Bank identification and perceived bank brand personality: A gender comparison

Abstract

Understanding how gender impacts millennial retail banking customers’ bank identification, as well as their perceptions of bank brand personalities, is important, given that retail banks need to effectively segment their markets and develop targeted marketing campaigns to engage and retain millennial customers. The paper aimed to investigate the differences between millennial male and female banking customers in terms of their identification with their retail bank and the brand personalities they associate with their bank. The research utilized a self-executed survey, collecting data from a sample comprising 116 males and 119 females for analysis in South Africa. Using a descriptive research design, the study employed several statistical methods, including independent samples t-tests and multiple linear regression analysis, to observe the potential differences between the genders in bank identity and perceived brand personality. The analysis of the survey data revealed significant differences between male and female participants. It was found that males identified less with their retail bank compared to females. In terms of brand personality, males associated more with the community-driven personality and less with the success, sophistication, and sincerity brand personalities. On the other hand, sophistication (β = 0.356; p = 0.003) and community-driven (β = 0.432; p = 0.002) brand personality influenced the males’ bank identification. None of the brand personalities significantly affected females’ bank identification.