Market research is vital in Ghanaian banking for understanding customer needs and competitive dynamics, as mandated by BoG’s sustainable banking principles and post-DDEP recovery strategies in 2025. From my experience at GCB Bank, where we conducted surveys during the 2017-2019 cleanup to assess customer trust, the survey method ensures data-driven decisions compliant with Act 930.

(a) The Survey Method of gathering Primary Data involves systematically collecting information directly from respondents through structured questionnaires, interviews, or forms to obtain fresh, original data on opinions, behaviors, or preferences. In banking, this could mean polling customers on service satisfaction or product preferences via online forms or in-branch queries, ensuring data is tailored to specific research objectives like segmenting markets.

        Advantages

• Wide Coverage: Allows reaching a large, diverse sample across Ghana, e.g., urban vs. rural customers, enhancing representativeness.
• Quantifiable Data: Produces statistical results for analysis, aiding in trend identification, such as digital banking adoption post-fintech regulations under Act 987.
• Cost-Effective for Scale: Once designed, surveys can be distributed cheaply via email or apps, as seen in Ecobank Ghana’s customer feedback campaigns.
• Flexibility: Can be adapted to various formats (online, phone), aligning with branch-influenced marketing mix.
• Anonymity: Encourages honest responses, crucial for sensitive financial topics

        Disadvantages

• Low Response Rates: Customers may ignore surveys, leading to biased data, e.g., during economic stresses like DDEP.
• Response Bias: Leading questions or social desirability can skew results, risking non-compliance with ethical research standards.
• Time-Consuming Design: Crafting unbiased questionnaires requires expertise, delaying insights in fast-paced markets.
• Limited Depth: Structured formats may miss nuanced feedback, unlike qualitative methods.
• Cost for Quality: High-quality surveys (e.g., incentives) can be expensive, impacting profitability.

           (b) Two types of interviews under the Survey Method:

1. Personal (Face-to-Face) Interviews: Conducted in person, where an interviewer asks questions directly, often using a structured questionnaire. Discussion: This allows for clarification of responses, building rapport, and observing non-verbal cues, ideal for complex banking queries like investment preferences at Stanbic Bank Ghana branches. However, it’s costly and time-intensive, with potential interviewer bias, but complies with BoG’s emphasis on professional conduct. (5 marks)
2. Telephone Interviews: Involves calling respondents to administer surveys over the phone, typically scripted for consistency. Discussion: Cost-effective and quick for reaching widespread customers, as used by Access Bank Ghana for post-service feedback amid digital shifts. It enables real-time probing but faces issues like call refusals or limited to landline/mobile access, ensuring data security under Cyber and Information Security Directive 2020. (5 marks)