Blockchain for marketing purposes by banking institutions: activity theory perspective

Abstract

Continually, banking institutions attempt to advance the marketing of products and services by capitalizing on the underlying technology such as blockchain, to promote innovativeness and enhance competitiveness. Retrogressively, there are pushbacks and indecisiveness in the application of blockchain in many banks, especially in the African continent. Towards advancing competitiveness and improving chances of sustainability, this article seeks to examine and identify the factors that can influence the use of blockchain for marketing purposes in banking institutions. From popular academic databases, 77 articles were gathered with specific focuses on marketing, and blockchain for marketing. An in-depth analysis was conducted, using the activity theory as a lens. The analysis revealed technical proficiency, client-network relationship, visibility of information, and interactive scheme as some of the factors that manifest to influence the use of blockchain for marketing of products and services in the banking sector. Through these factors, the study helps to gain fathoming of blockchain and its application for marketing purposes. This helps managers and marketers to gain a better understanding of where some of the challenges and opportunities lie. This article is unique in that it explores how the influencing factors manifest themselves in the process of application and use of blockchain for digitized marketing by banks.