The Post Covid-19 Consumer Buying Behaviour in The Nigerian Banking Industry: Issues, Challenges and Benefits

Abstract

The purpose of this paper was to explore the issues of post COVID-19 consumer behaviour in the Nigerian banking sector. Customers and employees of five top commercial banks in Nigeria (Zenith Bank, Access Bank, Guarantee Trust Bank, First Bank and United Bank for Africa) were interviewed via the telephone. This study adopted the exploratory research design with qualitative analysis of respondents’ views. It is important to note that changing consumer behaviour patterns, shift in customers’ expectations and attitude and perceptions differences were the major issues. However, some of the challenges include; huge business uncertainty, high illiteracy rate vs. technological advancement in banking as well as space engagement. On the other hand, some of the benefits identified were; improved technological applications and seamless banking procedures, reduced credit gap, and increased banking opportunities with the growing rate of Fintech. However, short term actions and long term transformation were adequately highlighted as proposed mitigants to the challenges facing the Nigerian banking sector with respect to managing changing customers’ behaviour amid post COVID-19 pandemic. An area recommended for further studies is consumer behaviour and post COVID-19 pandemic in other developing economies, with the use of empirical approach to further validate the findings of this study.