Exploring the Managerial Perspectives of Banking Industry Towards Consumer Empowerment: A Study in Banking Industry

Bassam Sahibzada


This study aims to explore and extract the managerial perspective of banking industry towards consumer empowerment. This is an emerging and growing phenomenon that has multiple dimensions and implications for the stability of consumers, financial sector as well as economy. Moreover, it is also one of the latest objectives of State Bank of Pakistan. Thus, this study aims at fulfilling the gap of local context by catering the supply side perspective along with methodological gap as most of the researches conducted globally related to this topic are quantitative while this research will be qualitative in nature.

It is a mono method study i.e. qualitative based on exploratory strategy which focuses on in-depth knowledge and understanding of the managerial insights about the concept of consumer empowerment in banking sector such as its importance, current scenario, benefits, impediments etc. The sampling method that has been used is non probability purposive sampling. Primary data has been collected through interview protocol which was adopted and modified. The validity of the interview protocol has been checked through face validity which includes approval by research and domain expert. The interviews were conducted till saturation point and after conducting the interviews, the data was analyzed through content analysis i.e. by coding sorting and sifting. The reliability of the research has been checked through member checking and triangulation.

The findings of this study indicate the initiatives, status and prospects of consumer empowerment particularly through financial literacy and digitalization in the banking sector of Pakistan. Different dimensions of consumer empowerment have been discovered along with its benefits not only for the consumers but for banks as well. Moreover, this study also enlightens the techniques to gauge effectiveness of these initiatives, the challenges hindering the motives and implementation, the regulatory stance as well as the future prospects.

This significance of this study lies in the fact that consumer empowerment is an emerging trend and need in our banking sector upon which the regulator is dynamically working and therefore seeking for the outlook of banks. Thus, the obtained information can be used by regulator to understand the perspective of banking sector towards consumer empowerment. Moreover, the findings can also be used by banks and other financial institutions as it would aid them in planning and execution of initiatives by indicating the avenues that can be tapped.

DOI: 10.7176/RJFA/11-15-05

Publication date:August 31st 2020

Full Text: PDF
Download the IISTE publication guideline!

To list your conference here. Please contact the administrator of this platform.

Paper submission email: RJFA@iiste.org

ISSN (Paper)2222-1697 ISSN (Online)2222-2847

Please add our address "contact@iiste.org" into your email contact list.

This journal follows ISO 9001 management standard and licensed under a Creative Commons Attribution 3.0 License.

Copyright © www.iiste.org