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

Ofori-Okyere, Isaac, Edghiem, Farag ORCID: https://orcid.org/0000-0001-9755-7435 and Kumah, Seyram Pearl (2023) Marketing inclusive banking services to financially vulnerable consumers: a service design approach. Journal of Services Marketing, 37 (2). pp. 232-247. ISSN 0887-6045

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Abstract

Purpose To explore how inclusive banking services are marketed to financially vulnerable consumers (FVCs) in Ghana from the perspective of managers. This study aims to explore this under-researched area and contribute towards a transformative service research in the country. Design/methodology/approach This study adopted a multiple case study research approach to analyse six banks, including commercial, development, investment and rural and community banks. Specifically, semi-structured interviews and archival documents were used to collect data from the perspectives of bank managers. Findings The empirical research based on practical and theoretical models shows that Ghanaian banks design an array of financial products and services (FPS), adopt innovative traditional marketing strategies and apply inclusive technologies to reach out to the FVCs. Research limitations/implications The authors conducted this study on six banks in Ghana; thus, service researchers are cautioned when generalising the findings and conclusions in other contexts beyond the country of focus. Practical implications This study offers practical ideas to guide marketers to better understand how banks market their inclusive banking services to FVCs. Social implications This paper provides implications for addressing financial inclusion amongst the “unbanked”, “underserved” and “unserved” collectively known as the FVCs and how Ghanaian banks design FPS to improve service research and well-being outcomes. Originality/value This study provides vital information to policymakers in designing FPS aimed at achieving an inclusive financial system to improve the well-being of FVCs in Ghana.