Digital Marketing and Consumer Behaviour of Selected Deposit Money Banks in Lagos State, Nigeria

The banking sector is a service-based industry that offers a variety of financial services to customers. To improve their market share, banks often fight for consumers. The boundaries between sectors are being blurred by digital technologies. With the introduction of digital marketing by banks and the ability for deposit money institutions to effectively listen to and track brand discussions, a substantial new potential for achieving desired consumer behavior has emerged. Traditional cash transactions and physical banking remain popular in Nigeria, despite the growing use of the internet in the banking industry. The study, therefore, examined the effect of digital marketing on consumer behavior of selected deposit money banks in Lagos State, Nigeria. The research design for this study was survey research design. Convenience sampling was used to select 377 respondents. The data gathered was analysed using regression analysis. The results of the simple linear regression analysis revealed digital marketing (β = 0.569, R2 = 0.363, t = 15.993, p<0.05) had a positive and significant effect on consumer behaviour of selected deposit money banks in Lagos State. The study concluded that digital marketing is a relevant factor in determining consumer behaviour of selected deposit money banks in Lagos State, Nigeria. Based on the findings, the study recommends that deposit money banks should continuously improve their digital banking services and provide more services that can be done via mobile phones and networks as this would allow customers are constantly exploring these platforms which would eventually trigger consumer behaviour of existing and potential customers to transact with their banks.