The Application Of Electronic Marketing In The Banking Service (A Case Study Of Fidelity Bank Aba)
The Application Of Electronic Marketing In The Banking Service (A Case Study Of Fidelity Bank Aba)
Abstract
The evolution of marketing, made us to understand it has been from the days of our ancestors and as such continue its growth. The reason that marketers are left working overtime daily created a belief that marketing activities may not grow beyond the orbit it is now. E- marketing is not different from marketing other than been operated in the Internet. The strategy rationale for the merge of fidelity bank PLC with the old FSB international Bank and Manny Bank PLC was to bring together banks of complementary competencies to create value in a vastly changing financial services market place. In this research work the hypothesis and the important of the study were stated, as the case study researcher, other institutions/industries and I need it. The scope and limitation of the study were stipulated, a generalized description of the study was briefly highlighted.
However, the purpose of the study was exposed, where deliberations were made regarding the historical highlight of the case study in consonance with its objectives as relating the e- marketing in the banking industries. The definition of e- marketing was concisely define by Gloss (1995) as the application of digital technologies which form online channel to contribute to marketing activities aimed at achieving profitable acquisition and retention of customers via improving customers knowledge, then delivering integrated target communications and online service through Internet that matters, their individual needs, the application of e- marketing, new technology for banking development, new contribution to e-marketing, common problem of e- marketing and solutions.
Chapter One
Introduction
1.1 Background of the Study
E-marketing in Nigerian banking sector is an aspect of electronic universe in which messages and information streak across the continent or around the world at the speed of light. It is place where you can find facts, meet customers, transact business, receives customers complaints, and handle them, meet thousands of their things without ever leaving your home or office.
Marketing activities is as old as man lives. The development of marketing started many years ago. The history behind the development made us understand that there is an era where marketing activities were less regarded forgetting it is the hallmark of every business growth. In contemporary globalize scenario several innovative technologies, especially the Internet, have been changing the ways of doing business. The private banking industry is extremely information intensive, and thus makes it important to recognize new development in strategy to create value through the e-commerce on E-Marketing. We live in a technological epoch and consumers are now fuelled by internet-induced potentials and an even increasing mood of resourcefulness. Actually Electronic marketing is seen to arise from the consolidation of traditional Marketing with the e-business applications marketplace and has created an outbreak of activity among companies. Electronic Marketing emerges from the Internet and web technology to facilitate of internet and its associated technologies in e-banking. It focuses on internet- or web-based interaction between banks and their customers. The emergence of electronic channels and information technology such as Internet, web technologies, mobile phones etc has rapidly changed the traditional marketing methods. Rapid and quick growth of information technology has affected many parts of our society including human society, business world, communications etc. In this technological era, every type of organization, producers, retailers, manufacturers, service providers, consumers etc are found of the Internet. Rapid development in the information technology during the last couple of decades has brought a new added dimension in the field of marketing. E-marketing brought a revolution for businesses to communicate and interact with their customers. It expands the business to the global world and brought customers to reach globally. It provides new market to sell and market the product with more opportunities and competition. E-marketing also creates values by reducing the costs through transferring information one-to-one, one-to-many, or many-to-many (VibhorKalra, 2010). The future of E-commerce is bright and looks very promising as millions of homes all over the world access the internet to make their online transactional which is also increasing at a fast rate
1.2 Statement of the Problem
Prior to The recent mandate to banks by the regulatory body (CBN) which placed a limit of (N10, 000,000) ten million naira Cheques encashment per transaction has posed a huge threat to high volume cash-transactions, high rate of robbery attack on banks brew a lot of concern to banks on how to reduce cash transaction so as to guarantee safety of the business. These developments compel banks to dove-tail into engaging electronic way of running their normal business because no bank is ready to lose their customers patronage or err against banking regulatory policies. Given the need for security and business continuity, banks now employ the use of high-tech mode of communicating and delivery of their products and services to potential and existing customers. Direct and online marketing are applied by banks to create product awareness and also used as a strategy for customer retention.
Despite the convenience of the online services, some customers who are not literate enough will face challenges with the application of those electronic way of transacting business thereby creating a problem to the bank on how to win, maintain loyalty and retain such customers. Again, poor infrastructural facilities pose a big threat to product accessibility. The demand to engage in direct as well as online marketing for bank product has made the empirical appraisal of their application imperative.
1.3 Objective of the Study
The main objective of the study is to investigate how the adoption of the electronic marketing enhances banking services in Nigeria.
The specific objectives include;
- To assess the impact ofthe application of electronic marketing on customers’ patronage;
- To determine the extent of theapplication of electronic marketing has improved customers convenience in enjoying banking services;
- To assess how the application of electronic marketing help in reducing marketing costsas against traditional marketing.
1.4 Research Hypotheses
Hypotheses One
- Ho: electronic marketing has no impact on customers’ patronage
- Hi: electronic marketing has no impact on customers’ patronage
Hypotheses One
- Ho: electronic marketing has not improved customers convenience
- Hi: electronic marketing has improved customers convenience
1.5 Significance of the Study
The significance of this study does not lie squarely on academics but also to imbibe in banks and its customer’s diverse way to communicate and access their products and services. It is a marketing strategy that helps organizations to meet timely need of their customers irrespective of their location. This study will establish the impact of this marketing strategy on banks services delivery. However, Nigerian banks may find the study useful as the effectiveness of these marketing strategies will be highlighted and brought into greater focus. Generally, the product of this work will be relevant to:
- Commercial bank operators as this will enable them maximize the use of this marketing strategy in communicating widely, their product and services to their customers.
- Bank customers will find it relevant because it will help them explore the path of convenience in banking.
- Other researchers in the area bank service marketing will see this work as an important leverage to their own research.
- This work will appeal to the general public because it will add to the existing body of literature and extended the frontiers of banking knowledge.
1.6 Scope and Limitation of the Study
This study is primary concerned with the application of electronic marketing in the banking service. This project work covers fidelity bank Aba.The researcher encountered some constraints, which limited the scope of the study.
These constraints include but are not limited to the following
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
b) Time:
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
1.7 Definition of Terms
Electronic Marketing
E-marketing is the process of marketing a product or service using the Internet. E-marketing not only includes marketing on the Internet, but also includes marketing done via e-mail and wireless media. It uses a range of technologies to help connect businesses to their customers.
Banking Service
Is an end-to-end process ensuring the overall execution of a financial service provided over the web. Such a digital banking service is available on demand and is carried out within a set time-frame.
Banking Services
Banking services refer to those activities basically involving the mobilization of saving and other deposits, granting of credit facilities, transfer of funds, money creation and so on. (lbitoye and Ajayi 2001) Marketing if summarized within the assumption of the 4ps (product, price promotion and price) can be integrated into the configuration of banking services. The marketing mix can be applied thus:
Product
This includes the convergence of segment provision by hank. (i.e. the stated banking services above). The function rendered by the bank purposely to serve the customer is the “product” of the bank. Complementary products as cash cards, magnetic stripe cards carrying PIN (Personal identification Numbers), credit cants, flash cards, charge cards based upon the visa and master cards system.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concerned with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Chapter Five
Summary, Conclusion and Recommendation
5.1 Introduction
It is important to ascertain that the objective of this study was to ascertain a critical analysis of the application of electronic marketing in the banking service.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations are made, which in the opinion of the researcher will be of benefitin addressing the challenges of marketing and banking services.
5.2 Summary
This study aimed at havinga critical analysis of the application of electronic marketing in the banking service. (NUMBER OF OBJECTIVES)were raised. These objectives include:
The main objective of the study is to investigate how the adoption of the electronic marketing enhances banking services in Nigeria. The specific objectives include, to assess the impact ofthe application of electronic marketing on customers’ patronage, to determine the extent of the application of electronic marketing has improved customers convenience in enjoying banking services, to assess how the application of electronic marketing help in reducing marketing costsas against traditional marketing.
5.3 Conclusion
Based on the above findings pertaining to the objectives of the study the following conclusions are drawn.
There is no doubt that the adoption of adoption ofe-marketing has played significant roles in improving customers’ patronage of banking services in Nigeria, through strategies and electronic measures such as telemarketing, catalogue marketing, direct mail, e-payment, e-banking, e-marketing, e-commerce and e-business. However, in spite of the numerous contributions, there are still certain challenges which represent barriers to it effective adoption in most banks and by most customers in the country. Infrastructures such as Internet connectivity, GSM system, computer, and online tools for effective marketing and communication of banking services are either grossly inadequate or lacking completely in some areas within the country. The study concludes that; banking organizations that embrace the powerful force of e-marketing stand to reap immense benefit as it is the means by which they can be effective and efficient and thus, remains successful in the competitive banking industry.
5.4 Recommendation
In view of the benefits associated with the adoption of e-marketing, Commercial Banks in Nigeria should adopt some measures to ensure the effective utilization of the e-marketing as a strategic marketing tool in their banking operations.
Banks should not only provide internet service facility but should also focus on how to improve on other forms of internet marketing activities such as telemarketing, catalogue marketing, direct mail, e-payment, e-banking, e-marketing, e-commerce and e-business.
All the barriers to effective internet marketing adoption such as poor connectivity, inadequate computers and ICT infrastructure, as well as cyber-crimes which constitutes a serious bottleneck to the overall success of banking operations in Nigeria should be addressed by managers and stakeholders in the banking sector.
Nigerian bank managers should develop marketing strategies that will help them use internet marketing to deliver the satisfaction more effectively and efficiently than other competitors so as to continue to retain existing customers and attract new ones
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