PUBLIC SERVICES MARKETING
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PUBLIC SERVICES MARKETING
Chapter one
1.0 Introduction
1.1 Background of the Study
A bank is a government-licensed financial institution. Its core activities are borrowing and lending money. Banks no longer limited themselves to typical banking activities, but instead sought new ways to expand business and grab new markets. Grönroos. (1990).
v In the 1990s, more focus was placed on technology and innovation.
v New concepts, such as personal banking, retail banking, and total branch automation, were introduced.
Banks’ activities can be divided into four categories: retail banking, which deals directly with individuals and small businesses; business banking, which serves mid-market businesses; corporate banking, which serves large business entities;
private banking, which provides wealth management services to high-net-worth individuals and families; and investment banking, which deals with financial market activities. The majority of banks are privately owned and profitable businesses. Some, however, are government-owned or run as non-profit organisations.
Marketing approaches in the banking sector gained prominence after 1950 in Western countries and after 1980 in Turkey. New banking perspectives geared on the market influenced banks to build new markets. Banks began to use marketing and planning approaches to effectively offer their new services.
Marketing scope in the banking industry should be evaluated within the service marketing framework. One example is the implementation of a marketing strategy to determine the position of financial institutions in the minds of clients.
Bank marketing is the function that instills the bank’s personality and image in the minds of its customers, in addition to providing its services. Financial marketing, on the other hand,
is the function that connects unique characteristics, differences, and non-similar applications between financial institutions and their clients’ judgement criteria.
The reasons for marketing scope’s importance in banking and banks’ interest in marketing subject can be organised as follows:
Changes in demographic structure: Differences in population size and composition have an impact on the quality and attributes of customers who use banking services. Intense rivalry in the financial services business:
The competition has been intense as a result of the rising international banking perception and, more recently, the lack of restrictions on new enterprises entering the field. The increased liberalisation of interest rates has fueled competitiveness.
Banks want to improve their earnings in order to generate new markets, protect and develop existing market shares, and survive in the face of fierce competition and demographic change.
1.2 HISTORICAL BACKGROUND OF FIRST BANK NIG PLC.
First Bank is one of Nigeria’s oldest financial organisations and the first bank to be created in West Africa. The bank was established as a limited liability company in March 1894 and floated on the Nigerian Stock Exchange in March 1971.
Following the Central Bank of Nigeria’s (“CBN”) instigated industry-wide restructuring in 2005, the bank purchased its merchant banking business.
FBN (Merchant Bankers) Limited and MBC International Bank plc. The bank provides a comprehensive range of financial services to a diverse customer base through its local and offshore offices, which include 465 branch locations across the country and 532 ATMs.
In addition to organic growth through new goods and branch expansion, other suitable domestic acquisitions are being considered. The plan is to expand the branch network to 600 by the end of 2008.
1.3 Statement of the Problem
Banks are generally thought to be primarily concerned in loans, savings, and other associated transactions, although it is clear that banks also engage in marketing operations.
To this end, the goal of this research is to determine the extent and methods by which banks carry out their marketing services, such as the usage of E-banking, Core Banking, Corporate Banking, Mobile Banking, and Plastic Money. NRI banking, for example, when providing marketing services.
1.4 Objectives of the Study
The goal of this research is to examine the marketing of banking services as well as the methods by which banks provide those services. It will go a long way towards revealing the new inventive marketing methods employed by the banking sector, such as e-banking, core banking, corporate banking, and mobile banking.
Plastic money. NRI banking, for example, will be investigated, as will the usage of the banking sector’s marketing mix in marketing services, which will include a review of the bank’s products, price, pricing, location, promotion, process, and physical evidence.
To investigate the level of market service delivery in First Bank Plc Owerri in connection to information technology (IT) advancements. To investigate workers’ perceptions of the effects of IT advances on market service delivery at First Bank Plc Owerri.
1.5 Significance of the Study
Although this research will focus on First Bank PLC, the findings can be applied broadly to the banking industry. The purpose of doing research into the role of marketing in banking services is to objectively reveal the improvements it has achieved in the banking industries in terms of banking service delivery.
1.6 RESEARCH QUESTION.
In order to fulfil its goals, this initiative will attempt to answer the following questions:
1. Has the marketing of banking services benefited the banking industries?
2. To what extent has e-banking contributed to the marketing of banking services?
3. Is core banking still in use?
4. Is corporate banking necessary for service delivery?
This study work aims to answer these and other problems.
1.7 Research Hypotheses
To gain a better understanding of the research effort and validate the material obtained for the aim of this research, certain hypothetical statements were developed, which will be examined later in Chapter Four (4).
The hypothesis consists of two parts: the null hypothesis (H0) and the alternate hypothesis (Hi). If the estimated value exceeds the observed value, the null hypothesis will be rejected.
Hypothesis I
Ho: The implementation of new inventive methods of marketing services in banking marketing has not resulted in an improvement in service performance at First Bank Plc.
Hi: The introduction of new inventive methods of marketing services in banking marketing has helped to improve service delivery at First Bank Plc.
Hypothesis II.
H0: The use of marketing Mix initiatives has not improved the level of service delivery or customer happiness at First Bank Nigeria plc.
Hi: The implementation of marketing mix techniques has improved the quality of service delivery and customer satisfaction at First Bank Nigeria Plc.
1.8 Scope of the Study
This study focused on First Bank PLC and did not fully analyse the bank’s functionality, but rather limited itself to the marketing of banking services.
As a result, this study investigates the function of marketing in banking services, as well as ways to improve marketing. Considering these factors, the data and questionnaire responses were limited to First Bank PLC Owerri employees and customers.
1.9 Definition of Marketing Terms
According to the Oxford Advanced Learner’s Dictionary, marketing is the process of presenting, advertising, and selling an organization’s products or services in the best possible way.
Banking Services
Banking services can be defined as the commercial activities and services that banks conduct with their customers in order to generate revenue and meet the needs of the banks themselves.
E-BANKING
Remote distribution of innovative and old banking products and services via electronic means. (FFIECJ).
E-banking is an abbreviation of electronic banking. E-banking allows you to do bank transactions online rather without visiting a bank and speaking with a teller.
Most banks in the United States offer E-banking, albeit the scope of services varies. For example, some banks may provide unlimited bill payment choices, while others may limit online activities.
Core Banking
Core Banking is typically defined as the relationship between a banking institution and its retail and small business customers. Many banks approach retail consumers as core banking customers,
with a separate line of business dedicated to small business management. The institution’s corporate banking division manages larger enterprises. Core banking is primarily the deposit and lending of money.
COOPERATE AND INVESTMENT BANKING.
Corporate and investment banking is the phrase used to represent a range of banking and investment products and services supplied to corporate clients, financial institutions, governments, agencies, and, in some situations, rich or ‘high-net-worth’ people and families.
Mobile Banking
Mobile banking (also known as M-Banking, SMS Banking, and so on) refers to the use of a mobile device, such as a phone or a Personal Digital Assistant (PDA), to perform balance checks, account transactions, and payments.
PLASTIC MONEY
A generic name for all forms of bank cards, credit cards, debit cards, smart cards, and so on.
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