MARKET OF FINANCIAL SERVICE BY NIGERIA BANKING INDUSTRY
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MARKET OF FINANCIAL SERVICE BY NIGERIA BANKING INDUSTRY
ABSTRACT OF THE NIGERIA BANKING INDUSTRY’S MARKET FOR FINANCIAL SERVICES
This project was a thorough investigation on the marketing of financial services in Nigeria by the Nigerian banking industry. Its purpose is to investigate the performance of bank marketing and how much it has contributed to the Nigerian economy.
The first chapter of this project covers a broad overview of what marketing financial services entails, as well as the study’s aims, significance, and limitations.
The second chapter discusses the research methodology, including two unique types of data gathering instruments on the write-up questionnaire and library research.
The third chapter discusses the research methods employed in the project work. Sources of data, secondary data, data collection methods, and so on.
The fourth chapter discusses the study’s findings. According to the study’s conclusions, banks face numerous challenges.
To put it another way, Nigerian bank marketers practise what they teach.
The fifth chapter deals with recommendations and conclusions based on the study’s findings.
INTRODUCTION
CHAPTER ONE OF THE MARKET FOR FINANCIAL SERVICES BY THE NIGERIA BANKING INDUSTRY
1.1 BACKGROUND OF THE STUDY
Bank marketing is described as the creation and execution of services that meet the needs of clients while making a profit for the bank.
According to the definition above, the customer, who is the ultimate goal of bank marketing, must be satisfied.
With fierce rivalry in the banking sub-sector, marketing is as important as providing services themselves.
To protect a bank’s existing customer base and gain a larger share of the market, vigorous and effective marketing of banking services is required.
Banking institutions are recognised nationally as very significant institutions for a nation’s economic development, and in this state especially, the banking sector is said to play a more crucial role in the national economy than it does in any other developing country.
Banking was established in Nigeria in 1893 by the Bank of British West Africa, while desire for banks run by Nigerian companies or the Nigerian government dates back more than five decades.
Marketing and banking, despite independent disciplines, are interconnected because they are members of the Business administration family. This inter-relationship, however, is greater and larger in terms of their research.
Banking has traditionally been driven by operations, and marketing has played a limited role, generally being associated with public relations or land advertising.
In truth, applying marketing principles to service in general, and banking in particular, is a relatively recent science around the world. A typical example is the Nigerian financial environment.
Marketing financial services is hampered by a variety of hurdles, including a lack of will, a structural approach, and the underdeveloped nature of existing services.
Aside from traditional lending tools like loans and overdrafts, the provision of other services including insurance and insurance broking, pensions, equity finance, leasing and hire purchase, computer bureau services, and foreign services is nearly non-existent.
Even though some banks offer the majority of these services, they are limited to a few locations.
1.2 STATEMENT OF THE PROBLEM
Financial service marketing in our banking industries today still needs a technological approach to building a marketing culture at the banks. The most difficult issue for Nigerian bank marketers is to practise what they preach.
If a bank claims to have all of the information about a certain service, the staff on the phone should be able to address questions when customers go in. Although the increased number of banks has resulted in intense competition,
the competition has not gone beyond attracting deposits through a variety of innovations rather than a complete improvement in their services and meeting promised incentives.
In the face of deregulation, liberalisation, technological innovation, and more competition from banks and non-banks, marketers in financial services are taking on a larger role.
Banks that want to survive and thrive today should have more bank marketers that have adopted and been schooled in banking. This is true because marketing is more than just putting product x on the market and hope that y customer buys it.
It is utilising the resources of its paymaster organisation to ensure that its customers’ needs are addressed” (peter Ellwood, October 1990).
According to Peter Ellwood’s definition of marketing, “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 by understanding and meeting their needs.”
1.3 OBJECTIVES OF THE STUDY
In order to improve our banking sectors’ marketability and efficiency,
(1) The target market must be determined.
The target can be a specific business, a collection of businesses, or persons in a certain area.
(2) Information about such a business should be gathered, including names, the primary nature of the business, and the names and addresses of directors or proprietors.
Such information is available from the local chamber of commerce, newspaper, radio, and television stories and advertising, as well as business directories and guides.
(3) As a result, a scientific analysis of a target market is required to establish its attractiveness or suitability for bank support.
(4) Based on a bank’s assessment of a target market, a bank should limit its marketing strategy to those businesses that appear appealing, as it is very easy to win the banking customer of a substandard firm whose connection would soon tarnish.
(5) Identifying advertising practises that improve efficiency in our banking industry.
1.4 SIGNIFICANCE OF THE STUDY
The study is noteworthy for the following reasons: first, money plays an important part in any economy, despite the fact that money is not the key for economic success. Nigeria is a developing economy that requires more mobilisation programmes.
Banks are well-positioned to mobilise funds. They might accomplish this by selling their services in an effective and efficient manner. The availability of financial capital is a precondition for any nation’s economy’s rapid expansion and transformation.
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