The Marketing Of Commercial Bank Services In Nigeria

The Marketing Of Commercial Bank Services In Nigeria

Chapter One

Preface

Background Of The Study

The significance of effective marketing of services in the Nigeria banking assiduity is only being realized in the part, marketing wasn’t linked to services diligence like banking, insurance, law etc.

In recent times still, marketing conditioning is the banking assiduity have acquired increased significance assuming a new dimension and magnet further than attention. The reason for this miracle is easy to appreciate, for competition in banking has increased.

piecemeal from increase in the number of banks, other fiscal institutions live and after certain services able to those offered by marketable banks. This competition this arises as a good condition for ie to live, similar other fiscal institution includes saving and loan association credit venous, collective finances, investment clubs, and indeed the plutocrat advancing institution and credit collaborative societies, the have also increased, multiplied and expanded their services grounded to intensity their competition too demand and time deposits etc, from their guests or figures. They’re seen as strong challengers to banks, they operate within surroundings where the guests know them and rather chose to patronize them moreover because of nearness of fauritsarity or indeed a good setting for particular selling and persuasions.

Added to the below, it should be realized that the bank guests has come quiets sophisticated in his need of thenon-basic service of marketable banks through a lesser chance of the population is yet to non and mileage themselves of these services which these have.

For these reasons, marketing which has an important places to play is any association does this for the banks to over come all these, the banks must borrow to the changing terrain and conditions of their guests. As it’s known, operation exposure has dominated the banking conditioning while marketing has not played any significant part since it’s regarded as part of public relation or ordinary advertising

The stock in trade of marketable banks in Nigeria is the provision of fiscal services to their guests. These services of their guests include depositing services comprising of collection and payment of cheques bills and decorationetc. granting of credit installations by giving loans and overdrafts acting as lifers and delegates, issuing of banker’s draft, buying and dealing of stock and share among others.

All these services constitute the marketable banks product blend and the way and mores in which these banks knitter the below service constitute their marking strategies, these marketing strategies includes the station of their staff else called particular selling quick or prompt attendance to guests, opening of further branches conducting their banking is clean and serving creation of good public image, good hype etc.

also looking at the way and manner bankers services are being rendered in Nigeria moment. It should be observed, and is nothing near the needed standard. There will live traces of the tried arm president banking ” the banks give veritably poor conveniences to guests and indeed treat them with frivolity as the banks staff bear it’s right to designedly delay guests performing from their incurious station to work. The attendant effect of all these is the long ranges noticed in the banks indeed from cashy ordinary cheques or pullout or deposit from a savings or current account, converting new cheques books or pass booksetc. the question of getting cheques takes weeks and months while loan request and blessing run into months and times.

The guests feel displeased and express this through their review of the banks and occasionally closing their accounts with the banks while others refuse to have anything to do with these banks. These goods the plutocrat force, which is still is currency with the rates of bank plutocrat to plutocrat force varying between 49 to 60 in recent times.

Loss of guests and liability to get new prospective guests prompt the banks liquidity position also, so is the light above the other unmentioned distemperatures play the banking scene. It’s seen that banks shouldn’t consolidate their marketing conditioning and mend their station to their guests for better.

They should need to the advise of guests so that banks now have to cultivate the habit of selling their services in a way to ameliorate and promote their image. therefore helping to increase their patronage by being and intending depositors.

Statement Of The Problem

Banking is a service assiduity, which must be retailed also. The main theme of a bank’s marketing conditioning is to perform a coordinating function in aiding the banks to achieve its ideal of relating, anticipating and satisfying client’s need and giving guests more value for plutocrat at a profit.

The marketing of a bank’s services concerns itself an new banking services should be retailed and made duly accessible to guests in line with ultramodern day banking practice.

In trying to do this, banks encounter some difficulties. These are areas of challengers who’s their own features say have been aged and access further into our own municipalities, and townlets with our people sharing more completely in their association. They include plutocrat- lending houses, Isusu clubs the saving and loan association, investment clubs, united societies etc. another problem is that people are largely illiterate and can neither fluently perceive nor appreciate the services as being better than those bones they’re used to.

still, moment in Nigeria especially in Enugu, banking is still operated largely is its orthodox manner where bankers sit and stay for guests to bring in business or where attempts aren’t made at all to look for guests. They aren’t duly directed to those who don’t know of bank actuality or the services. People stay for endless hours trying to get the undifferentiated services of these banks in their over crowded and ill breezy banking halls.

The incurious station of people in opening accounts in banks and in asking for other services is a direct result of one or further of the entourages;

Lack of proper information and conviction that these services will be efficiently handed.

ii. Poor station of banks workers.

iii. Inefficiency of banks workers

iv. Preference for these services from contending association being around.

The banks on the other hand have to decide on the number of these services of those services to be handed since the cost incurred is furnishing the service the attendant effect is terms of satisfying the being guests and also getting new bones are considered. This is delicate to decide since furnishing two important service will involve too important costs while not furnishing enough services capacity won’t satisfy being guests and also produce the needed mindfulness to get further prospective guests to join as guests.

The ultimate thing thus, is to strike on profitable balance between the cost of services and the number of new guests and satisfaction of being bones so as to retain them since the guests of these banks are largely aggrieved with this service rendered them. The major problem also linked in this study is that services handed by marketable banks in Nigeria aren’t been forming banking habit because of the hamstrung services and that banks have stiff competition which hamper their rendering these services effectively.

Ideal To The Study

Both goods and bear to be marked so as to produce mindfulness and bring increased clientele for further profit. The broad ideal of this study is to mokes how marketable banks employ good marketing strategies in selling their services in Nigeria in Nigeria and how this has affected the conformation of banking habit by the people.

The objects include;

1. To assess the extend of services being rendered by marketable banks in Nigeria.

2. To find out those marketing strategies applied by marketable banks in marketing service in Nigeria.

3. To identify those factors that against the sweats of banks in rendering their service.

4. To essay to make our honest recommendations for enhancement in the areas needed.

5. To assess the effectiveness of banks in rendering those services.

Significant Of The Study

The study of this content is applicable because of the following reasons

plutocrat plays a veritably important part in any frugality indeed though plutocrat isn’t the penance to profitable development. We agree those plutocrat matters since profitable development. Nigeria is a developing frugality, which needs to increase its rallying of savings for finance to carry out development programs. Banks are in a good position to rally these finances. They could do this through effective and effective marketing of their service to attract guests.

The vacuity of finance is a prerequisite for the rapid-fire development of any nation’s frugality. This is maybe whyF.W corrupt andR.J. British said that “ presumably the only living brutes which don’t bear any form of finance are those for whom the enjoyment of the fruits of their sweats to gain food is contemporaneous with the timber of the sweats.

Since the provision and operation of this scarce coffers is stylish eased by the actuality and applicable functioning of fiscal institutions in the frugality, ie follows that banks have a vital part to play in the development of the frugality.

It’ll also helps in prostrating the contending sweats of other credit association like Isusu clubs, savings and loans, collective finances, united societies etc. effectiveness and provision of diversified services be their tools in succeeding in their task.

effectiveness could been in terms of furnishing companion and diversified service of guests, marketable banks learnt to be indifferent to detainments and dissatisfaction of their guests with competition adding presto in the banking assiduity. The problems of detainments in banks can not be over looked especially if they’ve to retain their guests and be suitable to get new bones .

Inefficiency, poor station and like beget dissatisfaction, loss of guests and ultimately a decline in their profit. This study will make an inestimable donation of banks in the marketing of their service by discovering the reasons for their inefficiency and how to overcome their competitions and getting new guests.

Limitation Of The Study

The exploration work is limited to marketable banks operating in Nigeria Metropolis. Also consideration will be made on these aspects of banks selling strategies that concern promotional conditioning station of their staff, branching and communication.