Impact of Social Network on Customer Acquisition in the Banking Industry in Nigeria

Abstract

This article reports the result from the study of the impact of social network on customer acquisition in the Nigeria banking sector. This hypothesis study adopted a quantitative paradigm and correlational investigation to establish the association between the dimensions of social networks and customer acquisition. A 53 item questionnaire was used to elicit responses from 320 respondents conveniently sampled on the basis of those who indicated interest to participate in the study. Both descriptive and inferential statistics were used to analyze the data from the survey. The study established the association between social network and customer acquisition with the Facebook accounting to the highest social network media that the banks have used to acquire and interact with their customers. The study recommends after establishing the current use of social network for customer acquisition in the Nigeria bank, for improvement.