As part of its Corporate Executive in Residence (CEiR) Schedule, the Department of Marketing and Entrepreneurship, University of Ghana Business School, held a symposium on the topic, “Marketing Perspectives on the 2017/2018 Banking Challenges” at the School’s Graduate building, on the 8th of February 2019.
The programme was coordinated by Dr. Raphael Odoom, a Lecturer of the Department of Marketing and Entrepreneurship and Prof. Robert Ebo Hinson, the Head of Department, Marketing and Entrepreneurship, who welcomed audience present and briefed them on the purpose of the event.
The main speaker, Mr. Kofi Safo Akyea, the CEiR of the department for the year 2018/2019, primed the lively panel discussion with a presentation on Marketing Perspectives on the current banking challenges. He asserted that consumer or retail banking in Ghana needed to imbibe the discipline, practice and structure of other retail/ consumer business including airlines, FMCG’s and telco’s. He posited that as in the other industries, the marketing function needed to be the fulcrum around which value delivery is delivered in consumer banking. In his experience this was not the case and perhaps could account for the challenges some banks faced. By way of evidence he noted that a cursory review of consumer banking products revealed an extreme level of product parity. In addressing this challenge, the speaker hypothesized that FMCG -like R&D and adoption of FINTECH value delivery posture might lead to sustainable transformation.
The second part of the programme was a panel discussion constituted of: Mr. Derrydean Dadzie (a Technology Entrepreneur), Dr. Lord Mensah (Senior Lecturer, Department of Finance), Mr. Kofi Siabi (Head of Marketing, Cal Bank) and Prof. Robert Ebo Hinson (Head of Department, Marketing and Entrepreneurship).
The discourse was moderated by Dr. Thomas Anning Dorson, a Lecturer at the Department of Marketing and Entrepreneurship. The Panel deliberated on the role of marketing in delivering shareholder value as well as focusing on customer value and its impact on bank performance.
The panel sought to further unpack and understand the variables as offered in the primer by the speaker. Dr. Lord Mensah set the ball rolling and indicated that the Bank of Ghana had a role in providing a solution for the challenges addressed. He admonished that marketing should focus on delivery value to shareholders and customers.
Professor Hinson in his submission indicated that in his experience, the retail banking delivery system for most banks seemed to focus on the flash of marketing rather than the substance of good technical marketing. He posited that consumer/ retail banking needs to evolve from a point where marketing is consigned to the marketing communications function.
Mr. Kofi Siabi noted that in his practice the core problem was systemic, and that under all circumstances marketing professionals needed to remind themselves of the fact that marketing was delivering value at profit. He noted that it was a good to benchmark with other fast -moving consumer -value- delivery systems, but due weight should be placed on the rigorous regulatory environment in banking. He urged the UGBS to lead the way in providing R&D capacity for the industry. Mr. Dadzie’s segued into the discussion, forcefully asserting that retail banking will be significantly altered by the FINTECH phenomena, and thus urging marketing professionals to align with this shift and equip themselves with the skillset required to survive in this new ecosystem.
The program ended with a question-and-answer session, enabling the audience (which was made up of marketing students, corporate executives, pressmen/women and faculty members) to add further commentary and follow up questions.
The program concluded with general consensus on the need for subsequent deliberations on the role of marketing in transforming banking in Ghana
Dr. Raphael Odoom, the MC of the event expressed gratitude on behalf of the CEiR and the Department of Marketing and Entrepreneurship.
The CEiR of the Department of Marketing and Entrepreneurship’s role is to help contribute to the thought leadership bank under various areas, including Management in the department.
The UGBS Corporate Executive in Residence (CEiR) programme organises many events, workshops and symposia to glean insights from practitioners and incorporate them into academia.
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