The Utilisation of Electronic Marketing in the Banking Sector
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The Utilisation of Electronic Marketing in the Banking Sector
ABSTRACT
The evolution of marketing has led us to realise that it has existed since the days of our forefathers and, as such, will continue to grow. Because marketers are forced to work extra on a daily basis, there is a widespread notion that marketing activities will not expand beyond their current orbit. E-marketing is no different from traditional marketing except that it is conducted through the Internet.
The merger of fidelity bank PLC with the old FSB international Bank and Manny Bank PLC was motivated by the need to bring together banks with complementary competences in order to create value in a rapidly changing financial services sector.
As the case study researcher, other institutions/industries, and I require it, the hypothesis and importance of the study were presented in this research effort. The study’s scope and limitations were specified, and a generalised summary of the study was briefly highlighted.
However, the study’s goal was revealed, and decisions were made regarding the historical emphasis of the case study in accordance with its objectives as linked to the banking industries. Gloss (1995) defined e-marketing as “the application of digital technologies that form an online channel to contribute to marketing activities aimed at achieving profitable acquisition and retention of customers through improving customer knowledge,
then delivering integrated target communications and online service through the Internet that matters, their individual needs, the application of e-marketing, new technology for banking development.”
INTRODUCTION TO CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
E-marketing in the Nigerian banking sector is a part of the electronic cosmos in which messages and information travel at the speed of light across the continent or around the world.
It is a location where you may access information, meet clients, transact business, hear consumer complaints and address them, and meet thousands of their needs without ever leaving your house or workplace.
Marketing activities have existed since the dawn of time. Marketing has been evolving for many years. The history of the development taught us that there was a time when marketing activities were overlooked, despite the fact that they are the hallmark of every business’s growth.
Customers’ demands were not investigated, marketers were not trained, and they received no attention. Firms can manufacture anything they want (sales oriented) and force it on customers via untrained entities. Until recently, when client orientation became the norm of the day, marketers were still found on the road every day by day to have transactions with the customers out there, even when they were paid preferred care.
This has hampered efficacy; marketing has progressed beyond the face of going under the sun day after day in pursuit of clients and meeting their requirements. As a result, the concept of e-marketing emerged, where too many things may be done without coming into contact with the sun.
The introduction of this course opens up a world of infinite possibilities that will forever change the way marketing transactions in the banking sector are conducted. The issues confronting E-Commerce as well as the potential in the banking sector will be discussed.
1.1.1 THE CASE STUDY OF COMPANY PROFILE
The new consolidated foundation has taken over Fidelity Bank’s accident life. Legally, the new and expanded Fidelity debuted on December 23, 2005. When the merger of Fidelity Bank Plc with the Old FSB International Bank and Manny Bank Plc was approved by the courts.
The merger of the three banks did not occur until January 2, 2006, when the Governor of the Central Bank of Nigeria revealed (a day earlier) the institutions that had cleared the capitalization hurdle and were licenced to operate in Nigeria. The three banks’ merger strategy was to bring together banks with complementary competences in order to create value in a rapidly changing financial services sector.
Prior to the CBN, Governor’s announcement of the approved 25 commercial banks, the operating environment was considerably different in many ways. Following consolidation, the industry has faced integration (process employees, technology, and products) and customer growth issues. Our bank has completed these challenges.
The integration challenges have been resolved, and our organisation, as one of the fastest growing banks, is positioned to achieve even stronger results in the coming year. In this regard, we are sure that the results for the coming year will be more outstanding because our bank has not yet completely leveraged the consolidation synergies.
GOALS OF THE CASE STUDY
a. Considering the need to expand the nation’s economic base through market liberalisation and the development of small and medium-sized enterprises (SME). Fidelity Bank’s goals are to deliver unique services to a select group of specialised clients.
b. To have a retail banking infrastructure that will allow her to service her target market.
c. To grow small businesses into large ones, and large ones into even larger ones, Boldeer must become more competent in all areas of their business.
SUCCESSES OF THE CASE STUDY
So far, the fidelity Bank Plc has achieved the following from the aforementioned objectives:
a. She has been able to implement electronic touch points such as ATMs and point of sale terminals to supplement the brick and mortar locations. The launch of the “Fidelity Mobile Banker,” an SMS solution that allows customers to track account activity via mobile phone. There is also a saving package (save right). Annual Report of Fidelity (2006)
1.2 STATEMENTS OF THE PROBLEMS
This sector assisted us in focusing on the issues affecting banking growth and producing setbacks, consequently defining e-marketing as the trademark of all profit-oriented organisations. Its problems and potential, as well as suggestions for its usage in banking and other growth-oriented organisations for innovation.
a. The Nigerian banking sector’s progress was hampered by a lack of knowledge of e-marketing.
b. Marketers’ exposure to working over time constrained their technical process for examining the notion.
c. Isolation of marketing operations in online business reduces bank productivity.
d. The denial of a marketing professional job hampered the company’s growth.
1.3 OBJECTIVE OF THE STUDY
Every research project of this type must have a goal, which are as follows:
To assess the influence of e-business on the banking industry.
To ascertain why marketing operations in the online sector fail.
To learn how an e-marketing system can be implemented in the banking sector.
To describe the activities of e-marketing and their use in banks.
To find out if there is a method that a marketing career can be limited to relying on online marketing and sales without having to face the rigours of the hot sun in the field.
To propose a workable strategy for protecting or securing e-marketing activities in the banks and other businesses.
1.4 RESEARCH QUESTIONS
We are able to concentrate on the solution to the challenges mentioned in 1.2. The research questions are developed to do this. It was also utilised to develop the hypotheses that were tested. As a result, we have;
Is electronic marketing used by banks?
Do banks comprehend what e-marketing entails?
Is your bank aware of the significance of this system?
Does your bank allow her marketing staff to collaborate on the concept?
Are marketers well-treated or motivated to deliver the desired outcome?
What impact has your bank had thus far on the traditional method of acquiring customers?
What initiatives has your bank done to improve her productivity and performance?
1.5 RESEARCH HYPOTHESIS
The research hypothesis was developed in response to the research questions posed on the previous page. There are two kinds of hypotheses:
The Null Hypothesis (Ho) asserts that there is no difference, whereas the Alternate Hypothesis (Hi) asserts that there is. As a result, we have:
Hoi = In the Nigerian banking sector, a lack of knowledge of e-marketing does not lead to a decline in its development.
Hii = a lack of e-marketing understanding in the Nigerian banking sector causes a recession in this development.
2. Ho2 = Limiting marketers to working over time does not limit their technical ability to leverage the idea.
H12= Marketers’ exposure to working over time hampered their technical proficiency in utilising the idea.
3. Ho3 = Isolating marketing activities in online business does not reduce bank productivity.
H13 = Bank productivity is hampered by the isolation of marketing efforts in the online business.
4. Ho4 = The denial of a marketing professional position does not impede the company’s growth.
H14 = The denial of a marketing professional’s position stunted the company’s growth.
1.6 SIGNIFICANCE OF THE STUDY
The importance of e-marketing in the banking sector in Nigeria cannot be overstated, particularly in the areas of this study to banks and other industries that lower growth to the use of computer of on-line in their marketing activities, i.e. (usage scale enterprises).
1. It will improve the production and performance of the business.
2. It is also a requirement for students or researchers to receive the Higher National Diploma Certificate.
3. It will assist in determining some of the issues that are lingering or impeding the proper operation of e-marketing in the banking industries. It will create place for mental attention to the society technological growth and consciousness in technology.
4. Finally, it provides an opportunity for additional investigation to other scholars such as myself.
1.8 DEFINITION OF TERMS
Banking Sector: The environment in which transactions are done to satisfy both customers and stockholders.
Consumers: The final consumer of such things achieved by the bankers.
Customers: Are the immediate clients of the banker
E-marketing: An facet of e-commerce and marketing is a systematic method of finding consumer demands and favouring solutions that satisfy the corporation itself. E marketing is the electrical equipment in the internet that allows marketing activities to travel at the speed of light across nations.
E-Mail: The telecommunications equivalent of regular postal services, which transport letters to homes and offices.
FTP (File transmit Protocol): Allows you to transmit files to any site you wish.
Internet: A medium that allows the world to be researched with one message at a time, with ease and at a minimal cost.
On-line Business: a method of reaching out to the world as a business unit on the Internet.
Personnel setting: A market’s face-to-face encounter with a customer or consumer.
Telnet: allows you to connect to a distant computer to search libraries and catalogues, navigate information systems, and so on.
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