Analysis of the insufficiente implementation of the basic instruments of internet marketing in the banking sector of Montenegro

Abstract

In this paper, the authors have critically explored the level of use of internet marketing in the banking industry, conducted an analysis of the current situation, set out the reasons calling for a more comprehensive implementation of internet marketing techniques and identified factors which affect the selection of their optimum combination. For the purposes of this analysis, we have used qualitative research based on a semi-structured in-depth interview. Qualitative research conducted on a sample of 19 representatives of banks. In addition to these type of surveys, an analysis and evaluation of the websites banks was carried out as well, based on the Web Assessment Index (WAI), whereas the Facebook Assessment Index (FAI) method was used for assessing the effects of using Facebook (as the quintessential representative of social networks). The results indicate that internet marketing has vast potential in the banking industry, that the potential of various instruments of internet marketing are not the same and that there are numerous limitations to their implementation banks. This paper aims to use the obtained results to help the banks’ employees and management recognize and consider the potential of internet marketing at a more profound level and properly adapt the selected combination of instruments to different client profiles. The identified barriers to the implementation of this marketing concept in Montenegrin banks may provide a basis for seeking solutions for their removal, and thus, in the final part of the paper, in addition to reflecting on the identified problems, the authors put forward their recommendations and suggestions. Results of the analysis can serve as a literary base for the comparative analysis of this kind in developing countries, such as Montenegro.