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The influence of marketing communications strategy on consumer purchasing behaviour in the financial services industry in an emerging economy

Author

Listed:
  • Kobby Mensah

    (University of Ghana Business School)

  • Fortune Edem Amenuvor

    (Keimyung University)

Abstract

The financial services sector is characterised by a high level of consumer perceived risk and irrational behaviour in decision-making, which is predominantly influenced by the effect of communication and the application of heuristics as a function of communication in consumer decision-making. This situation promotes marketing communication as one of the most essential activities that financial institutions rely on to mitigate the perceived risks and to satisfy consumers’ quest in understanding financial products. Hence the importance of this research is to establish the effects of marketing communication on consumer purchasing behaviour in emerging economies that are experiencing expanded financial markets but limited corresponding research insight. To achieve the aim of this study, the research uses data from 360 customers of selected financial institutions in Ghana. The hypotheses are tested using the structural equations modelling technique. The results of the study reveal marketing communication strategies evaluated have positive and significant impacts on consumer purchase behaviour. However, amongst the marketing communication strategies tested advertising and celebrity endorsement were found to have an insignificant relationship with consumer purchase behaviour. The study offers practical and theoretical insights into understanding the dynamics and nuances of the integrated marketing communication mix and how they influence the purchase behaviours of consumers.

Suggested Citation

  • Kobby Mensah & Fortune Edem Amenuvor, 2022. "The influence of marketing communications strategy on consumer purchasing behaviour in the financial services industry in an emerging economy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(3), pages 190-205, September.
    • Handle: RePEc:pal:jofsma:v:27:y:2022:i:3:d:10.1057_s41264-021-00121-0
    DOI: 10.1057/s41264-021-00121-0
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    References listed on IDEAS

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