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Evaluation of Bank Products Appeal across Demographic Consideration: A Comparative Study of Nigeria and South Africa

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  • Binuyo Binuyo
  • Aregbeshola
  • Rafiu Adewale

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.

Suggested Citation

  • Binuyo Binuyo & Aregbeshola & Rafiu Adewale, 2015. "Evaluation of Bank Products Appeal across Demographic Consideration: A Comparative Study of Nigeria and South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 7(5), pages 103-116.
    • Handle: RePEc:rnd:arjebs:v:7:y:2015:i:5:p:103-116
    DOI: 10.22610/jebs.v7i5(J).610
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    References listed on IDEAS

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    1. Musekiwa Albert & Kosmas Njanike & Paul Mukucha, 2011. "Gender effects on customer satisfaction in banking industry a case of commercial banks in Bindura, Zimbabwe," E3 Journal of Business Management and Economics., E3 Journals, vol. 2(1), pages 040-044.
    2. Bauer, Keldon & Hein, Scott E., 2006. "The effect of heterogeneous risk on the early adoption of Internet banking technologies," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1713-1725, June.
    3. Abednego Feehi Okoe & Aihie Osarenkhoe & Robert E. Hinson, 2013. "Using the Analytical Hierarchy Process Framework to Study Bank Selection Criteria of Students in Institute of Professional Studies in Ghana," Journal of Management and Strategy, Journal of Management and Strategy, Sciedu Press, vol. 4(3), pages 27-38, August.
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