MARKETING OF BANKING SERVICES

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MARKETING OF BANKING SERVICES

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

In any economic set up, there are various institutions engaged in Commercial activities with the cardinal aims of strengthening their financial base and quality service to the society through the marketing of their products and services; thereby establishing themselves firmly within the given economic environment. Before the Mid-1950’s banks had no understanding or regard for marketing because they were supplying needed services. Marketing came into banks in the late 1950’s not in the form of “Marketing Concept”, but in the form of advertising and promotion concept. The financial institutions especially the banks feature prominently in competitive economic atmosphere principally focusing their operations in the marketing of their services to the general public. However, some of these services include among other, the granting of loans and overdrafts, issue and purchase of securities, provision of sate depositories to customers as well as facilities for making payments through bank notes and cheques. It is therefore a simply obvious that an institution like bank should evolve sound management techniques coupled with effective marketing and services strategies within its socio-economic and political ambient. It also follows that certain operational problems may try to impinge on the efforts of the Bank to stand firm amidst the winds of economic vacillation and constant policy changes. The First Bank of Nigeria (Plc) one of the leading Banks in the marketing of Bank services has taken various strategic steps in a bid to improving its marketing operations and liquidity strength, customer relations, credibility, and effective participation in the resuscitation of the economy. This will receive due attention in the course of this work. Suggestions and recommendations will also be given to the possible way of solving the various problems affecting the marketing of banks services within the system.

1.2 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 face by incompetent staff carrying out infection transactions. This is because staff are not employed by merit 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 the economic table around effectively, if the courage and the prudence are present to propel them into action.

1.3 OBJECTIVES OF THE STUDY

As an organization the bank exists to achieve something in the society. It’s mission is the provision of credit and other financial services with the primary objective of making satisfactory returns on the bank’s capital. The purpose of this study include:

The degree of awareness among the banks as to who their customers are, the quality of the services rendered and the profits recorded from marketing operations compared with their competitors.

A redefinition of the Bank’s markets to be customers oriented rather then product or service oriented.

The impact of the marketing of bank’s services on the development of the banking industry in particular and the Nigeria economy in general.

An examination of the extent o which policy and regulatory guidelines affect market operations vis-à-vis the bank’s own marketing strategies and organizational policies. How the various related problems dully identified, can be addressed and the future prospects for a more economic within the system. Finally, to make recommendations and suggestion where necessary for the interest and benefit of the various target levels the stake holders’ customers’ employees, shareholders and the government.

1.4 RESEARCH QUESTIONS

The study seeks to answer the following questions.

1. The extent to which there has been improved quality of services rendered to bank customers due to the introduction of marketing of bank services?

2. What are the prospects and problems posed to bankers by this marketing of banks services?

3. What is the rationale for developing this marketing of bank’s services?

4. The extent to which the marketing strategies adopted by commercial banks have helped to achieve maximum benefit and services to customers.

5. How marketing of bank’s services are known to the external public and the extent to which they are known to them?

1.5 RESEARCH HYPOTHESIS

In an attempt to reach decision, it is useful to make assumptions and guesses about the population involved. Such assumptions or statements which may not be true, are called statistical hypotheses. Generally, they are statements about the probability distribution of the population.

NULL HYPOTHESIS:

The null hypothesis is a hypothesis formulated with the sole purpose of rejecting or nullifying it.

Ho denotes it.

ALTERNATE HYPOTHESIS

Any hypothesis, which differs from a given null hypothesis, is called the alternate hypothesis, denoted by Hi.

For the purpose of this study, the following hypotheses have been formulated, which will be tested in the chapter four.

HYPOTHESIS

1. Ho: Commercial banks do not face competitions in marketing of their bank’s services

Hi: Commercial banks face competition in marketing of their bank’s services.

2. Ho: Banks do not conduct marketing research as to achieve their target profit.

Hi: Banks conduct marketing research as to achieve their target profit.

3. Ho: Banks do not have some problems that prevent them from rendering efficient banking services to their customers.

Hi: Banks have some problems that prevent them from rendering efficient banking services to their customers.

1.6 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 and have in fact played a vital role in the sustenance of the economy. This fact has 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 the 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 development 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.

The study will certainly be important to the Department of Banking and Finance, Institute of Management and Technology Enugu, as it may form a basis for further investigation on the subject.

The marketing of bank’s services in Nigeria generally will help to attract more awareness in banking operations.

1.7 THE SCOPE, LIMITATIONS AND DELIMITATIONS

The study focused on the marketing of banking services with special reference to the ‘First Bank of Nigeria (Plc). It examine the level of commitment of the banks to the marketing of their services with emphasis on 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).

1.8 DEFINITION OF TERMS

(a) Marketing: This is the management process responsible for identifying, anticipating and satisfying customer requirement profitability.

(b) Marketing Concept: This is a management orientation that holds that the key task of the organization is to determine the needs, wants and values of a target market, and to adopted the organization to delivering the desired satisfactions more efficiently than its competitors.

(d) Strategic Marketing: This is the process of analyzing opportunities selecting objectives, formulating plans and carrying out implementation control.

REFERENCES

Benard, J.W. and Ralph, R.F. (2016), An integrated planning Approach, Columbus Ohia: Charles E. Merrill Publishing Company.

Orjih, J. (2014), Seminar in Banking and Finance, Enugu: Bob Billion Publishers.

Osafiana G. (2014), ”Lending in the Financial Sector” Business Times, Vol. 9, No. 12. Lago, Daily Times Nigeria Plc.

Peter S.R. (2017), Money and Capital Markets, USA: MCGraw – Hill Companies.

Van H.J. (2014), Financial Market Rate and Flow, New Jersy: Prentice Hall Inc.

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