EVALUATION OF CUSTOMER SERVICE AND RELATIONSHIP MARKETING IN THE BANKING INDUSTRY
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EVALUATION OF CUSTOMER SERVICE AND RELATIONSHIP MARKETING IN THE BANKING INDUSTRY
ABSTRACT
This study, “Evaluation of Customer Service and Relationship Marketing in the Banking Industry with Reference to First Bank Nig. Ltd Enugu,” was conducted to assess the relationship marketing of the banking business in the Enugu metropolis. This study’s aims are as follows:
To determine whether First Bank Nigeria Ltd’s practice of customer relationship marketing enhances consumer demand for their services. To determine whether First Bank Nigeria Ltd’s customer connection marketing practices result in long-term relationships between management and customers. To solve the research problem, both primary and secondary data were collected.
The research instruments employed were a questionnaire and oral interviews. The study’s population consisted of relevant management and personnel, as well as first bank customers.
Bourley’s formula was used to calculate the sample size for customers, whereas a census was employed for relevant management and personnel.
Data was organised and presented using tables, percentages, and frequencies. The researcher made some results based on the obtained data, including: First bank practices client connection marketing. Nigeria Plc fosters long-term relationships with their consumers.
Employees were trained and motivated to provide better customer service and relationships. Based on these findings, the study proposed that: For bank productivity, the banking industry should teach and incentivize their personnel to take good care of their clients in order to improve customer service and relationships.
According to the research, if these tips are carefully followed, first bank clients will not only be satisfied, but will also grow their patronage.Chapter one
INTRODUCTION
1.1 Background of the Study
Banks require their own marketing strategies in order to acquire a significant market share and gain goodwill by preserving mutual understanding and developing positive relationships,
which are critical for the organization’s survival. Relationship marketing is necessary for banks to recruit, maintain, and retain clients.
Kotler (2003:13) defines relationship marketing as the goal of developing mutually beneficial long-term relationships with key partners such as consumers, suppliers, and distributors in order to earn and maintain their business.
Organisations achieve this goal by promising and delivering high-quality products and services at reasonable prices to other parties throughout time. It fosters strong economic, technological, and social linkages among the partners. It lowers transaction costs and saves time.
Banks should embrace an agile management model that focuses on the need to constantly and immediately meet the demands of consumers, spurred by the spirit of enterprise and inventiveness in dealing with their wants and requirements.
As a result, marketing in banks has increased in order to create a positive image in the eyes of clients, as well as to sustain and build concrete relationships that will earn them respect and repeat business.
Customer connection marketing, according to Kotler (2009:52). Enables businesses to give outstanding on-time customer service by building relationships with each valued customer through the effective utilisation of individual account information. Companies can tailor their market goods, services, programmes, therapies, and media to each individual customer.
According to customer relationship marketing, the aggregate value of the company’s client base is the most important factor in determining its profitability.
One may argue that if a firm knows and conducts relationship marketing, and then maintains it with excellent Customer Relationship Marketing (C.R.M), the company will not only have a higher share of their purchases, but also customers efficiently and effectively. (Adirika 2006: 257).
He also stated that customer acquisition and maintenance should go hand in hand with customer identification as a multi-pronged approach to maintaining long-term beneficial connections with clients. They are primarily entertained by proper integration and coordination leading to a synergy, which includes banks.
Because of the importance of customer relationships in recruiting, retaining, and maintaining consumers, this study evaluates First Bank Ltd Enugu’s customer relationship marketing practice.
1.2 Statement of the Problem
Any organization’s success or failure is heavily influenced by the relationships it has with its customers, stockholders, government, employees, community, distributors, suppliers, and others. A positive relationship with clients builds confidence and productivity in an organisation.
Banks have made numerous compromises owing to a lack of skilled staff and low quality service, which does not provide their clients with the best possible time and service relationship.
The most terrible aspect is the delay in service delivery. The lengthy process that a customer goes through before being attended to has become complex and stringent. Some managers and employees have casual attitudes towards customers.
The unattractive thing stems from service providers’ lackadaisical attitude towards their clients, income level discrimination, and banks’ failure to fully embrace the notion of customer relationship marketing (CRM) to satisfy customers beyond rivals’ activities.
This improper treatment has caused resentment among banks, including First Bank Ltd. This study seeks to determine how relationship marketing can be used to improve the performance of First Bank Plc.
1.3 GOALS OF THE STUDY
The study’s aims are:
1. Determine the extent to which First Bank Plc uses client relationship marketing.
2. Determine whether First Bank Plc’s customer interaction practice lowers customer dissatisfaction.
3. Determine whether the practice of customer relationship marketing at First Bank Plc enhances client patronage of their services.
4. To determine whether First Bank Plc’s customer connection marketing practices result in long-term relationships between management and consumers.
5. Determine whether customer relationship marketing, as conducted by First Bank Plc, provides satisfaction to its consumers.
6. To assess the impact of customer relationship marketing on the profitability of First Bank Plc.
7. To give appropriate recommendations for First Bank Plc’s customer relationship marketing practices.
1.4 Formulation of Hypotheses
This study has the following hypotheses.
Ho1: First Bank Plc’s customer connection marketing does not result in long-term relationships with its clients.
H:1: First Bank Plc’s customer connection marketing practices result in long-term relationships with their consumers.
Ho2: First Bank Plc’s relationship marketing practices do not result in increased customer patronage.
H:2: First Bank Plc’s customer relationship marketing technique leads to increased customer patronage.
Ho3: First Bank Plc’s practice of customer relationship marketing has no positive influence on the organization’s objectives.
H:3: First Bank Plc’s practice of customer relationship marketing has a favourable impact on the organization’s aims.
1.5 Significance of the Study
This study is relevant in several ways.
First, it will help the first bank Plc comprehend the practice of customer relationship marketing in order to increase performance. This is because it will offer them with valuable information that will allow them to fully understand their clients, where they live, and why they visit them.
Second, it will allow them to thrill their customers rather than simply please them.
Finally, consumers of First Bank Plc will benefit if the study’s conclusions are wisely implemented or utilised.
This study will also benefit both the researcher and the reader because it will provide in-depth knowledge and understanding of the subject, potentially leading to further research.
1.6 Scope of the Study
This study focuses on the examination of customer service and relationship marketing in the banking business, with a special emphasis on First Bank Nig. Ltd. Enugu.
However, it is hoped that what transpired in Enugu metropolis will be implemented to all financial services in Nigeria.
17. Definitions of Terms
MARKETING: As a managerial function concerned with systematically discovering, anticipating, and meeting the requirements and demands of consumers in a profitable manner. Nwosu, 2004:4.
CUSTOMER RELATIONSHIP: This is the practice of managing precise information on individual customers and carefully managing all of their touch points to maximise customer loyalty (Kotler 2000:13).
MARKETING CONCEPT: The organization’s primary responsibility is to identify the wants and values of a target market and adapt the organisation to provide the needed satisfactions more effectively and efficiently than its competitors (Kotler 2003:7).
SERVICE: Legal services, teaching, and banking are examples of intangible products that do not have a physical form (Nebo 2004:225).
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