Managers' understanding of artificial intelligence in relation to marketing financial services: insights from a cross-country study

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emmanuel Mogaji ◽  
Nguyen Phong Nguyen
Keyword(s):  
Financial Services ◽  
Service Marketing ◽  
Financial Service ◽  
Working Relationships ◽  
Structured Interviews ◽  
Content Type ◽  
Ethical Implications ◽  
The United Kingdom ◽  
Inductive Research ◽  
Key Stakeholders

PurposeGiven that managers play a crucial role in developing and deploying AI for marketing financial services, this study was aimed at better understanding their awareness regarding AI and the challenges they are facing in providing the attendant technologies, as well as highlighting key stakeholders and their collaborative efforts in providing financial services.Design/methodology/approachExploratory, inductive research design. The data was gathered through semi-structured interviews with 47 bank managers in both developed and developing countries, including the United Kingdom, Canada, Nigeria and Vietnam.FindingsManagers are aware of the prospects of AI and are making efforts to address AI as a business need but find that there often exist certain challenges in accelerating AI adoption. The study also presents a conceptual framework of AI in relation to financial service marketing, which captures and highlights the interactions among the customers, banks and external stakeholders, as well as the regulators.Research limitations/implicationsBanks must understand their business objectives, the available resources and the needs of their customers. Managers should keep the ethical implications of their working relationships in mind when selecting a team or collaborating with partners. In addition, managers should be trained and assisted in comprehending AI in relation to financial services, while the regulators must be involved in the development of AI for financial service marketing. Finally, it is critical to communicate the prospects for AI to consumers.Originality/valueThis study provides empirical insight into the opportunities, prospects and challenges pertaining to the use of AI in the area of financial service marketing. It also specifically calls into question certain preconceptions regarding AI and its role in financial services, the chatbots adopted for financial service delivery and the role of marketing managers in developing AI.

Financial services experience and consumption in Nigeria

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Taiwo O. Soetan ◽  
Emmanuel Mogaji ◽  
Nguyen Phong Nguyen
Keyword(s):  
Financial Services ◽  
Well Being ◽  
Financial Service ◽  
Financial Inclusion ◽  
Structured Interviews ◽  
Content Type ◽  
Use Of Technology ◽  
Maintenance Service ◽  
Customer Services ◽  
Bank Executives

Purpose To understand the financial services experience and consumption in Nigeria from the perspectives of both the customers and managers. This study aims to explore this under-researched area and contribute towards a transformative financial service in the country. Design/methodology/approach Semi-structured interviews with 26 bank customers and seven top bank executives. Findings A conceptual framework, which has emerged from the analysis of the results, revealed three overarching factors that shape these experiences from the perspective of both consumers and managers – service maintenance, service technology and service dynamics. Practical implications For sustainable service maintenance, bank executives need to increase the overall level of transparency in their operations, particularly regarding bank charges, to ensure that customers are not subjected to hidden and unnecessary charges. The use of technology in service provision and delivery should play a prominent role. Managers should also provide innovative and user-friendly technology, communicating with customers and raising awareness of the benefits. Customers who are reluctant to adopt the technology should be educated and reassured. Recognising the service dynamics, managers should improve customer services and relationships, effectively manage the mobile money agent relationship and market new and relevant products to their target audience. Social implications The understanding of the financial services experience and consumption of citizens and residents in the demonstrate how the appropriate programmes and policies that enhance financial inclusion could be introduced and implemented in the country. It enables financial service managers to improve their services to their customers and policymakers to develop timely, relevant and appropriate policies to address and/or bridge the identified gaps in financial inclusion. The understanding of the financial services experience and consumption of citizens and residents in the demonstrate how the appropriate programmes and policies that enhance financial inclusion could be introduced and implemented in the country. Originality/value Through the sampling, this paper reiterates the need for consumer engagement and collaborative customer-provider relationships in redesigning financial services. This aligns with the transformative research agenda, which aims to increase access to financial services, decrease disparity and ensure consumers’ financial well-being.

Marketing bank services to financially vulnerable customers: evidence from an emerging economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emmanuel Mogaji ◽  
Ogechi Adeola ◽  
Robert Ebo Hinson ◽  
Nguyen Phong Nguyen ◽  
Arinze Christian Nwoba ◽  
...  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Case Study Research ◽  
Research Strategy ◽  
Financial Service ◽  
Annual Reports ◽  
Structured Interviews ◽  
Content Type ◽  
Multiple Case ◽  
Marketing Methods

PurposeThis study aims to explore how banks in Nigeria are marketing financial services to financially vulnerable customers.Design/methodology/approachA multiple case study research strategy was used to analyse three commercial banks and two microfinance banks. Data were collected using semi-structured interviews with the banks' directors as well as from banks' published annual reports and archival images.FindingsThe 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.Research limitations/implicationsBanks 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 service transaction support and financial literacy education can assist banks in marketing their services to financially vulnerable customers, in mutually beneficial ways.Originality/valueThis study shows how financial service 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.

Building blocks of financial inclusion through customer experience value at financial touchpoints in Southern Africa

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nkosinathi Sithole ◽  
Gillian Sullivan Mort ◽  
Clare D'Souza
Keyword(s):  
Southern Africa ◽  
Low Income ◽  
Financial Services ◽  
Building Blocks ◽  
Customer Experience ◽  
The Body ◽  
Financial Inclusion ◽  
Structured Interviews ◽  
Content Type ◽  
Low Income Consumers

PurposeThis paper aims to examine customer experience value orchestrated by non-banks' financial touchpoints to understand how they enhance the financial inclusion of low-income consumers.Design/methodology/approachTwo independent but related studies were conducted using qualitative comparative analyses (QCA) research design with semi-structured interviews to compare and contrast customer experience value at two rural locations in Southern Africa. The interview transcripts were analysed using ATLAS.ti, which is a powerful operating system for analysing qualitative data.FindingsThe results indicate that non-banks in the two countries design financial services that include functional, economic, humanic, social and mechanic customer experience value dimensions.Research limitations/implicationsThe data for this study was collected from financial services customers of retailers and mobile phone network operators in only one research setting in each country. Further research could extend the comparative context for qualitative studies across similar markets. Other limitations are discussed in the paper.Originality/valueThis paper contributes to the body of knowledge by highlighting the salient and germane dimensions and components found to be important in understanding financial inclusion using customer experience value. To the best of the authors’ knowledge, this is the first study that incorporates customer experience value dimensions in understanding the financial inclusion of low-income consumers at the base of the social and economic pyramid in emerging markets.

The promise of a four-day week? A critical appraisal of a management-led initiative

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Helen Delaney ◽  
Catherine Casey
Keyword(s):  
Financial Services ◽  
Working Hours ◽  
Business Case ◽  
Work Hours ◽  
Structured Interviews ◽  
Content Type ◽  
Services Sector ◽  
Measurement Monitoring ◽  
Critical Scrutiny

PurposeThis article critically investigates a management-led experiment to institute a four-day work week with stated intentions of improving productivity and worker wellbeing. The article analyses the framing and implementation of the reduced work hours (RWH) trial, the responses of employees and the outcomes and implications of the trial. It raises concerns regarding the managerial appropriation of employee aspirations for more autonomy over time and improved work life.Design/methodology/approachWe conducted a qualitative case study of a medium-sized company operating in the financial services sector in New Zealand. Focus groups and semi-structured interviews were conducted with 45 employees.FindingsOur study finds that the promise of a four-day week attracted employee favour and individualised benefits. However, entrenched managerialist practices of performance measurement, monitoring and productivity pressures were intensified. Pro-social and collective interests evident in labour-led campaigns were absent. We urge greater critical scrutiny into seemingly advantageous “business case” initiatives for reduced work hours.Originality/valueLittle is known about what happens to concern for social and employee interests entailed in reduced working hours initiatives when a management-led initiative is implemented. Indeed, the majority of research focuses on the macro-level rather than interrogating the “black box” of firms. Our inquiry contributes to these debates by asking, how does a management-led RWH initiative affect employees?

Relationships among employee acting, customer-perceived service quality, emotional well-being and value co-creation

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chih-Hsuan Huang ◽  
Yuan-Chen Lin
Keyword(s):  
Service Quality ◽  
Financial Services ◽  
Structural Equation ◽  
Well Being ◽  
Equation Model ◽  
Financial Service ◽  
Content Type ◽  
Perceived Service Quality ◽  
Negative Affects ◽  
Service Paradigm

PurposeHinged on the transformative service paradigm, this study investigates the relationships among employee acting, customer-perceived service quality, customer emotional well-being, and their value co-creation. Feelings of gratitude among customers may moderate the effect of perceived service quality on their emotional well-being (i.e., positive and negative affects).Design/methodology/approachA pair study using a structural equation model was conducted to gather data from a financial service organization in a rural area.FindingsThe results show how customers perceive service quality positively impacts their emotional well-being immediately after receiving a financial service, which in turn affects their value co-creation. Hence, feelings of gratitude moderate the effect of perceived service quality on customer positive affect.Originality/valueThis study responds to calls for more studies on how service interactions influence customer well-being in the financial services context. This study is among the few that examine moderation effects of customer feelings of gratitude on their emotional well-being to explain why a positive emotion might sway their short-term well-being.

scholarly journals The internationalization of African fintech firms: marketing strategies for successful intra-Africa expansion

2020 ◽  
Vol 37 (2) ◽  
pp. 299-317 ◽  
Author(s):  
Zara Hammerschlag ◽  
Geoff Bick ◽  
John Manuel Luiz
Keyword(s):  
Financial Services ◽  
Capital Investment ◽  
Emerging Market ◽  
Marketing Strategies ◽  
Structured Interviews ◽  
African Countries ◽  
Content Type ◽  
Venture Capital Investment ◽  
Market Expansion ◽  
Strategy Adaptation

PurposeThe purpose of this study is to explore how African fintech firms adapt their marketing strategies for successful market expansion into new African countries.Design/methodology/approachThis exploratory study is qualitative in nature and utilizes semi-structured interviews at 14 African fintech firms.FindingsThe study reveals that, during intra-Africa expansion, firms adapt their marketing strategies by working with local people, prioritizing customer education, creating personal relationships with customers, adapting their communication strategies and pricing strategies and using social media. The strategies that have been most effective involve including the community in the marketing process, prioritizing relationships, segmenting customers geographically, educating customers about products, using local distribution partners and having a flexible approach to strategy adaptation.Practical implicationsIt has been argued that technological innovation in Africa in areas such as financial services is a critical driver of its future development, because of the opportunity it presents to promote financial inclusion. Through an increase in venture capital investment on the continent, technological innovations in financial services have grown exponentially, and this study contributes to the understanding of the marketing strategies employed to gain market traction.Originality/valueThis study proposes that African fintech firms adopt a bottom-up, value proposition-driven marketing strategy to successfully navigate the environment. The proposed framework provides a lens through which to understand the components of successful strategy adaptation in Africa, against the backdrop of the unique market challenges inherent in this emerging market continent.

The utility of relationships in the creation and maintenance of an event portfolio

2018 ◽  
Vol 36 (2) ◽  
pp. 260-275 ◽  
Author(s):  
Donna M. Kelly ◽  
Sheranne Fairley
Keyword(s):  
Process Model ◽  
Structured Interviews ◽  
Content Type ◽  
Key Stakeholders ◽  
Strategic Goals ◽  
The Creation ◽  
Practical Implications ◽  
Insight Into

Purpose Event portfolios promote synergies among events and stakeholders within a destination in order to maximise resources. The purpose of this paper is to examine the role of relationships in the creation and maintenance of an event portfolio using the four stages of Parvatiyar and Sheth’s (2000) process model of relationship marketing: formation, management and governance, performance evaluation, and evolution. Design/methodology/approach Nine semi-structured interviews were conducted with tourism and government stakeholders involved in the creation and maintenance of an event portfolio within a single destination. Findings The destination outlined clear strategic goals through an event strategy. An Events Board was established to bring together key stakeholders from tourism, events, and government to oversee the development of an event portfolio. The Events Board gave advice to relevant tourism and government stakeholders on which events they should provide funding. Developing relationships was not a stated objective, but the Events Board realised the importance of relationships to create and maintain the destination’s event portfolio. Long-term funding contracts were used as a mechanism to establish relationships and were an impetus for interaction. Relationships were also maintained through dedicated staff who managed the relationships between the destination stakeholders and the events. Practical implications Understanding factors that contribute to the successful creation and maintenance of event portfolios can inform destination stakeholders who are responsible for generating tourism through events. Originality/value Limited research has examined the creation and maintenance of event portfolios. This study provides insight into the central importance of relationships in creating and maintaining an event portfolio.

Brand equity in Caribbean financial services: the moderating role of service providers

2019 ◽  
Vol 38 (3) ◽  
pp. 642-670
Author(s):  
Meena Rambocas ◽  
Surendra Arjoon
Keyword(s):  
Customer Satisfaction ◽  
Brand Equity ◽  
Financial Services ◽  
Service Providers ◽  
Credit Unions ◽  
Financial Service ◽  
Insurance Companies ◽  
Equation Modeling ◽  
Service Experience ◽  
Content Type

Purpose The purpose of this paper is to develop an integrated model to represent how service experience (core, employee and service scale), customer satisfaction (transaction-specific and cumulative) and brand affinity influence brand equity in financial services, taking into account the moderating influence of financial service providers. Design/methodology/approach Data were collected from 751 customers in three types of financial service providers (banks, insurance companies and credit unions), and analyzed with structural equation modeling and multi-group analysis. Findings The findings confirm the significant and positive influence of service experience, customer satisfaction and brand affinity on brand equity. Employee service experience has the strongest influence, but its impact is mediated by customer satisfaction. Brand affinity has the lowest influence on brand equity. The type of financial service provider moderates the influence of customer satisfaction on brand equity; transactional satisfaction is more important for credit unions and insurance companies, but cumulative satisfaction is higher for banks. Practical implications The study is significant for three reasons. First, it reconciles branding strategies across different types of financial service providers. Second, it will help financial managers to develop and implement a more integrated approach toward building brand equity for financial service brands. Finally, it will identify specific service-related areas financial providers can target to increase customers’ preferential value. Originality/value The paper addresses previous concerns within brand equity studies by examining the drivers of brand equity formation in multiple financial institutions. It shows how different aspects of service experience and customer satisfaction affect brand affinity and preferential attitudes toward financial brands.

Enhancing brand value using corporate social responsibility initiatives

2020 ◽  
Vol 23 (4) ◽  
pp. 575-602
Author(s):  
Ahmed Suhail Ajina ◽  
Sanjit Roy ◽  
Bang Nguyen ◽  
Arnold Japutra ◽  
Ali Homaid Al-Hajla
Keyword(s):  
Saudi Arabia ◽  
Social Responsibility ◽  
Financial Services ◽  
Financial Service ◽  
Brand Value ◽  
Socially Responsible ◽  
Content Type ◽  
Services Sector ◽  
Financial Services Sector ◽  
Corporate Social

Purpose This study aims to investigate employees’ perceptions of socially responsible financial services brands in Saudi Arabia. The study also identifies the motives and challenges for Islamic banks for higher involvement in social responsibility initiatives to enhance their brand values. Design/methodology/approach An inductive approach was used in this study to identify the motives and challenges related to corporate social responsibility (CSR) activities. The research design uses a qualitative approach where in-depth interviews were carried out among the employees in the financial services sector in Saudi Arabia. Findings Findings provide insights about how CSR initiatives for financial services brands in a developing and Islamic country are perceived. Results show that the focus of CSR activities is on the attribute of CSR, the magnitude of CSR and attitude towards CSR. Results show two main motives to engage in CSR activities, which are instrumental and ethical motives. The main challenges are related to the government, business, charitable organisations and customers and society. Practical implications Implications exist for how CSR is perceived in a new context and in the financial services industry. Understanding the current perception of CSR from a financial service brand perspective helps policymakers to develop appropriate platforms for financial service providers to become more socially involved. Originality/value The major contribution of this study lies in investigating the CSR perception among the key stakeholder (i.e. the employees) from a brand management perspective in the Saudi Arabian financial services sector. Further, this study shows the main motives and challenges, which local financial service brands face to become socially responsible. The categories of attributes, magnitude and attitudes can be used to enhance brand value in one of the economically advanced countries in the Arabic world, Saudi Arabia. In the first category “attribute”, the perception of socially responsible banks are highlighted, while the elements of CSR, including its dimensions, are emphasised in the second category “magnitude”. The third category “attitude” shows two themes, including stakeholders’ issues and business-related issues.

scholarly journals A qualitative inquiry into cashwaqfmodel as a source of financing for micro enterprises

2018 ◽  
Vol 10 (1) ◽  
pp. 19-35 ◽  
Author(s):  
Mohamed Asmy Bin Mohd Thas Thaker
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Public Awareness ◽  
Qualitative Inquiry ◽  
Primary Data ◽  
Key Factors ◽  
Structured Interviews ◽  
Content Type ◽  
Enterprise Investment ◽  
Micro Enterprises

PurposeThis paper aims to explore the opinions and recommendations of various experts on the integrated cashwaqfmicro enterprise investment (ICWME-I) model, particularly in terms of its suitability, applicability and prospects in the market.Design/methodology/approachThe research involves primary data which are collected from semi-structured interviews conducted with experts from various backgrounds. Thematic analysis was used to examine the data.FindingsThe experts support the suitability of the ICWME-I model in providing financial services to micro enterprises. They highlight the importance of establishing, managing and operating ICWME-I model under the aegis of the State Islamic Religious Council in Malaysia or the corporate sector. They further emphasize that the characteristics of micro enterprises, the element of sustainable funding, the importance of proper management and administration, legal matters and public awareness are key factors that influence the sustainability of the ICWME-I model.Originality/valueThis paper adds to the literature onwaqfand micro enterprises especially from the Malaysian context. The paper validates the ICWME-I model in terms of its suitability, applicability and prospects in the market by interviewing experts from various backgrounds.

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