industries Journal , 13(3), 97-109.
  • Fozia, M. (2013). A Comparative Study of Customer Perception toward e-banking services provided by selected private and public sector bank in India. International Journal of Scientific and Research Publications , 3(9), 71 - 84
  • Gan, C., Clemens, M., Limsomobunchai, V. & Weng, A. (2006). A logit analysis of electronic banking in New Zealand. International Journal of Bank Marketing , 24(6), 360-383.
  • Hinson, R., Owusu-Frimpong, N. & Dasah, J. (2009). Key motivations for bank patronage in Ghana. International Journal of Bank Marketing , 27(5), 381-399. http://dx.doi.org/10.1108/02652320910979898
  • Howcroft, B., Hamilton, R. & Hewer, P. (2002). Consumer attitude and the usage and adoption of home‐based banking in the United Kingdom. International Journal of Bank Marketing , 20(3), 111 – 121
  • Karjaluoto, H., Mattila, M. & Pento, T. (2002). Factors underlying attitude formation towards online banking in Finland. International Journal of Bank Marketing , 20(6), 261 – 272.
  • Kaynak, E., Kucukemiroglu, O. & Odabasi, Y. (1991). Commercial Bank Selection in Turkey. International Journal of Bank Marketing , 9(4), 30 – 39.
  • Kolodinsky, J. M. & Hilgert, M. A. (2004). The adoption of electronic banking technologies by US consumers. The International Journal of Bank Marketing , 22(4), 238 – 259.
  • Levin, J. & Milgrom, P. (2004). Introduction to Choice Theory. Curriculum Notes. (Online available http://www.milgrom.net/) Accessed 25 February 2015.
  • Lopez, J., Hart, L. K. & Rampersad, A. (2007). Ethnicity and customer satisfaction in financial services sector. Managing Service Quality, 17(3), 259-274
  • Matila, A., Grandey, A. & Fisk, G. (2003). The interplay of gender and affective tone in service encounter satisfaction. Journal of Service Research , 6(2), 136 – 143.
  • Maiyaki, A. A. (2011). Factors determining bank selection and preference in Nigerian retail banking. International Journal of Business Management , 6(1), 253 – 257.
  • Metawa, S. A. & Almossawi, M. (1998). Banking behaviour of Islamic bank customers: perspectives and implications . International Journal of Bank Marketing , 16(7), 299-313.
  • Mokhlis, S., Salleh, H. S. & Mat, N. H. N. (2011). What do young intellectuals look for in a bank? An empirical analysis of attribute importance in retail bank selection. Journal of Management Research , 3(2), 1–15.
  • Munusamy, J., DeRun, E. C., Chelliah, S. & Annamalah, S. (2012). Adoption of retail internet banking: A study of demographic factors. Journal of Internet Banking and Commerce , 12(3), 1 – 14.
  • Muzividzi, D. K., Mbizi, R. & Mukwazhe, T. (2013). An analysis of factors that influence internet banking adoption among intellectuals: A case of Chinhoyi University of technology. Interdisciplinary Journal of Contemporary Research in Business , 4(11), 350 -369
  • Narteh, B. & Frimpong-Owusu, N. (2010). Customer knowledge and choice criteria in retail banking in Ghana. Paper presented at the 11th Annual Conference of the International Academy of African Business and Development [IAABD], University of Lagos, Nigeria. 544-550.
  • Nkamnebe, A. D. & Ukenna, S. (2011). Factors Influencing Bank Choice among Undergraduates in Nigeria, Paper presented at the 12th Annual Conference of the International Academy of African Business and Development [IAABD], Athabasca University, Canada, 585-593.
  • Okoe, A. F., Osarenkhoe, A. & Hinson, R. E. (2013). Using the analytical hierarchy process framework to study bank selection criteria of students in institute of professional studies Ghana. Journal of Management Strategy , 4(3), 27 – 38.
  • Omar, O. E. (2007). Gender-Based Retail Bank Choice Decisions in Nigeria. Journal of Retail Marketing Management Research, 1(1), 20- 31
  • Rao, A. S. & Sharma, R. K. (2010). Bank Selection Criteria Employed by MBA Students in Delhi: An Empirical Analysis. Journal of Business Studies Quarterly, 1(2), 56-69
  • Rashid, M. & Hassan, M. K. (2009). Customer demographics affecting bank selection criteria, preference, and market segmentation: Study on domestic Islamic banks in Bangladesh. International Journal of Business and Management , 4(6), 131–146.
  • Sakkthivel, A. M. (2006). Impact of demographics on the consumption of different services online in India. Journal of Internet Banking & Commerce , 11(3), 71-81.
  • Tootelian, D. H. & Gaedeke, R. M. (1996). Targeting the college market for banking services. Journal of Professional Services Marketing , 14(2), 161-172.
  • Trocchia, P. J. & Janda, S. (2000). A phenomenological investigation of Internet usage among older individuals. Journal of Consumer Marketing , 17(7), 605-616
  • Ukenna, S., Okoye, G., Ugwuomu, N. & Monanu, O. (2012). Analysis of the influence of gender on the choice of bank in the south east Nigeria. International Journal of Business and Management , 7(3), 230– 241.
  • Wan, W. W. N., Luk, C. L. & Chow, C. W. C. (2005). Customers adoption of banking channels in Hong Kong. International Journal of Bank Marketing, 23(3), 255-272
  • Wendy, W. N. W., Chung‐Leung, L. & Cheris, W. C. C. (2005). Customers' adoption of banking channels in Hong Kong. International Journal of Bank Marketing , 23(3), 255 - 272
  • Wilson, R. (1995). Marketing strategies for Islamic financial products. New Horizon , 39, 7-9
  • Zeithaml, V. A. & Gilly, M. C. (1987). Characteristics affecting the acceptance of retailing technologies: A comparison of elderly and non-elderly consumers. Journal of Retailing , 63(1), 49-68

Downloads

No downloads have been recorded for this article yet. Figures appear here once readers begin downloading the full text.

How to Cite

Binuyo, A. O., & Aregbeshola, R. A. (2015). Evaluation of Bank Products Appeal across Demographic Consideration: A Comparative Study of Nigeria and South Africa. Journal of Economics and Behavioral Studies, 7(5(J), 103-116. https://doi.org/10.22610/jebs.v7i5(J).610

Share this article

License

Copyright (c) 2015 Binuyo, Adekunle Oluwole, Aregbeshola, Rafiu Adewale (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of revised paper in the light of suggestions of the reviewers, the editorial team  edits and formats manuscripts to bring uniformity and standardization in published material.

This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.

Keywords

Section

Research Paper

Published in

Vol. 7 No. 5(J) (2015) Markets, ICT & Development Dynamics View issue contents

Published

2015-10-30

Submissions

Have research to publish? Journal of Economics and Behavioral Studies welcomes submissions.

Make a Submission