Gratifications and Challenges of Banks Adoption of Social Media Advertising Tool

Abstract

The study looks into how Nigerian banks use social media advertising and what they get out of it. The study's objectives were to investigate First Bank Nigeria's social media advertising trends and determine the benefits and drawbacks of using social media advertising. The study used a quantitative and qualitative research design that was based on the diffusion of innovation theory. The study's quantitative component focused on descriptive and inferential analyses of the bank's social media platforms, as well as answers from respondents (bank employees and customers), while the qualitative component focused on a textual analysis of the social media advertisements. First Bank used a number of internet advertising resources, according to the report (social media inclusive). The findings suggest that social media is simple to use and understand, that it attracts customers' attention to products and services, that it provides an instant feedback mechanism, and that it helps the bank save money. Social media has a broad reach, ensures audience target efficiency, and delivers fun. The strength of social media bank adverts is that they encourage practitioners to work more efficiently by providing rapid feedback, having a broad reach, and being simple to use. The issues of trust management, control, technical knowledge, identity management, unrestricted audience, irreversible information, and crisis communications, on the other hand, are challenging for bank social media usage. On the subject of social media issues, banks advertisers are expected to be aware of the areas that may be addressed, such as preventing unethical and anonymous individuals from accessing their platform. Furthermore, only reputable and trustworthy material should be allowed on social media.

Keywords: Advertising, Banks,  Challenges,  Social Media, Uses and Gratifications

DOI: 10.7176/NMMC/98-03

Publication date:September 30^th 2021