MARKETING STRATEGIES OF COMMUNITY BANKS MARKETING STRATEGIES OF COMMUNITY BANKS

MARKETING STRATEGIES OF COMMUNITY BANKS MARKETING STRATEGIES OF COMMUNITY BANKS

INTRODUCTION

Marketing will keep playing a big part in service businesses. It makes perfect contributions in the current competitive financial environment (painless). This is because banks are increasingly using marketing strategies that other financial institutions have rejected owing to fierce competition.

Although the concept is the same but the application is different, it is obvious that marketing cannot be approached in the same way as, say, a manufacturing firm due to the nature of banking. The reason for this discrepancy is that banks are services-oriented, whereas manufacturing enterprises are product-oriented.

In Nigeria, the financial sectors have experienced fast expansion and structural transformation over the last four years. With the arrival of significant now banking and own-banking financial intermediaries into the market, this growth and structural changes were maintained.

The bureau de change, community banks, and home finance companies are among these financial institutions. A considerable growth was also curbed by the stock brokerage firm. The federal government launched community banking in January 1990 to support economic growth in Guinea’s rural and urban regions. Its necessity comes from a desire to fill the gap left by the conventional, more established banks’ insufficient services, which resulted from their failure to expand their clientele.

This led to a problem since much of the primary resources produced—mostly by trackers and subsistence farmers—were left idle without reinvestment because there were insufficient business enterprises.

The emergence of community banks is today thought to have sparked deliberate business endeavors and an increased amount of commercial transactions, which have encouraged the application of modern business entrepreneurship abilities.

This study will, among other things, examine the development of community banking in Nigeria and evaluate the function of marketing in community banks and how it affects the accomplishment of predetermined goals. Additionally, this study will look into how much marketing strategies have been incorporated (combined) into community banks’ banking operations, with a focus on those community banks that fall within the study’s purview. It will also make additional recommendations for improving customer satisfaction. Any company or organization that prioritizes the needs of its clients will undoubtedly reap the benefits in terms of more profits and a better reputation. The foundation of the marketing concept is this.