Strategic Marketing Of Banking Services In Nigeria

Project and Seminar Topics with material for Banking and Finance

Project and Seminar Topics with material for Banking and Finance


Abstract


The proliferation of banks in Nigerian economy resulted in cutthroat competition among banks, the phenomena in informed the decision to probe into how banks market their financial services. In other words, the focus of this work is to find out the marketing strategies adopted by banks to create awareness of their products. To customers, it also sought to know the importance of marketing in the liquidity and profitability position of banks. The effect of marketing strategies and techniques on the existing customers and prospective ones was also a subject for consideration.

However, since there are many banks in Nigeria spread over the thirty-six (36) states of the federation and the federal capital territory, Abuja to use all banks for the purpose of the study would be cumbersome and illogical.

Four branches of the bank situated in Lagos were used for the purpose of data collection interviews method was adopted with the use of two separate interview schedules, one for bank officials and the other for customers of the branches.


Chapter One


Introduction

1.1 Background of the Study

This study is concerned with market of financial services in the banking industry of the economic. It is usually focused on the changes that have taken place in the financial environment, and how banks have reacted to these changes, the planning involved and the creation of new services to meet their customer’s needs.

The Nigeria banking industry, it must be argued has come a long way in serving as a hub of financial intermediation process in the entire development of an economy, more so of a developing one, most of necessity institutes highly functional and efficient financial system. The banking industry is therefore important in the process of development.

The financial sector has therefore become one of the fastest growing sectors in the economy cutting across the monetary authorities, the banking institutions over the years, the marketing concept before now had a restricted meaning of activities, which relates the buying and selling of goods. See buyers or sellers of services. This believes could be attributed to the level of awareness among the Nigerian market. However, in theory product marketing sales of goods and services, marketing such as provision of bank and insurance services are the same.

Marketing strategies are now being used in all sectors of the economy and the marketing mix; that is the blending of the (4) Ps’ (product, price, place and promotion) of marketing to achieve the objective for which a company is established, has become a necessity for variable companies in the economy.

The trend in the banking industry today provides an interesting example of a service industry that has in the past neglected the marketing concept, which stipulates that a market oriented company must seek the need and wants of the consumers should be at the command of the company.

As a result of the growth in number of banks in Nigeria (commercial and merchant) before 1983 and 1990 from thirty-five (35) to one hundred and nineteen (119), they were now awakened to realize that in order to continue in business they must get a reasonable percentage of the banks existing customers and acquire more of the potential customers by turning them into full customers.

Also to attract customers and deposits, most banks like other business outfits resorted to dynamic and motivating marketing strategies could be defined as the means and techniques through, which organization attempt to promote their products with a view to enhance their image in order to get a large percentage of the industry market, to achieve the objective of the organization, marketing concept and strategies then become important as efficient provision of financial services by the banks.


1.2 Statement of the Problem

Banks are custodians of the customers’ wealth. They provide financial service; they provide peace of mind to the customer. As a result of this, banks marketing plans should ensure that the customer is well informed of its plans, problems and its solution to such problems. Marketing activities especially strategic marketing, therefore should almost be the main pre-occupation of any bank. The main problems confronting some banks were as follows:

  1. The implementation of strategic marketing strategies.
  2. The choice of selecting the best strategic marketing strategies by banks
  3. The adoption of the best strategic marketing principles.

The questions then are:

  1. Do banks use more of strategic marketing strategies in achieving financial intermediation objectives?
  2. Which of the strategic marketing strategies do banks employ most in building sustaining customers confidence in the banking industry?
  3. Has the banks adoption of strategic marketing principles tools increased customer patronage?
  4. Does adoption of strategic marketing principles help in building a favourable corporate image of banks?

1.3 Objectives of the Study

The objectives of the study include:

  1. To determine whether the use of strategic marketing strategies enable banks to achieve financial intermediation objective.
  2. To find out the strategic marketing tools banks use most in building/sustaining customer confidence in the banking industry.
  3. To, also ascertain whether banks adoption of strategic marketing tools has increased customer patronage.
  4. And, to find and if the adoption of strategic marketing principles builds a favourable corporate image of banks.
  5. And, finally to make appropriate recommendation based on our results.

1.4 Hypotheses Formulation

The following have been put forward for testing

  1. H0: The use of strategic marketing strategies does not enable banks achieve their financial intermediation.
    H1: The use of strategic marketing strategies enables bank achieve their Financial intermediation objectives.
  2. H0: Banks that adopt marketing public relative tools are not likely to build/sustain customer’s confidence in the banking industry.
    H1: Banks who adopt marketing public relative tools in their operation are likely to build/sustain customers confidence in the banking industry.
  3. H0: Banks adoption of strategic marketing principles does not increase customer’s patronage.
    H1: Banks adoptions of strategic marketing principles increase
    customers’ patronage.

1.5 Significance of the Study

The era of set down and wait for customer or arm chair kind of banking has been over taken by challenges in the industry. A bank with the state-of-the-art technologies and service may still not make such heavy profits if it does not engage in proper marketing of its products cum services.

Therefore, the study is significant as it will benefit banks, customers and other financial publics in the following ways: Banks through the findings of the study may be able to build more confidence on customers. They also know more ways of performing financial intermediation roles or objective. Customers will also benefit through the findings of the study as banks will now reposition themselves as reliable and responsive organization to do business with. The other financial publics will be able to fish out indices for the evaluation of the banks performances or corporate failures.


1.6 Scope of Study

The scope of the study in within the confines of strategic marketing and its effects in the banking industry.


1.7 Limitation of the Study

This study has been limited by a numbered factor which is as follows:-

Time:

Time is a hunting factor as the students are given limited period to complete and submit his project

Finance:

It is another major problem, as the researcher has to travel to various places in search of materials it sudden rise in thetransport fare in the country.

Problem of Data Collection:

Some people find it difficult to release one data needed by the researcher, although some of them cooperated to a great extent.


1.8 Definition of Terms

In order to make work a bit clearer, certain terms will be defined:

1. Bank:

Any person who carries on banking business and includes a commercial bank, a mortgage bank acceptance house a discount house, a discount house and other financial institutions.

2. Marketing:

The sensing and serving of customers needs through an exchange relationship aimed at creating value in from of profit; and satisfaction to the consumers.

3. Strategy:

This is a technique developed to gain advantage over the competitor; it is a tactical plan for carrying out formulated policies, to achieve a set objective.

4. Promotional Activities:

These are various promotional techniques used by marketers. They are called promo tools or elements of the promotion mix and include advertising, person selling, ales promotion and public relations.


Chapter Five


Conclusion and Recommendations

5.1 Conclusion

Based on the finding of the study, it can be seen that strategic marketing has strong place in the operations of banks. Most especially, strategic marketing tools are needed in the marketing of financial services and products
Banks who have recognized the paradigm shift from old marketing of selling to the market to the customer concept, which emphasizes customer satisfaction will benefit in the long run. Given the volatile nature of banking environment coupled with competition marketing concepts and principles become the only answer that can help banks to remain a lot in business.

In carrying out her intermediations services’ a bank needs to employ resulted-oriented marketing strategies, such as customizing services/products, bringing in more innovations and above all retraining her staff especially, the font office staff (cashier) in the new techniques of scouting for customers. Finally, we conclude that marketing strategies have been recognized world over as among the antidote that can represent a bank for a greater test ahead. Its contribution cannot be over-stressed.


5.2 Recommendations

The following recommendations are made in the instance of the findings and conclusion:

  1. Banks which have not really explored the advantages of strategic marketing in the performance of financial inter-mediatory role should do so. The earlier the better because the business in which the banking industry operates is faced with stiff competition.
  2. Banks should confine to adopt sound and ethical marketing practices in the savings mobilizations. They should also adopt the new marketing concept, which aims at satisfying customer needs at profit.
  3. Both bank executives and cashiers should always be retrained to meet up with marketing challenges of banking services.
  4. Total quality service or product should be the hallmark of the banking industry’s total market offerings. If there is no quality in the service delivery of a bank, there is every prospect that the customer will not be this satisfied. They may likely turn their back against that particular bank.

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