In the Ghanaian banking sector, digitalization has accelerated post the 2017-2019 cleanup and DDEP, with banks like Stanbic leveraging platforms for marketing. However, without a clear digital marketing plan, aligned with strategic planning (topic 1.3) and IT competition (topic 3.2), banks may encounter these five challenges:

• Inefficient Resource Allocation: Without a plan, banks may overspend on ineffective channels like untargeted social media ads, leading to high costs with low ROI. In Ghana, this could strain capital under BoG’s Capital Requirements Directive, diverting funds from core operations.
• Inconsistent Brand Messaging: Fragmented efforts result in mixed messages across platforms, confusing customers and eroding trust. For instance, mismatched promotions on X (formerly Twitter) versus email could mimic issues seen in collapsed banks like Capital Bank, where poor communication contributed to customer loss.
• Compliance and Regulatory Risks: Lacking a plan increases chances of violating BoG’s Corporate Governance Directive 2018 or advertising rules, such as misleading loan offers. This could invite fines, as emphasized in sustainable banking principles, impacting reputation in a post-cleanup era.
• Poor Customer Targeting and Engagement: Without data-driven strategies, banks fail to segment audiences effectively, missing opportunities in Ghana’s growing digital youth demographic. This leads to low conversion rates, contrary to channel strategy goals (topic 5.2) for profitable mixes.
• Vulnerability to Cyber Threats and Data Misuse: Unplanned digital campaigns may expose customer data through unsecured platforms, breaching the Cyber Security Directive 2020. In real-world examples, like global breaches at Barclays, this could result in legal liabilities and loss of patronage in Ghana’s fintech-competitive landscape.

To mitigate, banks should conduct business case development (topic 2.2) for structured plans, ensuring integration with overall IT strategy.