DEPOSITS MOBILIZATION THROUGH MARKETING OF BANKING SERVICES
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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1.1 INTRODUCTION Deposit mobilization is the bedrock of the present future growth of banks.
In the past emphasis was on marketing and distribution of goods but with recent development which arises due to technological economical and social changes as well as changes in the people expectation marketing of financial services has gone beyond these for the continuous survival of financial institution.
The traditional approach to banking began to chances as bankers come to realize that marketing has a role to play in any modern organization whether such organization is profit oriented or not profit oriented.
The role of marketing becomes important in Nigeria as the business of banking grow from the function of taking deposit; lending money transmission service to include a host of other financial services.
Profit making activities in an organization is very important, profit have to be made ensured survival and to finance development.
In an organization like commercial banks profit marketing strategy in business.
It involves the effort to understand and satisfy the need of both present and potential customers. In order to satisfy customer, the need for the application of different element knows as marketing mix.
The marketing mix which can be define as the combination of element which must be linked of mix of together in a unique manner of devise marketing strategy.
Decision made in each of these arenas are design to provide the most promising means of meeting the needs of target market, that is a well defined set of customer whose needs the marketing want to satisfy.
The banking industry in Nigeria is highly competitive, the establishment of new bank like Oceanic bank, Zenith bank, Diamond bank etc in recent years and the opening of numerous rural branches by the bank has increases completion within the banking industry.
The completion centers around quality of services provided location, building and tradition, contracts, other area of competition include innovation and adoption of modern technique like computerization of their services.
Unlike the marketing of tangible good whose main task is to formulate strangles for pushing their goods to the final consumers, marketers of banking service have tow to achieve in their marketing strategies.
The primary function is to mobilize funds for lending purpose by an accepting various account like savings time or fixed deposits and current demand deposit.
These functions are not limited to the trust banking alone.
Furthermore the marketers of banking service also needs to design strategy for investing their funds just like marketers of tangible ways were each subset may be regarded as largest market.
The banking market is also segmented into money and capital market and this according to the type of financial and required by the customers.
1.2 STATEMENT OF RESEARCH PROBLEM Banks, in their efforts to provide essential and continuous banking services to their customer, are often facing with numerous problems.
These include persistent long queries by customers, system of initial control, stringent lending policies, and unnecessary delay in clearing cheque and bank staff in difference to their customers.
The bank pleases against these serious accusation infact blamed the environment in which they operate some negative aspect of this environment include fraud impersonation cheating material and external theft.
Furthermore the problem of developing nations with a massive population whose literacy is very low.
In spite of the fact that the first bank of Nigeria plc some marketing technique like and regiment sales promotion, the extended to which these technique and tools are been systematically used to eliminate customer complains yet to be known.
In addition ways in which marketing can be integrated into banking business and the extent to which the marketing can contribute to the improvement of banking efficiency and effectiveness one area is which little work has to be done in Nigeria.
It is a result of all these that promoted the needs to carry out these that promote the needs to carry out this research.
1.3 RESEARCH QUESTIONS
1. What do you understand by the term “MARKET?”
2. What are the five major factors militating against effective bank marketing in Nigeria.
3. What strategic option will you recommend for reorganizing your bank services?
4. What is the size of the market for a particular bank service.
5. What are the trends in the market?
6. How does the new service is more profitability than the old service.
7. What is marketing mix
8. What are the roles of marketing mix
9. What is market segmentation?
10. What are the basic requirement for effective segmentation?
1.4 OBJECTIVE OF THE STUDY Marketing of banking services goes beyond selling banking services it involves a careful cultivation of the existing connecting and seeking for the correction and advantage of bank and it customer like seeking to make the best use of the bank presence in its community.
The aims of this study is to examine the role of deposit mobilization through market in banking sector and to determine the extent to which first bank of Nigeria Plc market it service to this end the study shall examine.
To implementing marketing extent services in first bank and to find out the extent to which these service meet the customer satisfaction. To differentiate marketing in banking, marketing consumer or industrial good and service and manufacturing organization.
To extent first bank of Nigeria plc market service in terms of employing marketing technique for mobilizing their customer, increasing their patronage and improving efficiency and effectiveness of their operator.