Revista Economía & Negocios

ISSN-e: 2708-6062

 

Artículo Original

Effects of e-marketing on customers patronage of commercial banks, a study of Guaranty Trust Holding Company PLC, Lagos

Efectos del marketing electrónico en el patrocinio de los clientes de los bancos comerciales, un estudio de Guaranty Trust Holding Company PLC, Lagos

Abdulazeez Olamide Abdulquadri

University of Ilorin, Nigeria

https://orcid.org/0000-0003-2209-5701

 

Bolajoko Dixon-Ogbechi

University of Ilorin, Nigeria

https://orcid.org/0000-0002-7606-1761

 

Received: 17 May 2022

Accepted: 08 July 2022

Published: 17 August 2022

Corresponding author: olamide.abdulazeez@yahoo.com

Como citar: Abdulquadri, A. O., & Dixon-Ogbechi, B. (2022). Effects of e-marketing on customers patronage of commercial banks, a study of Guaranty Trust Holding Company PLC, Lagos. Economía & Negocios, 4(2), 1-16. https://www.doi.org/10.33326/27086062.2022.2.1242

CÓDIGO JEL: M31, M39

Abstract: This study examined the effects of E-marketing on customers’ patronage of commercial banks, a study of Guaranty Trust Bank (GTBank) PLC, Lagos. The study adopted quantitative research design and the sources of data for this study were purely primary and secondary and a sample size of 385 customers of GTBank PLC, in Akoka area of Yaba Local Government, Lagos state, were selected through a convenience sampling technique. The data were analyzed through the statistical package for social sciences (SPSS version 23) and descriptive statistics (mean and median), regression analysis and analysis of variance were used to provide answers to the research questions and test hypotheses. The study revealed that there is a direct nexus between the use of internet banking, and increase in customer patronage of GTBank, Plc, Lagos. Furthermore, a positive relationship was established between the use of USSD codes and quick service delivery of GTBank, PLC, Lagos. The study therefore concludes that E-marketing influences customers’ patronage of GTBank PLC, Lagos, and it was recommended that GTBank PLC, Lagos should continue the utilization of its E-marketing components (i.e., Internet banking, and USSD codes) as this assist in serving their customers better through quick service delivery and also increases the utility enjoyed which encourage frequent patronage. Future researchers can make research on the same topic but increasing the scope to other commercial banks in Nigeria for better comparison.

Keywords: E-marketing, customers patronage, commercial banks, Guaranty Trust Bank PLC.

Resumen: Este estudio examinó los efectos del marketing electrónico en el patrocinio de los clientes de los bancos comerciales, un estudio de Guaranty Trust Bank (GTBank) PLC, Lagos. El estudio adoptó un diseño de investigación cuantitativo y las fuentes de datos para este estudio fueron puramente primarias y secundarias y se seleccionó un tamaño de muestra de 385 clientes de GTBank PLC, en el área de Akoka del gobierno local de Yaba, estado de Lagos, mediante una técnica de muestreo de conveniencia. Los datos fueron analizados a través del paquete estadístico para ciencias sociales (SPSS versión 23) y se utilizaron estadísticas descriptivas (media y mediana), análisis de regresión y análisis de varianza para dar respuesta a las preguntas de investigación y probar las hipótesis. El estudio reveló que existe un nexo directo entre el uso de la banca por Internet y el aumento en el patrocinio de los clientes de GTBank, PLC Lagos. Además, se estableció una relación positiva entre el uso de códigos USSD y la rápida prestación de servicios de GTBank, PLC, Lagos. Por lo tanto, el estudio concluye que el marketing electrónico influye en el patrocinio de los clientes de GTBank PLC, Lagos, y se recomendó que GTBank PLC, Lagos, debería continuar utilizando sus componentes de marketing electrónico (es decir, banca por Internet y códigos USSD) ya que esto ayuda a mejorar el servicio a sus clientes, a través de la entrega rápida del servicio y también aumenta la utilidad que disfrutan, lo que fomenta el patrocinio frecuente. Los futuros investigadores pueden realizar investigaciones sobre el mismo tema, pero aumentando el alcance a otros bancos comerciales en Nigeria para una mejor comparación.

Palabras clave: E-marketing, patrocinio de clientes, bancos comerciales, Guaranty Trust Bank PLC.

INTRODUCTION

E-marketing is one of the new concepts in today’s modern business world and this has cost firms to blend their ways of marketing their products, communicate, introduce products courtesy of rapid change in technology and this has gained the attention of researchers, practitioners, and policymakers which as resulted in many studies conducted in this area (El-Gohary, 2012). Businesses are using internet and electronic media as support and backup system to augment their marketing efforts, and this has accounted for rapid growth being experienced in E-marketing (Ali et al., 2015). The definition of E-marketing has come from many authors with different views. For instance, Chaffey & Smith (2005) defined e-marketing as “Achieving marketing objectives through applying digital technologies.” The presence of internet and technology has made it possible for firms to reach their target market through a series of ways which has increased their effectiveness and efficiencies and this has assisted them in positioning themselves in their different choice of industries (Hooda & Aggarwal, 2012). E-marketing is not only restricted to information displayed on the company’s websites which may appear in form of advertising or so, but it involves all other forms of activities carried out online such as email marketing and social networking (Ahmed & Sadar, 2019). E-marketing creates avenues for companies to satisfy both the local and foreign customers, which in turn results in increase in customer base and as well as their revenues (Ukaj, 2015).

Many businesses, especially those operating in a highly competitive sector such as commercial banks, engage in various activities that can influence the behavior of their target audience in order to gain favorable views from them. Consumers buying behavior has been a major concern to many business operators regardless of their sizes; SMEs, Medium size firms, Multinationals, since their aim is to provide products that satisfy consumers needs and then maximize profit (Bala, 2008). Today’s sophisticated and highly demanding consumers who want information about the products to satisfy their needs at their fingertip made firms to be at the top of their games and this is made easy with the advent of technology where firms can get their products to the target market through E-marketing (Alharbi, Alharbi & Alayed, 2018). The continuous changes in technology contribute to satisfaction derived by consumers. Firms use various technologies which include smartphones, the internet, email, SMS, WhatsApp, chatbots, Instagram; courtesy messages, birthday wishes, and this help them to keep their customers updated about their products (Ghosh, 2018). The gaps that exist between organizations and the target audience have been bridged courtesy of the benefits that accrue to the internet.

Today’s banking industry is filled with intense competition where the needs to satisfy their highly demanding customers is difficult and this is best done through the adoption of technology which plays a vital role in meeting their needs which is changing at a rapid rate (Dogarawa, 2005). In the HSBC, 2000, report stated the benefits derived from technology usage to be more than three times its cost used in purchasing it and dealing in today’s banking environment requires evolving innovation with the aim of meeting the ever-demanding customers’ needs (Dogarawa, 2005). Therefore, the rapid emergence and evolution of e-commerce has revolutionized the banking industry. It has allowed banks to increase their sales revenue by allowing their clients to transact transactions online (Oira & Kibati, 2016). One of the challenges financial institutions are facing in today’s business environment is the continuous change in customers' needs, and this can be accounted for by a number of reasons, among which is change in consumer buying behavior.

It is on these premises this study intends to assess the influence of E-marketing on customers’ patronage of commercial banks, with special interest in GTBank PLC.

Objectives of the study

The aim of this study is to examine the influence of E-marketing on customers’ patronage of commercial banks, specifically, the following objectives will be achieved which are, to:

i. Ascertain how the use of internet banking increase customer patronage of GTBank PLC, Lagos; and

ii. Examine how the use of USSD codes increase customer patronage of GTBank PLC, Lagos;

Research hypotheses

The following hypotheses were formulated in the null form.

H.1. Internet banking does not have significant influence on customer patronage of GTBank PLC, Lagos.

H.2. The use of USSD codes does not have significant influence on quick service delivery of GTBank PLC, Lagos.

Literature Review

Overview of E-marketing

E-marketing is one of the emerging tools businesses uses in today’s business world, and it involves the efficient usage of technology to create catchy advertisements to gain attention of customers or prospects, with the intention of showcasing the organization products and make them aware and hopefully to results in conversion (sales) (Chaffey & Smith, 2017). E-marketing does not only centered on building or promoting organization websites, neither does it imply advertisement banner on website rather it involves various advertisements in various digital forms that makes it possible for customers to view the product which will further influence the purchasing decision through the same platform (Hooda & Aggarwal, 2012).

The increase in the use of smartphones and accessibility to internet globally, has opened the eyes of consumers who now find buying products online as easy and time saving, despite this, adoption of E-marketing requires the customers’ getting familiar with trends in the society especially in the digital technology, financial and legal areas which will contribute to the level of satisfaction they will derive (Pandey, 2015). It is important for consumer-oriented company to devise effective strategies with the aim of converting potential customers into active users, and also retaining existing online customers through e-marketing (Salami & Ogbeta, 2015).

E-marketing and commercial bank performance

The performance of banks adopting E-marketing can be measured through the level of satisfaction derived by consumers which contribute to its success or failure, and the ability of the consumers to continuously receive satisfaction affects the banks’ profitability (Lodhi & Shoaib, 2017). To achieve this, bank need to provide a system that is accurate, reliable, convenient to use, cheaper, more personalized, helpful and increases the level of privacy (Bakshi & Gupta, 2013). With this method, commercial banks find it easy and convenient to send commercial documentation electronically within a short period of time (Ainin & Noorismawati, 2003). E-marketing goes hand in hand with information technology because none of them can work independently, and also considering the value it has added to consumers lives in terms of improvement in quality of life of customers alongside the standard of living makes it important to customers (Lodhi & Shoaib, 2017). E-marketing makes it easy for customers to conveniently search voluminous data bank of products either new or existing products through various financial institution websites and through this, customers can see availability of the products and their actual prices or charges of products, place order and email it, compare prices or charges with other financial institutions and purchase the selected product at best prices (Bakshi & Gupta, 2013).

Commercial banks adopting E-marketing have a huge market for its products and the continuous change and increase in technology results in decrease in cost of operation and in turn increase the revenue (Lodhi & Shoaib, 2017). E-marketing is a daily activity for firms engaging in it and this tends to result in reducing cost of operations and as well as the time used in the operation for the parties involved in the transaction (Thompson, 2005). Comparing the traditional marketing methods with E-marketing, it is obvious that the firm has low cost to bear which provides the opportunity for consumers to buy products from different sources and regions and still get them at their choice of destinations (Gangeshwer, 2013; Makesh, 2013).

E-marketing is expected to fulfill some objectives among which are to keep customers updated with information about the company and its products, providing a platform for consumers to make purchases of products at any time of the day since it is available 24 hours (Lodhi & Shoaib, 2017). The economy of the country is impacted also through the E-marketing activities carried out by consumers and this has increased the money floating and foreign currency entering and leaving the country (Gangeshwer, 2013). The working condition of today’s consumers has taken most of their time which get them exhausted after work and with the help of E-marketing this as changed, because they can make their shopping at their convenience and get it delivered at their choice of location this even reduces their cost of going from markets to markets which alongside, they get updated information about products and get their ordered product on time and safely (Ali et al., 2015; Ya-Ping, 2012).

E-marketing methods in commercial banks

Banks developed a series of methods with the help of technologies and this has resulted in changes in the way of doing business in the financial industries. The success of these methods put in place by banks largely depends on an effectively planned internet facilities implementation alongside other technological expertise which is need of users of these facilities, not excluding the stakeholders (Salami & Ogbeta, 2015). The following are some E-marketing methods:

i. Electronic Banking (E-Banking): this method has been adopted by commercial banks recently, and this was as a result of transformation in ICT. Electronic banking is a process utilized by financial institutions to deliver products and services to their customers through a variety of electronic platforms. It involves the establishment of a network that enables them to cater to the varying needs of their customers (Daniel, 1999). The type of banking activities and transactions carried out by customers among others are; cash deposits and withdrawals, account information, managing requests, sending money, among many others (Adeyeye, 2008). No one outside is granted access, aside from customers of the banks can see the extranet.

ii. Mobile Banking: this platform assists customers to have access to information through the use of devices that support wireless connections. Mobile banking involves the process by which a branch of commercial banks put a call to another commercial bank where the customer’s account is domiciled, with the aim of confirming the validity or invalidity of the account submitted the initiating commercial bank grants the transaction to take place (Ojeka & Ikpefan, 2011).

iii. Automated Teller Machine (ATM): Another form of electronic banking platform is the popular and widely used Automated Teller Machine (ATM). This is commonly found outside banking halls, airports, schools, shopping malls, filling stations, eateries, hotels and more strategic places. This machine is self-supervising, which makes it possible to operate it individually by consumers with logical security features (Kaplan, & Maxwell, 1994). The aim of this form of e-marketing is to reduce the population of customers in the banking halls and also to provide alternative sources for customers to check balances of their account, make withdrawals, deposit cash, buy airtimes, utility bills payment, online purchase, transfer funds, quick teller facilities without necessarily getting to the banking hall. ATM offers several services, especially to retail customers (Abor, 2004).

iv. Internet Banking: this form of banking allows customers to access their accounts with no banking restriction during day and night. With this method, customers can check balances; view account statements, and monitor financial transactions even for customers having more than a single account (Salami & Ogbeta, 2015). Other features of this method are that customers can transfer money to self-accounts, pay bills, pay worker’s salaries, pay business associates, manage bank draft and cheque book requests, ATM cards requests, etc. and all these are done securely (Salami & Ogbeta, 2015). Internet banking involves all financial transactions using a computer facility with internet facilities, or the bank structured application and a token issued by the bank the customers operate and these forms of banking reduces cost of operations, and improves the flexibility in carrying out financial activities (Guru et al., 2001).

v. Social Networks: the world being a global village makes it possible to connect with people from different parts of the world. It involves connection and interaction between peoples using e-mail, SMS, telephone calls, usage of social media platforms etc. Social network helps commercial banks to effectively and efficiently use its resources to attain set goals (Salami & Ogbeta, 2015). The rapidly evolving social networks create new ways for online discussion, debates, blogs, etc with the usage of technological innovations and social networks, it is easy to measure the flow of information, and other items that can inform management decisions and also help in strategy formulation and implementation (Salami & Ogbeta, 2015).

Theoretical review

Technological Acceptance Model

The technological acceptance model (TAM) was developed by Fred Davis in 1986 with the aim of predicting the acceptability of an information system, which shows how consumers accept and use information technology (Ekwueme & Akagwu, 2017). This theory is an advancement of technological determinism theory. This model hypothesizes that the acceptability of an information system or a new technology largely rely on the Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) of the technology introduced from the user’s perspective and not the business perspective. This model assumed that the adoption and usage of any new technology is a function of the behavioral intention of its users, but looking at it from the other perspective, the behavioral intention of the users is influenced by the individual’s attitude towards the use of the technology and also by the opinion of the utility such technology will create (Schiffman, Kanuk & Hansen, 2008). There are other factors the consumers will put into consideration before accepting or rejecting e-marketing (Chung & Paynter, 2002). Those factors include; inability to access the internet due to non-usage of phones that have the facilities and poor internet connection, trust issues, delivery time of the ordered products and payment channels problems. This model is of high importance to this study because it gives explanation on why the internet, being a recent development in technology of communication, is adopted and used by consumers in their purchasing activities and also for engaging in various marketing communications activities (Ekwueme & Akagwu, 2017). The major factors responsible for the usage of e-marketing by consumers are the points mentioned above, which are the perceived usefulness and ease of use it offers. Nevertheless, trust plays a major factor in its adoption and usefulness by consumers.

Empirical Review

Nizar and Janathanan (2018) conducted a study on the impact of digital marketing on consumer purchase behavior with special interest in Dialog Axiata with specific reference to social media marketing. The research adopted survey design, and the instrument for data collection was questionnaires (google forms) which were distributed and retrieved from the public about the impact of social media marketing on consumer purchase behavior. The population size was 184. Also, an interview was conducted for further evaluating findings. Moreover, the data for this research was analyzed through IBM SPSS statistics software. The results of this study reveal that 10.9 % of the respondents have mentioned that Dialog does not charge affordable prices for their service that is provided for the customers, 9.3 % of the respondents say that Dialog does not provide a standard quality of services, 9.8 % of the respondent’s states that there is no impact of consumer purchase behavior on online purchase. The study therefore concludes that digital marketing has a significant impact on consumer purchase behavior.

Sudhamathi and Soniya (2017) conducted research on the factors that influence online marketing in buying behavior of FMCG. Data was collected through an interview where the researcher brings some structured questions to be answered. The sample size was 100 consumers in Karaikudi Town. It was revealed from the analysis that consumers preferences are largely affected by some factors and these include; the price of products, availability of the product, the brand image, promotional offer and activities, and quality of the product.

Ekwueme and Akagwu (2017) conducted a study on the influence of online marketing of Jumia and Konga on consumer purchasing behavior among Kogi state residents in Nigeria. The study adopted a survey research design and the population of the study was residents of the 21 local governments of Kogi state and a sample size of 384. The study retrieved data from the population through the use of questionnaires. The data were presented in frequency and percentage. The study reveals and concludes that the majority of the residents in Kogi state are aware about online marketing in Nigeria and those who patronize online shopping adopt that because of the convenience and time saving factor they obtain from it.

Ayuba and Aliyu (2015) carried out a study to examine the impact of internet marketing on banking services in Nigeria. With a main objective of investigating how the adoption of internet marketing enhances banking services in Nigeria. The study adopted a survey research design and a sample size of 180 which consist of employees & customers. The sample population was drawn from four generation banks in the country, representing 65 percent of the total population (280). The data was analyzed using descriptive statistics and Chi-square was used to test the formulated hypotheses which revealed that the adoption of internet marketing has significantly enhanced customers’ banking services in Nigeria, specifically in the areas such as improved patronage, on-time (effective) service delivery and reduced marketing costs. The study also revealed that internet marketing has created exciting new and cheaper ways to learn about and track customers, create products and services tailored to meet customer needs, distribute products more efficiently and communicate with potential customers effectively. The study therefore concludes that internet marketing has a significant effect on banking services in Nigeria.

MATERIAL AND METHODS

This study adopted a survey research design and the target population was made up of customers of Guaranty Trust Bank PLC (GTBank) in Akoka area of Yaba Local Government, Lagos state. The population of this study is infinite. It is infinite because GTBank, PLC around Akoka area of Yaba Local Government felt reluctant in disclosing the actual number of their customers due to competition among other reasons. The researcher therefore adopted the Godden (2004) formula for infinite population to arrive at 385 customers that were surveyed. The study adopted convenience sampling techniques to arrive at 385 customers of GTBank PLC in Akoka area of Yaba Local Government, Lagos state, which was arrived at through the use of Godden (2004) formula for the infinite population. The sources of data for this study were purely primary and secondary sources, where the primary source of data involves the data obtained through a well-structured and self-administered questionnaire to the study sample. The secondary data sources were from the empirical studies, previous published studies, journals, conference papers, that are of relevance to the topic. Cronbach’s Alpha will be used to assess the reliability of the data. Data gathered through the completed questionnaires were numbered serially, coded through the statistical package for social sciences (SPSS version 23) and appropriately analyzed to answer the research questions formulated. The responses were analyzed through the descriptive statistics such as means and standard deviations on the statistical package for social sciences (SPSS version 23) and Pearson monument correlation analysis and regression analysis were used in testing the hypotheses and answering the research question.

RESULTS

This study is empirical in nature, studying the effects of e-marketing on customer patronage of commercial banks with specific interest in GTBank PLC. Questionnaires were administered to respondents with the aim of gathering information and responses, which were presented in tables. The total number of questionnaires retrieved was 353 copies out of the 385 copies initially administered and this represents 91.68 % response rate which were used for the analysis. Frequency distribution was used to analyze the collected data and presented on Table 1 below shows the distribution across each variable.

Table 1

Demographic Distribution of Respondents

VARIABLES

F

(%)

Gender

Male

195

55.2

Female

158

44.8

Total

353

100.0

Age

18-30 years

163

46.2

31-40 years

145

41.1

41-50 years

41

11.6

51 years and above

4

1.1

Total

353

100.0

Educational Qualification

OND/NCE

93

26.3

B.Sc./HND

174

49.3

M.Sc./MBA

78

22.1

Others

8

2.3

Total

353

100.0

Marital Status

Single

156

44.2

Married

194

55.0

Divorced

-

-

Separated

3

8

Total

353

100.0

Bank Choice

Yes

286

81.0

No

67

19.0

Total

353

100.0

Note. Adapted from Field Survey, 2020.

DISCUSSION

Table 1 shows the demographic distribution of the respondents. It was shown under the gender distribution that 195 (55.2 %) of the respondents were male, while 158 (44.8 %) respondents were female. The implication of this is that the respondents were almost equally distributed. Also, the age distribution of the respondents shows that 163 (46.2 %) respondents belong to the 18-30 years age categories, 145 (41.1 %) of the respondents belong to the 31-40years age categories, 41 (11.6 %) respondents belongs to the age categories of 41-50 years, and 4 (1.1 %) respondents belong to 51 years and above age categories. The educational background distribution of the respondents shows that 93 (26.3 %) respondents have OND/NCE certifications, 174 (49.3 %) respondents have B.Sc./HND certificates, 78 (22.1 %) respondents have M.Sc./MBA certificates, and the remaining 8 (2.3 %) respondents have other certifications such as SSCE, GCE among others. The implications of this is that the majority of the respondents have required educational knowledge that assisted them in understanding the subject of the study and also responded appropriately. According to the marital status distribution, the table shows that 156 (44.2 %) respondents were single, 194 (55.0 %) respondents were married and the remaining 3 (8.0 %) respondents were separated from their spouses. Lastly, the bank choice distribution of the respondents shows that 286 (81.0 %) respondents were customers of GTBank, PLC and the remaining 66 (19.0 %) respondents were not direct customers of GTBank PLC but might be customers of other commercial banks.

TEST OF HYPOTHESES

H01: Internet banking does not have significant influence on customer patronage of GTBank PLC, Lagos.

Table 2

Model Summary H01

Model

R

R Square

Adjusted R Square

Std. Error of the Estimate

1

0.750a

0.562

0.561

5.96901

Note. Adapted from Field Survey, 2020.

a Predictors: (Constant), Customer Patronage.

From Table 2 above indicated that r is 0.750 (i.e., r = 0.750), which implies that there is existence of a strong positive linear relationship between the variables (i.e., customer patronage (dependent variable, i.e., the variable being predicted) and internet banking (independent variable). The R square value of 0.562 indicated that about 56.2 % of the total systemic variations in customer patronage that GTBank PLC, Lagos, enjoyed were due to the variations in availability of internet banking platforms. This means that only 43.8 % of the variations in the availability of internet banking platforms are left unexplained, hence captured by the stochastic error in the estimated model.

Table 3

ANOVAa H01

Model

Sum of Squares

Df

Mean Square

F

Sig.

1

Regression

16 047.139

1

16 047.139

450.394

0.000b

Residual

12 505.818

351

35.629

Total

28 552.958

352

Note. Adapted from Field Survey, 2020.

 a Dependent Variable: Internet Banking.

b Predictors: (Constant), Customer Patronage.

Table 3 shows the ANOVA of the data and the F-statistic as shown from the table above is significant since the ANOVA significance of 0.000 is less than the alpha level of 0.005, thus the model is fit. Hence, the null hypothesis is rejected, and the alternate hypothesis is accepted which state internet banking has significant influence on customer patronage of GTBank PLC, Lagos. The result of this finding is akin to a study carried out by James & Inyang (2022) which revealed that the website's usability, security, and interactivity had a positive influence on the customer's patronage of online banking. Also, the study of Kachembere & Choga (2015) revealed that customers preferred to use E-marketing services platforms provided to them by the banks provided it is easy to use for them and assist in carrying out their transactions.

H02: Usage of USSD codes does not have significant influence on quick service delivery of GTBank PLC, Lagos.

Table 4

Model Summary H02

Model

R

R Square

Adjusted R Square

Std. Error of the Estimate

1

0.734a

0.539

0.537

6.46866

Note. Adapted from Field Survey, 2020.

a Predictors: (Constant), Quick service delivery.

Table 4 above reveals that the correlation coefficient r to be 0.734 (i.e., r = 0.734) which indicates that there exists a strong positive linear relationship between quick service delivery (dependent variable) and the use of USSD codes (independent variable). It is crystal clear from Table 4 that the r2 which is the coefficient of determination is 0.539 which is approximately 53.9 %. This implies that the use of USSD codes account for about 53.9 % improvement in service delivery, which tends to encourage customer patronage of GTBank PLC.

Table 5

ANOVAa H02

Model

Sum of Squares

Df

Mean Square

F

Sig.

1

Regression

17 145.977

1

17 145.977

409.764

0.000b

Residual

14 687.071

351

41.844

Total

31 833.048

352

Note. Adapted from Field Survey, 2020.

a Dependent Variable: USSD Codes.

b Predictors: (Constant), Customer Patronage.

Table 5 shows the ANOVA table. The F-statistic as shown from the table above is significant since the ANOVA significance of 0.000 is less than the alpha level of 0.005, thus the model is fit. Hence, the null hypothesis (the use of USSD codes does not have significant influence on quick service delivery of GTBank PLC, Lagos) is rejected and the alternate hypothesis (the use of USSD codes have significant influence on quick service delivery of GTBank PLC, Lagos) is accepted. This finding is also in relation to the study carried out by Ayuba & Aliyu (2015), where the study revealed that the usage of internet marketing plays a crucial role in improving customers’ banking services in Nigeria, especially with respect to frequent patronage, timely delivery among others.

CONCLUSIONS

Summary and conclusions

This study attempts to evaluate the effects of e-marketing on customer patronage, with special interest in GTBank PLC, Lagos. It was revealed that the majority of the respondents were male, fall between the ages of 18-30 years, were married, and were B.Sc./HND holders. Also, the majority of the respondents were customers of GTBank PLC, Lagos. More so, customers patronize GTBank PLC, Lagos because internet banking saves their time in carrying out their transactions and provides answers to their questions through their frequently asked questions (FAQs) platform provided online.

Also, the use of USSD codes increases quick service delivery to customers of GTBank PLC, Lagos, because it assists customers to get information they need without necessarily visiting the banks. It was further established that there is a direct relationship between use of internet banking and customer patronage of GTBank PLC, Lagos. Finally, there is a direct relationship between usage of USSD codes and quick service delivery of GTBank PLC, Lagos, products.

Based on the findings of this study, the following conclusions were drawn:

i. The use of internet banking increases customer patronage of GTBank PLC, Lagos, by saving time of customers in carrying out their financial transactions and providing answers to customers questions through the frequently asked questions (FAQs) platform available online.

ii. The usage of USSD codes increases quick service delivery of GTBank PLC, Lagos, products as the use of USSD codes assist customers to get information needed without necessarily having to visit the banking halls.

Recommendations

It is pertinent for the management of GTBank PLC, Lagos, and other commercial banks to understand tools they can adopt that can assist them in increasing their customers’ patronage and also increase organization efficiency. As a result of the findings revealed in this study, the following recommendations were put forward:

i. GTBank PLC, Lagos, should continue its internet banking services and also add other features that can assist in serving customers better which can increase the utility enjoyed and reduce their rate of inconveniences.

ii. GTBank PLC, Lagos, should encourage the usage of USSD codes among its customers as it tends to quicken the service delivery process. This can be improved upon by ensuring it can be easily used by all customers, regardless of their educational background. This will assist GTBank PLC, Lagos, in reducing the waiting time for delivery of their products to their customers.

Suggestions for further study

Future researchers can focus attention on studying the effects of e-marketing on customer patronage of commercial banks in Nigeria by comparing the usage of e-marketing across various Nigeria commercial banks. Also, research on effects of cash dispensing Automated Teller Machine (CD-ATM) and availability of Saturday banking on customer patronage of GTBank PLC is an area future researchers can also pay attention to.

CONTRIBUTION OF THE AUTHORS: Abdulazeez Olamide Abdulquadri y Bolajoko Dixon-Ogbechi: Conceptualization, Data Curation, Formal Analysis, Funding, Research, Methodology, Project Management, Resources, Software, Monitoring, Validation, Visualization, Writing: Original Draft, and Writing: Review and Editing.

FUNDING SOURCE: The study was self-funded.

CONFLICTS OF INTEREST: The authors state that there are no conflicts of interest.

ACKNOWLEDGMENT: Does not apply.

REVIEW PROCESS: This study has been reviewed by external peers in a double-blind fashion.

DATA AVAILABILITY STATEMENT: The data is housed together with the other files for this article, and can also be requested from the corresponding author

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