EXAMINING THE CHALLENGES OF ACHIEVING MARKETING AUTOMATION AMONG LEGACY FINANCIAL INSTITUTIONS IN NIGERIA
Keywords:
Marketing Automation, Innovation Resistance, Legacy Financial InstitutionsAbstract
The changing landscape of the marketing industry due to advancements in technology and digitalization has necessitated the need for organizations to adopt automation in their marketing efforts. Financial institutions like many other sectors face the pressure to enhance operational efficiency through marketing automation. Legacy financial institutions in emerging economies like Nigeria face significant barriers to adopting marketing automation. This study sought to examine these challenges amongst legacy financial institutions in Nigeria. Grounded on the Innovation Resistance Theory, the qualitative research approach was adopted in the study using Key Informant Interview (KII) while thematic analysis using Nvivo 14 was used to analyze responses from the interviews. Findings indicated that legacy financial institutions have adopted marketing automation to a moderate extent, and are still in the developing stage, with some respondents noting low adoption levels. Findings from this study further revealed that financial constraints, cultural resistance, skill gaps, leadership gaps, stringent regulations, and cyber issues are significant challenges affecting the adoption of marketing automation amongst legacy financial institutions in Nigeria. Based on the findings, the researcher recommended the prioritization of digital transformation, investment in marketing automation, partnership with fintech companies, adaptation to local socio-economic contexts, and investment in data acquisition and security to enhance the adoption of marketing automation among legacy financial institutions in Nigeria.
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