MARKET OF FINANCIAL SERVICE BY NIGERIA BANKING INDUSTRY

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MARKET OF FINANCIAL SERVICE BY NIGERIA BANKING INDUSTRY

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Bank marketing has been defined as the creation and delivery of services that will satisfy the needs of customers at a profit to the bank. From the definition above, it is seen that the customer who is the ultimate target of bank marketing must be satisfied. With the cut throat competition in the banking sub-sector, marketing becomes imperative equally as the provision of services itself. There is need for aggressive and persuasive marketing of banking services to protect a banks existing customers base and to acquire more chunk of the market. Nation-wide, banking institutions are recognized as a very vital institutions for economic development of a nation and in this state specifically, the banking sector is said to play a more important role in the national economy than it does in any other developing countries.

In Nigeria, the business of banking was stated in 1893 by the bank of British West African while demand for banks owned by Nigerian businessmen or by the Nigerian government dates bank to over five decades ago. Marketing and banking, though distinct disciplines can be said to be inter-related since they belong to the family of Business administration. This inter-relationship, however, is more and broader as for as their study is concerned. Traditionally, banking is dominated by operation orientation, and marking has played a limited role typically being equated with public relations or land advertising.

And infact, the application of marketing techniques to service in general, and to banking in particular is a relatively new science thought the world. The Nigerian banking environment is a typical example. Marketing of financial services in fraught with diverse impediments including, lack of will structural approach and under-developed nature of available services. Apart from conventional lending tools such as loan and over draft, availability of other services such as insurance and insurance broking, pensions, equity finance, leasing and hire purchase, computer bureau services and international services is close to zero. Even though some banks provide most of these services, the limited to a few outlets.

1.2 STATEMENT OF THE STUDY:

Marketing of financial services in our banking industries today still lacks the technical approach to creating a marketing culture at the banks. The greatest challenge for Nigerian Bank marketers is practicing what they preach. If a bank says it has all the information on a certain services, the people on the line should be in a position to answer question when customers walk in. Services are still very poor, although the increase in the number of banks has let to an intense competition even then the competition has not gone beyond that of attracting deposits through an array of innovations rather than a complete improvement in their services and meeting up with promised incentives. In the face of deregulation, liberalization, technological advancement and enhanced competition from banks and non-banks, marketers in financial services are assuming a greater role because without solid marketing culture.

Today, banks that want to survive and prosper should have more bank marketers who are adopt and trained in banking. This is true because, marketing is not about the simplicity of putting product x into the market place and hoping that y customer buy it. It is using the resources of its paymaster organization to ensure that the needs of its customer are met” (peter Ellwood, October 2010). According to Peter Ellwood’ “the role of marketing is to facilitate an organization’s ability to sell brands, images, concepts, products or services to its current and potential customers as by understanding and meeting their need”

1.3 OBJECTIVES OF THE STUDY:

In a bid to enhance a sound market ability and efficiency in our banking industries

(1) The target market should be identified.

The target can be a particular business or a group of business or individuals in a particular area.

(2) Information should be collected on such business and this will include names, principal nature of business, names and addresses of directors or proprietors. Such information can be obtained from the locating chamber of commerce, Newspaper, Radio and Television reports and advertisements, business directories and guides.

(3) There is therefore, a need to undertake a scientific analysis of a target market to determine its attractiveness or suitability for banks assistance.

(4) Based on a bank’s assessment of a target market, a bank should limit its marketing programmer to those business that appear attractive and what while as it is very easy to win the banking customer of poor business whose relationship may soon tar sour.

(5) Determining the practice of advertising, which enhances efficiency level in our banking industry.

1.4 SIGNIFICANCE OF THE STUDY

The study is significant because of the following reasons; firstly, money plays a very important role in any economy even though money is not the penance to economic development. Nigeria is a developing economy, which needs to increase its mobilization programmers. Banks are in good position to mobilize funds. They could do this through effective and efficient marketing of their services. The availability of financial capital is a prerequisite for the rapid development and transformation of any nation’s economy.

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