Marketing inclusive banking services to financially vulnerable consumers: a service design approach

Ofori-Okyere, Isaac; Edghiem, Farag; Kumah, Seyram Pearl

doi:10.1108/jsm-10-2021-0399

Cited by 14 publications

(28 citation statements)

References 90 publications

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“…Soetan et al. (2021) and Ofori-Okyere et al. (2022) noted that the unbanked in Nigeria and Ghana, respectively, often express the same concern.…”

Section: Discussionmentioning

confidence: 99%

“…This factor is not unique to U.S. households. Soetan et al (2021) and Ofori-Okyere et al (2022) noted that the unbanked in Nigeria and Ghana, respectively, often express the same concern. Soetan et al recommended that bankers be proactive in getting to know their current and potential customer base (i.e.…”

Section: Implications For Policy Practice Research and Educationmentioning

confidence: 99%

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Distrust of banks among the unbanked and banked

Grable¹,

Kwak²,

Archuleta³

2023

IJBM

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PurposeThe purpose of this study was to explore the concept of distrust of traditional banking institutions as a factor that can explain the choice to remain unbanked in a marketplace that is designed to be financially inclusive.Design/methodology/approachEarning, spending, saving and borrowing data collected between May 2021 and February 2022 from 17,819 consumers living in the United States were used to examine the factors associated with distrust of banks. Using a conceptual framework borrowed from the health services profession, the study was conducted in two stages. At the first stage, distrust among the unbanked and banked was estimated using a Boruta-random forest algorithm. At the second stage of the analysis, a logit regression model was estimated to validate the variables identified in the Boruta-random forest analysis.FindingsResults from the analyses show that distrust of banks is multi-layered where being older, believing the country is heading in the wrong direction and being less confident in one's ability to obtain a personal loan in the amount of $1 to $999 are important factors related to distrust of banks among the unbanked.Research limitations/implicationsThis study shows how an ensemble machine learning technique based on a decision-tree methodology can be used to obtain unique insights into complicated data and large datasets within the bank marketing field.Originality/valueThe paper provides a discussion about ways domains of trust and specific variables can be utilized to address the persistent problem of financial exclusion in the United States. Implications for bankers, researchers, educators and policymakers are provided.

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“…Soetan et al. (2021) and Ofori-Okyere et al. (2022) noted that the unbanked in Nigeria and Ghana, respectively, often express the same concern.…”

Section: Discussionmentioning

confidence: 99%

Section: Implications For Policy Practice Research and Educationmentioning

confidence: 99%

Distrust of banks among the unbanked and banked

Grable¹,

Kwak²,

Archuleta³

2023

IJBM

View full text Add to dashboard Cite

show abstract

“…Integrating consumer and service research within TSR enhances well-being (Anderson et al , 2013). TSR’s focus on promoting well-being and emancipatory outcomes makes it suitable for developing service designs for vulnerable consumers (Fisk et al , 2018; et al , 2023; Ofori-Okyere et al , 2023). The transition from “transformative by nature” to “transformative by design” in TSR (Anderson et al , 2018; Loomba, 2017) further supports this.…”

Section: Literature Reviewmentioning

confidence: 99%

Navigating services for consumers with disabilities: a comprehensive review and conceptual framework

Tuli,

Srivastava,

Kumar

2023

JSM

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Purpose Access to services for consumers with disabilities (CwD) has gained increased attention from researchers and service providers in recent years. Consequently, ensuring that services are designed and maintained in a manner that is more inclusive and accessible to CwD has become imperative. However, academic literature is fragmented and thus, this study aims to provide a state-of-the-art synthesis for further theoretical development. Design/methodology/approach This study reviews 77 relevant articles in the domain using a multidisciplinary review following the PRISMA protocol, and a thematic analysis was conducted. Findings The study thoroughly synthesizes the theories, contexts and methods used in the extant literature. Next, the study presents a new theoretical framework with four broader dimensions: beyond regulations, towards accessibility, value co-creation, inclusion of CwD and role of stakeholders. Furthermore, it highlights the related sub-dimensions attributed to the service design stages (planning, usage and post-usage). Based on this, the study offers critical avenues for future research using the Double Diamond framework. Originality/value The study contributes significantly to service design literature for CwD and transformative service research by developing a new consolidated theoretical framework. The findings should direct service providers towards better service designs in related fields. Socially, the study has implications for promoting accessibility and inclusion for CwD, while providing them the freedom of choice.

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“…Despite the increasing prominence of TDNBs, there remains a gap in understanding their branding and marketing strategies. While previous studies have focused upon traditional retail and high street banks, emphasising trust (Hafez, 2021;Wongsansukcharoen, 2022), marketing to vulnerable consumers (Ofori-Okyere et al, 2023;Soetan et al, 2021), emotional appeals (Mogaji et al, 2018;Mogaji and Danbury, 2017), and relationship building (Bravo et al, 2017(Bravo et al, , 2019(Bravo et al, , 2021 as branding strategies, there exists a distinct lack of understanding regarding the brand positioning and business arrangements of digital banks, especially TDNBs.…”

Section: Introductionmentioning

confidence: 99%

High street banking on the app: branding strategies of traditionally-driven neobanks

Mogaji,

Nguyen

2024

IJBM

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PurposeSeveral high street retail banks are extending their brands into digital banking through fully digital, app-only neobanks, which have been described as traditionally-driven neobanks (TDNBs). These TDNBs are considered a form of brand extension, representing the increased complexity of branding banks and financial institutions. This study explicitly addresses the branding strategies employed by TDNBs.Design/methodology/approachThis study has adopted a case study research design, using a multi-stage data collection strategy. Initially, interviews were conducted with bank managers, followed by interviews with customers. Later, user-generated content was extracted through verified reviews from the app store. Subsequently, these three strands of data were thematically analysed and triangulated, in order to gain a holistic understanding of the branding strategies used by TDNBs.FindingsThree key themes emerged regarding the branding strategies of the TDNBs: aligning with the parent brand, reinforcing the digital experience, and enhancing the brand image.Research limitations/implicationsThis study contributed to the growing body of research on marketing, branding, and digital transformation of bank services. As more traditional banks are exploring opportunities to pivot and explore other fintech options, this study offers significant insights that will help in managing brand experience and promotion across customer journeys in the banking sector.Practical implicationsThis study contributes to the growing body of research on marketing, branding, and digital transformation of bank services. Even as more traditional banks explore opportunities to pivot as well as other fintech options, this study offers significant insights to help manage brand experience and promotion across customer journeys in the banking sector.Originality/valueWhile previous studies on banking and financial services have concentrated on traditional retail and high street banks, there is a need for a greater understanding of the brand positioning of digital banks, especially those created by traditional banks.

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Marketing inclusive banking services to financially vulnerable consumers: a service design approach

Cited by 14 publications

References 90 publications

Distrust of banks among the unbanked and banked

Distrust of banks among the unbanked and banked

Navigating services for consumers with disabilities: a comprehensive review and conceptual framework

High street banking on the app: branding strategies of traditionally-driven neobanks

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