In-Branch Efforts as Marketing Catalysts: Leveraging Communications to Overcome Mobile Banking Barriers in Rural Segments of Developing Economies
DOI:
https://doi.org/10.66635/5a96wa42Keywords:
Mobile banking, rural financial inclusion, In-branch marketing communications,, developing economiesAbstract
Mobile Banking is an innovative way to increase financial inclusion among Rural Populations in Developing Countries that have more than 60 percent of their population living without access to formal banking systems. The problem with mobile banking is that despite its growing popularity it has low levels of adoption due to Digital Illiteracy (70-80%) of users, Fraud Perceptions, Unreliable Connectivity and Cultural Resistance to Technology Assisted Finance. The purpose of this Literature Review is to position Physical Bank Branches as important Marketing Communications Hubs for increasing the adoption of mobile banking by using Staff-Led Demonstrations, Vernacular Promotions, Literacy Camps, Agent-Assisted Onboarding for the development of mobile banking. Despite the progress there are still many challenges facing the industry, including Staff Shortages and Uneven Infrastructure, that will require Policy Subsidies and Banks to Invest in Upskilling of Staff. Hybrid Strategies not only bridge divides but create Habitual Use of Mobile Banking, and empower Women and Youth who are disproportionately impacted.
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