Effectiveness of Digital Marketing in the Marketing of Banking Services (Case Study of GTBank)

Abstract

The global transformation of business practices, driven by the rise in digital technology and marketing, has made banking services ubiquitous through digital marketing channels. The objective of the research was to find out the effectiveness of digital marketing in the marketing of bank services and the case institution was Guaranty Trust Bank Plc. The bank is a leading African Bank that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset Management. Founded in 1990.

Quantitative methods of research were used to gather information using questionnaires. 65 questionnaires were administered, and 53 responses were received, and these were used as the sample size. Simple percentage and frequency were used to analyse the data while Pearson product moment correlational coefficient was adopted to test the research hypotheses.

Among the findings is that there is a significant impact of digital marketing on marketing of banking services, social media marketing is one of the applications of digital marketing used in marketing of banking services, inadequate internet infrastructure is one of the challenges of digital marketing on marketing of banking services and the application of digital marketing helps in reducing marketing costs as against traditional marketing in GT bank to a large extent.

The thesis recommends that for GT bank to boost is business, it should keep informing and educating consumers about the availability of is digital marketing platforms, Managers should ensure that consumers receive feedback on their questions and that their concerns are handled as quickly as feasible. This will maintain the clients' trust and loyalty to the bank and should increase/improve their present on social media platforms, such as Facebook, Twitter, LinkedIn, and others, as part of their digital marketing strategy to connect with their clients more successfully.