Marketing During a Global Crisis: A Study of the Response to the COVID-19 Pandemic in the Retail Banking Sector

Article


Sani, K., Gbadamosi, A. and Al-Abdulrazak, R. 2023. Marketing During a Global Crisis: A Study of the Response to the COVID-19 Pandemic in the Retail Banking Sector. Journal of African Business. In Press. https://doi.org/10.1080/15228916.2023.2274672
AuthorsSani, K., Gbadamosi, A. and Al-Abdulrazak, R.
Abstract

This article investigates the challenges and opportunities for banks during the unexpected global crisis of the coronavirus pandemic and how they have developed innovative marketing strategies to retain existing customers while attracting new ones. It features a meticulous synthesis of primary and secondary data. Specifically, 24 semi-structured interviews and 1 focus group discussion were conducted, on the perspectives of both customers and banks. These were supported by data from Bloomberg and other secondary data. This article establishes that the COVID-19 pandemic has provided unique opportunities for banks to retain existing customers while attracting new ones. It highlights various activities that have helped banks improve their brand image, growth, profitability, and sustainability during the disaster. It identifies the critical elements of sustainability during the pandemic from the banks’ perspectives. It also demonstrates different customer expectations, including further reduction of interest rates on loans, extending loan repayment periods and implementing a COVID-19 sensitization campaign among the public. The study offers novel insights on the topic by demonstrating that there are inherent opportunities in such a global crisis, despite the associated challenges. In such a situation, banks must reposition their strategies to survive the crisis while supporting and attracting existing and prospective customers.

JournalJournal of African Business
Journal citationIn Press
ISSN1522-8916
Year2023
PublisherTaylor & Francis (Routledge)
Accepted author manuscript
License
File Access Level
Anyone
Digital Object Identifier (DOI)https://doi.org/10.1080/15228916.2023.2274672
Publication dates
Online30 Oct 2023
Publication process dates
Accepted11 Nov 2022
Deposited07 Nov 2023
Copyright holder© 2023, The Authors
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