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Marketing of Banking Services in Nigeria

Marketing of Banking Services in Nigeria -A Study of First Bank Nigeria Plc (Enugu Main Branch)

ABSTRACT

This study investigated the marketing of banking services with its problems and prospects within the socio-economic environment of First Bank of Nigeria Plc (Enugu main branch) as a case study. The main purpose is to find out the effectiveness of the marketing of banking services as it affects the bank itself and the banking industry, the customers welfare and profitability of the bank and national economy in general. There is however, a rapid increase in the number of banks and which leads to competition among banks. This competition became so fierce that banks began to seek means of survival. In carrying out this research work effectively, both primary and secondary data were used to gather the information required for the work. Primary method data collection, both questionnaires and interview, were sought from bank, libraries, journals and textbooks. The questionnaires used were distributed to both bank staff and customers of First Bank of Nigeria Plc (Enugu Main branch). After the analysis of data collected, the researcher ascertained that commercial banks face competition in marketing of their services. Banks conduct marketing research as to achieve target profit motive; banks have some problem that is preventing them from rendering efficient banking services to their customers. However, some recommendations were made based on the findings above. The banks should organize more training for their staff especially, concerning their attitude towards bank’s customers. Banks should also embark on research that will enable them identify their customers’ needs and ways of meeting such needs.

Chapter One

1.0   Introduction

Marketing and banking through the distinct disciplines, can be said to be interrelated since they both belong to the realm of business administration. No wonder some terms in marketing can be used to analyze behavior, activities, functions and practices.

Marketing is becoming increasingly necessary in today’s competitive banking environment; this is as a result of dynamism and competitive banking industry in particular. For every Nigerian bank, competition from other banks and financial service organizations grow more intensely and steadily more professional. The age of specialization in financial services by particular institution has changed to one where most organizations offer a wide range of services in competition with each other. Consequently, it has become essential to use all the resources and techniques that marketing can provide in order to survive and succeed in the ever changing banking and business environment.

The role of marketing in the banking industry is synonymous with marketing in other service industries but marketing in the banking sector is predominantly centered on the provision of diverse financial services to customers.

In Nigeria today, the present state of economy, as it affects the financial sector in particular, has led banks to take marketing as a serious activity which has hitherto been neglected. In addition, the present economic scenario has made most banks to rejuvenate their marketing strategies towards aggressive bank marketing. This development can also be attributed to the growing sophistication of the Nigerian economy and economic crisis which has created keen competition among banks and other financial institutions for better customerized services. Because of the intense competition, marketing has become commercial banking cutting edge for meeting new forms of competition and searching out new opportunities.

1.1   Statement of the Problem

The banking industry has been identified over the years as having the potential of transforming the basic economy of any community state or nation, if properly established and well constituted, controlled and managed. In the banking industry today, certain problems affected the effective and efficient services, thereby, preventing them from achieving their target aim.

One of the major problems in the banking industry is the poor customer services shown by long but avoidable delays in accomplishing simple transaction. These transactions range from encashment of cheques, opening of new accounts to processing of loan and overdraft applications. This delay of services is obviously detrimental to office owners, international businessmen and students, as they sneak out of their different places of work to withdraw some small amount of money.

Secondly, it appears that banks are faced by incompetent staff carrying out infection transactions. This is because staffs are not employed by men rather they are more often employed by god fatherism.

Another problem is the need to bring to the fore, a thorough understanding of the impact of marketing of bank services in the quest for continuous relevance and survival by banks.

Finally, there is also the problem of the banks to turn to the economic table around effectively, if the courage and the prudence are present to propel them into action.

1.2   Objective of the Study

The objective of this research work includes the following:

  1. To know whether marketing of financial service has contributed to profitability of any commercial bank.
  2. To know if the marketing of financial services by banks in the recent time has contributed to the numbers of depositors in the bank.
  3. To ascertain if bank customers are now better treated through the marketing of bank services.

1.3   Research Questions

  1. Has marketing of financial services contributed to the profitability of commercial bank?
  2. Has the marketing of financial services assisted banks in increasing numbers of depositors in the bank?
  3. Are bank customers now better treated through the marketing of banking services?

1.4   Research Hypothesis

  1. H0:    Marketing of financial services has not contributed to the profitability of commercial banks.

H1:    Marketing of financial services has contributed to the profitability of commercial banks.

  1. H0:    The marketing of financial services has not assisted banks in increasing numbers of depositors in the bank.

H1:    The marketing of financial services has assisted banks in increasing depositors in the bank.

  1. H0:    Bank customers are not better treated through the marketing of banking services.

H1:    Bank customers are better treated through the marketing of banking services.

1.5   Significance of the Study

The economic transformation of the rural/urban communities in any State carries with it a lot of the relief of the burden which it has in the area of capital development. The banks with the marketing of their services are capable of playing a vital role in the sustenance of the economy. This fact ha a direct linkage to the importance of basic industries and small and medium scale enterprises to the industrial and technology advancement of any country.

The reason why most banks are into marketing of banks services is to face high, competitive nature of banking business as well as to achieve higher profit base. The success of this research project will help the bank to withstand further intense competition on marketing of bank services in acquisition of new customers and the retention of old ones.

The project work shall bring to the notice of the bank how much impact it has been able to make in the banking industry due to the developing or introduction marketing of bank’s services.

It is also expected that the result of the study will help the bank to evaluate the strength of its staff, quantitative and qualitative to enable it adjust and re-adjust in their marketing services processes.

It will however, bring to the notice of the bank how effective its marketing strategies have been so far and what it can do to improve on these strategies now and in future.

This research work shall also help the bank to actually know whether there has been improved customer bankers relationship or not and what it can do to further improve on this relationship.

1.6   The Scope, Limitation and Delimitations

The research is focused on the marketing of banking services with special reference to the First Bank of Nigeria (PLC). It examines the level of commitment of the banks to the marketing of their services with emphasis in customer identification, the quality of services rendered and the viability and success of the venture.

The study, however, could have covered other banks in Nigeria which have engaged in the marketing of Bank’s services but for the inaccessibility of some banks and due to financial constraints, it was limited only on First Bank of Nigeria (PLC) from the year 2008-2011

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