The Effects Of Social Media On Nigerian Deposit Money Banks Service Delivery (A Study Of First Bank)

Project and Seminar Topics with material for Banking and Finance

The Effects Of Social Media On Nigerian Deposit Money Banks Service Delivery (A Study Of First Bank)


Abstract


This study was carried out to examine the effects of social media on Nigerian deposit money banks service delivery using First Bank Nig. Plc. in Abuja as a case study. The study was specifically set to determine the extent social media is used in Nigerian deposit money banks, ascertain whether the use of social media facilitates effective customer-relationship in the banking industry, find out whether the use of social media in the banking industry have a positive effect on customers satisfactions and find out whether the use of social media have a significant positive effect on service delivery of Nigerian deposit money banks. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise ofstaff of selected branches of First Bank Nig. Plc. in Abuja.In determining the sample size, the researcher conveniently selected 119respondents while 110 were received and 100 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage, while the hypotheses was tested using Chi-square statistical tool. The result of the findings reveals that the use of social media facilitate effective customer-relationship in the banking industry. Furthermore, the study showed that the extent social media is used in Nigerian deposit money banks is high. The study recommends that banks should update their knowledge with respect to social media space and the opportunities provided by digital measurement solutions so as to be able to assess the effectiveness and efficiency of social media. Naturally, the social media platforms should be linked with the firm’s customer relationship management system so as to form a complete picture of organizational efficiency of banks. To mention but a few.


Table of Content


Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypothesis
  • 1.6 Significance of the Study
  • 1.7 Scope of the Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organization of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.1 Data Presentation
  • 4.2 Analysis of Data
  • 4.3 Answering Research Questions
  • 4.4 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • References
  • APPENDIX
  • QUESTIONNAIRE

Chapter One


Introduction

1.1 Background of the Study

Social media marketing is defined by Elena (2016) as a new era- revolutionizing – tool that allows communication between individuals, companies and different groups from all around the world to share and exchange information and ideas in an interactive way for the purpose of attracting customers to patronize their companies. Social media marketing platforms such as Facebook, Instagram, Twitter, LinkedIn, and Blog have offered the opportunity for clients to discuss their online programmes, projects, reviews, recommendations and agree or disagree regarding different aspects of products or customer services. With the opportunities offered, social media marketing has had a major impact on how companies communicate with their distributors and customers, thus the traditional marketing may not have all these elements to cater for the customers’ needs and wants (Rapp, Beitelspacher, Grewal & Hughes, 2013; Crumpton, 2014; Kumar, Bezawada, Rishika, Janakiraman & Kannan, 2016).

Twitter, LinkedIn, Blog, Facebook, Google+ and various other web traffic have hundreds of millions of active users engaging in marketing activities through their platforms. Social media have importance for general web clients as well as businesses. Social media allude to the methods for communications among individuals in which they make, share, as well as trade data and thoughts in virtual networks and systems (Järvinen & Karjaluoto, 2015).
Several studies have shown that banks’ use of social media can lead to great advantages, such as, strengthening relationship with customers and creating awareness. However, there are still challenges that decrease the incitement to adopt social media as a marketing strategy. Leefang, Verhoef, Dahlström and Freundt, (2014); Fisher, (2009) and McCann and Barlow (2015), all agree that the major challenge is the lack of well-developed key performance indicators to measure the effects of the activities.

Marketing activities have changed significantly of recent because of internet-based possibilities. The traditional marketing model and marketing approaches do not adequately and efficiently utilize the possibilities of the Internet. The social media marketing is one approach that uses the new potentials on the internet (Järvinen & Karjaluoto, 2015). Some of the channels being utilized by social media marketing include Blogs, Twitter, LinkedIn, websites, Facebook, Instagram, Google+ among others to reach the customer satisfactorily (Ewing, 2009). Social media marketing is the marketing process of gaining attention on website traffic through digital applications that help the company to publicize its products and services. It is used for promotion of products or services in different social networks in form of advertisements or in form of content. The basic goal is to increase sales of a product/service or to build brand awareness (Ryan, 2014).


1.2 Statement of the Problem

Most banks are faced with the challenges of delivering effective services which can satisfy their customers. In the effort to deliver effective services, the banking sector undertakes numerous approaches and among them is the use of information technology (mobile banking). Information technology is a medium that has revolutionized banking and everyday operations at the click of button thus enabling sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks and reaching geographically distant and diversified markets (Marion, 2008). Despite the banking sector using information technology we see the problem of the lack of accessibility of banking services, fear of high bank charges a customer is required to pay long queues and poor banking systems (Peter, 2008).

As a result of the increased demand for customer deposits, Nigerian banks especially the new generation banks have realized the imperative of good and prompt customer service. Also, due to the fact that the some customers lost their deposit in the erstwhile technically insolvent or distressed banks, customers have now become wiser, more discerning alert and sophisticated with regard to choosing where it is safe to put their money and where they would be served promptly, preferably in a pleasant, courteous and friendly environment. Thus, they have started looking at the level of service and professionalism of the banks before depositing their funds. Proximity to the bank is no longer the issue. Safety and the level of service, with regard to quality, speed and efficiency has become the major imperative.

On the part of the banks, they have realized that one way in which they can provide quality service is through the use of technology. Hence there is a growing rate of adopting new technologies in Nigeria banking operations, which later give rise to mobile Banking application. Moreover, there is growing evidence that customers have started associating quality of service in a bank with the bank’s possession of online real time system. In fact, possession of such system is now judged to be the sine quinoa of a high quality banking service in Nigeria.


1.3 Objectives of the Study

This study focuses on the effects of social media on Nigerian deposit money banks service delivery. Specifically, the objectives of this study are:

  1. To determine the extent social media is used in Nigerian deposit money banks
  2. To ascertain whether the use of social media facilitates effective customer-relationship in the banking industry.
  3. To find out whether the use of social media in the banking industry have a positive effect on customers satisfactions.
  4. To find out whether the use of social media have a significant positive effect on service delivery of Nigerian deposit money banks.

1. 4 Research Questions

The following research questions will be answered in this study:

  1. What is the extent social media is used in Nigerian deposit money banks?
  2. Does the use of social media facilitate effective customer-relationship in the banking industry?
  3. Does the use of social media in the banking industry have a positive effect on customers satisfactions?
  4. Does the use of social media have a significant positive effect on service delivery of Nigerian deposit money banks?

1.5 Research Hypotheses

The following hypothesis will be tested in this study:

Ho: The use of social media does not have a significant positive effect on service delivery of Nigerian deposit money banks.

Ha: The use of social media have a significant positive effect on service delivery of Nigerian deposit money banks.


1.6 Significance of the Study

The study is significant to the banking sector as it will expose the need for the regulation of information to be disseminated through social media channels, it will also expose the need for social media channels to be used in their service delivery.

The findings of this research work will undoubtedly provide the much needed information to the government, the banking industry and policy makers on how they can avoid or manage a protest in other for it not to escalate.

Finally, this study will be of benefit to the academic community as it will contribute to the existing literature.


1.7 Scope of the Study

This study focuses on the effects of social media on Nigerian deposit money banks service delivery. The study will by extension delve into determining the extent social media is used in Nigerian deposit money banks, ascertaining whether the use of social media facilitates effective customer-relationship in the banking industry, finding out whether the use of social media in the banking industry have a positive effect on customers satisfactions, and finding out whether the use of social media have a significant positive effect on service delivery of Nigerian deposit money banks. This study will be obtained from First Bank Nig. Plc. In Abuja.


1.8 Limitations of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.


1.9 Definition of Terms

Social Media:

Social media are forms of electronic communication which facilitate interactive social networking base on certain interests. Social media include web and mobile technology. It is a group of internet-based applications that builds on the ideological and technological foundations of Web 2.0 and allow the creation and exchange of user-generated content.

Internet:

Internet can be defined as an interconnected computer networks that use the standard internet protocol suite to serve billions of users worldwide. It consists of millions of private, public, academic, business and government networks that range from local to global scope that are linked by a broad array of electronic, wireless and optical networking technologies.

Banks:

A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks.


1.10 Organization of the Studies

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.


Chapter Five


Summary, Conclusions and Recommendations:

5.1 Introduction

This chapter summarizes the findings on the effects of social media on Nigerian deposit money banks service delivery using First Bank Nig. Plc. in Abuja as a case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was on the effects of social media on Nigerian deposit money banks service delivery using First Bank Nig. Plc. in Abuja as a case study. The study was specifically set to determine the extent social media is used in Nigerian deposit money banks, ascertain whether the use of social media facilitates effective customer-relationship in the banking industry, find out whether the use of social media in the banking industry have a positive effect on customers satisfactions and find out whether the use of social media have a significant positive effect on service delivery of Nigerian deposit money banks.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 100 responses were validated from the enrolled participants where all respondent were staff of selected branches of First Bank Nig. Plc. in Abuja.


5.3 Conclusions

In the light of the analysis carried out, the following conclusions were drawn.

  1. The extent social media is used in Nigerian deposit money banks is high.
  2. The use of social media facilitate effective customer-relationship in the banking industry.
  3. The use of social media in the banking industry have a positive effect on customers satisfactions.
  4. The use of social media have a significant positive effect on service delivery of Nigerian deposit money banks.

5.4 Recommendation

Based on the findings the researcher recommends that;

  1. Banks should update their knowledge with respect to social media space and the opportunities provided by digital measurement solutions so as to be able to assess the effectiveness and efficiency of social media. Naturally, the social media platforms should be linked with the firm’s customer relationship management system so as to form a complete picture of organizational efficiency of banks.
  2. Social media marketing is a recent phenomenon; it has proven to be very effective and efficient tool and should be viewed as a major actor in creating awareness. Bank managers should use blog to their advantage by encouraging bank staff and not just the marketing department to participate in social media marketing which in turn covers more ground for the enhancement of conversion rate, web traffic and customer engagement leading to organisational efficiency of banks.
  3. One of the major challenges of social media marketing is turning data and information into something actionable and of practical outcome. The study recommends that social media of Facebook orientation should equally be used by bank managers as a tracking system; traffic on organization pages can be monitored comparing the attention given to a particular product or campaign on the profile pages to the sales of that product or brand, auto reply system helps in this regard. Polls concerning the success of bank products and services can also be useful in this direction.

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