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Financial Marketing at the Border: A View from Customers

Abstract:

Border activities are developed with unconventional rules or are not aligned with large cities in their total context. Thus, the modalities of exchange of currency between borders, is an activity that is carried out personally and without intermediaries, that is, person to person, both on one side and the other, the rules of the sale of currency are governed in some way with the limits that are established in each country, there are more bands in which the money changers move. The exchange is carried out in a public square, in which the marketing is done by shouting to attract customers, in this sense the question arises, how well known or used are the digital media of financial entities on the border? A survey was carried out on the clients of two financial entities on the Colombian-Ecuadorian border, to establish how well known and used digital media are by clients and if the website complies with or maintains any marketing strategy toward the client. The results of the exploratory factor analysis identified two factors: functional and safety. On the other hand, convergent validity is favorable with a mean variance extracted close to 0.5. Evidence that the factorial structure establishes a timely adjustment for the confirmatory factor analysis. The hypothesis has been proven that frontier financial institutions are ready to jump into the third stage of the expanded e-commerce model.