NATURE OF BANKING SERVICES IN NIGERIA
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NATURE OF BANKING SERVICES IN NIGERIA
THE NATURE OF BANKING SERVICES IN NIGERIA IN ABSTRACT
This is a study of the nature of banking services to determine the cause and make recommendations for creditable performance in financial services.
After conducting extensive investigation, I came to the following recommendations/conclusions.
consumers can live without banks, but banks cannot live without consumers. As a result, bank employees should be courteous and honest with customers, attending to them immediately and not viewing services supplied as favours done to them.
Bank services must be offered like any other product, and the product life cycle seen in other businesses must be given its due in the banking industry.
As a result, unlike our predecessors who kept themselves to the branch, we must put on the apron of salesmen to offer our services the publicity they require, while adapting to changing consumer expectations. Above all, the consumer is always correct.
1.0 INTRODUCTION TO THE NATURE OF BANKING SERVICES IN NIGERIA
In the previous few decades, the nature of financial services has permeated practically every aspect of human activity. The changes that have happened in the environment in recent years in terms of consumer demands for bank services are sufficient grounds for reviews and modifications in banking procedures. I must first acknowledge that a new era in the role of banking services in Nigeria has begun.
1.1 BACKGROUND OF THE STUDY
It was once conventional for bankers to limit themselves to the front walls of the bank, expecting business to come to them. No surprise, then, that the traditional viewpoint, as summarised by George Rare many years ago, was that “…….it is for its clients to come to the bank, and not for the bank to go to them….
The Manager must be a constant presence in the office, whether at the business desks or at the bank counter. As bankers, we must be alert to changing public demand and aspiration, whether it is for improved or additional services.
The concept of product life cycle, which is visible in other businesses, should be permitted to take centre stage in the banking industry as well. Fresh and appealing products must be introduced,
but it must also be expected that services will be removed from the range as and when the situation allows. The reality is that bank services must be marketed in the same manner as any other natural product.
Some individuals believe, and rightly so, that the insertion of the word nature affects the functioning zone of the banker in the same way that any other natural entity undergoes metamorphosis changes.
We need to highlight the differences between the modern bank manager’s apron and the old-fashioned transfer who have yet to realise that the nature of bank services is now a case of the buyer’s own lot and not the seller,
who only sells out when business only comes to him in the office. Thus, whatever services and specific abilities or strengths a bank possesses, advertising the name of the bank and the services it can provide to the public is required.
1.2 STATEMENT OF THE PROBLEM
The efficiency of bank services is required if economic development is to be achieved. This work aims to investigate the staff-client interaction, with a focus on how it influences their performance in areas such as courtesy, prompt attention to clients, professional counselling, and communication.
(a) COURTESY: This is the act of being nice and accommodating in all interactions between staff and consumers. The personnel should make an effort to utilise appropriate language, since carelessness and an uncooperative attitude will leave the consumer dissatisfied.
(b) PROMPT CLIENT ATTENTION: Bankers should attend to their customers as soon as possible. Long bank lines are unsuitable for the nature of our banking services and should be avoided.
(c) COMMUNICATION: The need of an efficient communication system for easy money transfers, check clearing, and contact with consumers when required, among other things, cannot be overstated.
(d) PROFESSIONAL GUIDANCE: In this area, bankers are expected to demonstrate their professional expertise. A banker should not confine his judgement of a customer’s performance to an analysis of the past balance sheet alone, as some individuals still do,
in order to be able to advise effectively on whether to invest or not. It is now necessary for us to be familiar with concepts such as budgets, cash flow forecasting, overhead allocation, costing, capital budgeting, and so on.
1.3 PURPOSE AND OBJECTIVE OF THE STUDY
The following reasons constitute the objective statement.
Given the significant assistance that different bank services provide to our economic development, banks should not be allowed to be plagued by insurmountable challenges that impede their functioning.
Customers can exist in the absence of banks, but banks cannot function in the absence of customers. Thus, the goal of this study is to clearly demonstrate the role of bank customers in the continued survival of banks in operation and the staff is secure employment.
It is a well-known cliché in the nature of financial services that the client is always right, but how far have banks been able to live up to this demand? It cannot be denied that in order to develop a people’s bank, excellent customer service is essential.
Our commercial banks have been criticised of being grossly inefficient. Given that there are some endogenous causes, are there any exogenous contributory elements to our banks’ bad performance?
All of these and other questions are of particular interest to the researcher.
1.4 SIGNIFICANCE OF THE STUDY
The study is notably demonstrated as follows:
It is my considered opinion that the quality of our financial services is obviously inadequate, and certainly not comparable to that available in most industrialised countries.
Some of the reasons for these bad services are not inherent in the banking industry, but rather be attributed to the underdeveloped state of some countries’ economies, particularly Nigeria.
Our commercial banks are still primarily based on the Orthodox banking system, albeit a few have become rather legendary. This suggests they value tradition and closely stick to established rules. Unlike the unconventional banking system available in the United States of America.
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