MARKETING IN THE BANKING INDUSTRY
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Banking services in Nigeria stated as far back as 1892, when the4 first bank was established in the country. Since then, marketing of bank service have been going on simultaneously with other development in the banking industry the emergence of the various banks and other financial institution has created the awareness for banks to market their services extensively.
The creation s and delivery of services that will satisfy the needs of customer s at a profit to the banks is what marketing of bank services is concerned with advertisement, personal selling, establishment of new branches, distribution of gifts to customer, E – banking and other things are tools of marketing that are being used by bank.
However, the introduction of new and prompt services and use of public relation have been seriously applied.
Most Nigerians are not aware of the essential services being provided by the back and so as substantial amount of money is still outside the banking sector.
In a view of Ajayi (1983) he supported the above statement when he said that “a significant proportion of Nigerians money supply is still current circulation varies between 49% and 60% in recent times”. Informed capital market as a strong computer to back because people in rural area are still patronizing the local money lenders.
The patronage is due to easy accessibility, low collateral based on personal knowledge i.e. they know each other very well, prompt a twenty – four hours services provided by the informed capital market.
Therefore, much is being expected from backs through increase mobilization of savings, effective and efficient channeling of funds to develop the country. Bank could get more deposits and credit, which is highly needed for economic development in Nigeria.
1.2 STATEMENT OF RESEARCH PROBLEM
Basically, the focus of this research study is an analysis of marketing in the Nigerian Banking Industry. Hence effort has been made to find solution to the following problems.
i. What are the main reasons of banking marketing financial service Nigeria?
ii. What are the effects of marketing of financial services in Nigeria banking industry?
iii. What are the problems of marketing of financial services in Nigeria banking industry?
iv. What are the various tools use in marketing bank services?
1.3 OBJECTIVE AND PROPOSAL OF THE STUDY
The broad objective of the study is the examination of importance and relevance of marketing in selling of bank product using first bank of Nigeria plc as a case study, in specific term the study will;
i. Highlight the various product offers by the case study with reference to Ilorin branch.
ii. Ascertain the impact of marketing of bank services and investigate the effectiveness and efficiency of how the back products are been accepted by the customer and the general public.
iii. Determine the external to which the services provided by the bank meet customer’s satisfaction.
iv. Highlight reason why the public still shy away from the services that bank offer and why a good number of the population are not aware of the services provided by the bank.
1.4 SCOPE AND LIMITATION OF THE STUDY
Specifically, this study examines the extent of incorporation of the marketing concept into commercial banking.
Its roles and benefit in relation to the banks services with particular reference to FIRST BANK OF NIGERIA PLC.
The research work has been constrained as to time, lack of recent and enough materials unwillingness of the respondent to give correct replies, lack of co – operation of case study.
However, effort has been made to ensure that the above limitation did not overwhelm effective competition and standard of research work.
1.5 RESEARCH METHODOLOGY
The research work on analysis of bank market of financial services the case study of first bank of Nigeria plc.
The primary and secondary sources of data employed. The primary data is based in questionnaire while the secondary data gathered from sources which include text book, internet, journal, and current annual report.
1.6 SIGNIFICATION OF THE STUDY
The study has much relevance and peculiars to the effect of the case study and the Nigeria economy as a whole.
The findings of the study go along way to enable the case study (first bank of Nigeria plc) to channel its services specifically towards customer satisfaction as this is aspect of commercial banking that should not be compromised if stated objective of the bank are to be achieved. In the long ram, the economic stands to benefits and investors to have more confidence and the ability to choose among various alternatives as to where to invest, hence the banking habit will encourage which in turn will lead to increase investment.