Consumer-Band Association: Determinants of Consumer Bank Switching Intention, Case of the Gambia Retail Banking Sector

Abstract

integrate and manage all the brand touch points in order to ensure that consumers and other relevant parties develop positive associations with the brand [5,7].Despite the significance of brand associations, especially in banking industry, there is limited empirical study that researches on the premise of this area -brand association and customer switching intentions -thus, leaving the field yet to be fully explored. However, the researches [8,9] confirmed that there is a relationship between brand association and consumer behavior. These studies focused mainly on brand associations relevant to specific tangible products. According to Keller [5] brand associations are customer specific and thus vary across markets and brands. Also, a specific set of associations used in a given setting may not justify the same degree of influence and relevance to other markets and product category [4,10,11].The subject of branding financial services requires further empirical studies in order to explore what sort of information they transfer to brands, and how this knowledge influence switching intention of consumers of a bank. In order to fulfill these gaps, this research seeks to answer the problematic question -Consumer-brand association: determinants of consumer bank switching intention, case of retail banking sector of The Gambia? In order to provide answers to the research problem, the following objectives will guide the entire research:• To analyze the theory of consumer-brand associations.• To analyze brand switching behavior and consumer switching intention.• To analyze specifics of brand switching in financial services.• To analyze determinants of consumer switching behavior.Keywords: Brand associations; Trust; Pricing; Celebrity endorsement; Switching intention IntroductionBranding is attracting growing interest as a result of the important role it plays in global trade. Notable authorities of brand of management have confirmed that branding is a source of competitive advantage, means for distinctiveness [1,2] and a tool for building longterm profitable relation between the organization and its stakeholders [3]. While significant studies concentrated on product branding due to its tangibility attributes, researchers and practitioners are diversifying attention toward exploring the potentials of service branding. Today's global business operation is predominantly services-centered and thus requires the need to communicate with stakeholders through service brand offerings. This trend has taken a serious attention shift within the financial institutions in today's dynamic marketplace.Branding in the financial institutions is one that requires relationship, trust and credence building [4], hence branding is critical in customers' choice of bank selection. Branding has become a strategic issue rather than just an operational activity in service-oriented businesses. According to Keller [5], one of the challenges in marketing services is that they are less tangible than physical products, and are more likely to vary in qual...

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