MARKETING STRATEGIES OF COMMUNITY BANKS MARKETING STRATEGIES OF COMMUNITY BANKS

MARKETING STRATEGIES OF COMMUNITY BANKS MARKETING STRATEGIES OF COMMUNITY BANKS

Abstract

The theme of the project is “Community Bank Market Strategy”.

The purpose of this study is to determine the level of customer dissatisfaction with community banking services and to learn about organizational goals that may hinder the growth and development of community banking in Nigeria.

chapter One

1.0 Introduction

Marketing will continue to play an important role in the service industry. His contribution in today’s competitive banking environment is impeccable. This is due to increased adoption by banks of marketing skills (techniques) that have been rejected by fierce competition from other financial institutions. Obviously, due to the nature of banking, marketing cannot be treated in the same way as manufacturing companies. The actual method is the same, but the application is different. This difference is due to the fact that banks are service oriented whereas manufacturing companies are product oriented.

Nigeria has seen rapid growth and structural changes in its financial sector over the past four years. This growth and structural change has been sustained by the entry of large financial intermediaries (now banks and proprietary banks) into the industry.

These financial institutions include community banks, mortgage lenders, and currency exchange offices. Securities firms also slowed down notable growth. Community Banking was established by the Federal Government in January 1990 for the economic development of Guinea in both rural and urban communities. Their need stems from a desirable need to fill groups initially created by the underserved services of traditional and more established banks due to their inability to reach the grassroots of their business. This has created a problem as many loads generated from primary sources, mostly by trackers and subsistence farmers, sit idle without reinvestment due to the lack of such business ventures.

The advent of community banks is now leading to the use of skills that accompany modern entrepreneurship as they initiate or commission conscious business ventures and increase the volume of business transactions. Among other things, this study focuses on the growth of community banking in Nigeria and assesses the role of marketing in community banking and how this impacts the achievement of set goals.

The study also reveals the extent to which marketing practices are integrated (coupled) into the banking practices of community banks (with particular reference to the community banks surveyed) and measures to improve customer satisfaction. It also aims to suggest further methods. Companies and organizations that put their customers’ best interests first must reap significant rewards in the form of increased profitability and a better corporate image. This is the basic marketing concept.