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PROJECT TOPIC : MARKETING BANK SERVICES IN NIGERIA (A CASE STUDY OF UNION BANK AND EQUITY BANK)

PROJECT TOPIC : MARKETING BANK SERVICES IN NIGERIA (A CASE STUDY OF UNION BANK AND EQUITY BANK)

ABSTRACT

The essence of marketing bank services is to identify customers wants and needs and plan how to satisfy them at a project.

The following problems are associated with the study:

  1. Lack of introduction and adoption of marketing concept in the commercial banks
  2. Lack of marketing research in identifying customers wants.
  3. High cost of bank services
  4. Much delays in rendering services
  5. Limited knowledge of the bank product.
  6. The slow procedure for standing banking facilities.
  7. Low quality services rendered that lead to unsatisfied customers.

CHAPTER ONE

  INTRODUCTION

OVERVIEW OF THE STUDY

Employing a market executives in a bank a few decade past would have been improper, because marketing was considered applicable only to goods and not to services and banks belongs only to the service industry. However, banks are becoming more marketing conscious in this present years.

Before further analysis of the essence of the marking of banks services, a brief discussion of the development of commercial banks in Nigeria will be made.

The business of modern banking started in Nigeria in 1892 with the establishment of African Banking Corporation. The Bank lasted for two years as its assets and liability were taken over by the banking British West Africa in 1894 which is known as  first Banking of Nigeria Ltd.

In 1917, colonial Bank (Barclays bank, and now Union Bank of Nigeria Plc.) was established. Other banks that were established during the Neophtic Banking era are the Nigeria Merchant like Bank (19311) Agbommagba Bank 1945 (now Wema Bank), the African Continental Bank Ltd (1947) to mention few. The failure of many banks during the neophytic Banking era led to the regulated Banking era of 1952.

The activities of these banks centered on commercial Banking related to the financing of exports and imports and not much on industries until recently. Nigeria has got to the realm of world awareness with amazing speed in the recent time. The economy today present a vastly different picture to the situation twenty or thirty years ago, hence it caught the fancy of many industries and commercialist from every nook and cranny of the globe.

There is the changing industrial and technological landscape in the attempt to diversify the economy, the changing management and  administrative technique in all the sectors, the increasing international outlook of the business sector and above all, the changes test, expectation and increasing sophistication of the people, all of which have had tremendous  impact on the marketing of goods and services in Nigeria.

Marketing is becoming increasingly in today’s banking competitive environment. Intensified rivalry from other institution has caused banks to think seriously about how they can compete effectively. This has led them to pay increasingly attention to marketing techniques.

“The marketing of the Banking Services relates to identifying and stimulating client needs which can be profitably satisfied by the banks” by FOLUSO OLALUSI (1989) in his “The Practice of Banking”. Marketing search light in Banking focuses on increasing the deposit base of the banks and inducing credit worthy customers to borrow at profit.

This clearly differs from marketing of goods which is purely to stimulate customers to buy which the banks ‘buy’ the deposit of customers, it again ‘sells’ the deposit to borrowing customers at a rate slightly higher than the price paid for the deposit. In other words, banks lend at a rate slightly higher than the prime rate, the need for the marketing of bank services has become necessary in view of the continuous change in the social, economic, technological and political environment and this has impact on the shape and nature of markets served by the Banking industry.

Equally the increase in the number of banks and her financial institutions and their operating branches has given rise to competitions among institutions producing financial services. Also banks operate in a near perfect market. No bank can substantially influence the market price and there is the homogeneity in service rendered.

Therefore, the marketing require a calculated and planned orientation with best blend and effective market mix to know what , who, where and how to tackle this over dynamic situation for the survival of the banks and the marketing mix include pricing, promotion and distribution.

The achievement of the goods requires a team of staff members who are zealous, enthusiast, good spirited, have positive attitude, have marketing concept as their watch ward in their efforts to deliver the goods. Besides, marketing starts with the identification of the needs of the customers and not selling of goods or services, hence the team off staff needed in modern day marketing of banks services to be trained to have that orientation to enhance their performance in line with thee set plan of the banks as a whole.

Moreover, marketing of bank services is  not just seeing the services from the eyes of the bank users, but also being in the right market at the right time with the services at the right place. This entails planning, support of top management, improved trend in banking customer relationship and organization of wide acceptance of the marketing philosophy.

The introduction and adoption of the concept of marketing principles as they apply to those of goods in marketing of bank services would therefore help the commercial bank in general to have an edge on their competitors.

PROJECT TOPIC : MARKETING BANK SERVICES IN NIGERIA (A CASE STUDY OF UNION BANK AND EQUITY BANK)

However, this project is aimed at determining whether marketing concept as new business philosophy has been introduced and adopted by the commercial banks in the marketing of their services in Nigeria and the extent to which has been adopted.

LIST OF NEW PRODUCTS OF THE BANKS BEING STUDIED

(UNION BANK PLC)

  1. Quick serve
  2. Credit card
  3. Cash evaluation from customers premises
  4. Unisave account
  5. Stallion express local money transfer
  6. Vigo money transfer
  7. Ria Express
  8. Assets based financing

EQUITY BANK LIMITED

  1. Equity Express Card.
  2. Equity E – Pay
  3. Consumer Leasing option
  4. Phone Line
  5. equity target savings account
  6. Mobil bank account.

STATEMENT OF PROBLEM.

The essence of marketing bank service is to identify customers wants and plan low to satisfy them at a profit.

Banks need to be customer oriented in order to put play their competitors. The following problems are associated with the study.

  1. Lack of introduction adoption of marketing concept in the commercial banks.
  2. Lack of marketing research in identifying customers wants.
  3. High cost of bank services
  4. Much delays in rendering services
  5. Low quality of services rendered that lead to unsatisfied customers.
  6. The limited knowledge of the bank product
  7. The low procedure for granting bank facilities.

 

  • STATEMENT OF PURPOSE

This topic has been chosen because marketing of banks services in Nigeria is skill at low ebb. However, this study services us at finding out the following:

  1. The role marketing plays in banking activities.
  2. Why there are slow procedure for granting bank facilities.
  3. The application of the concept of marketing in marketing its services.
  4. Whether there are qualified professionals in the banks.
  5. The problems faced in marketing banks services.

RESEARCH HYPOTHEIS.

The working hypothesis I intend to test so as to enable me make a valid statement regarding this issue are:

  1. Commercial banks do not carry out marketing research.
  2. Marketing management has not been integrated in operation of commercial banks.
  3. There is no good customer relationship between the commercial banks and the customers.

 

1.5. SIGNIFICANCE OF STUDY

This study will make it possible to examine the operational efficiency of the commercial banks in Nigeria in order to evaluate the effect of the introduction and adoption of the marketing concept in the marketing of their services.

A way of monitoring and satisfying bank customers work through effective customers complaints management. The study will therefore reveal to banks especially Union Bank of Nigeria Plc, the importance of complaint management.

1.6.  SCOPE AND LIMITATIONS

Nigerian economy, like other economics, is made up of very many sectors all interacting basically to the various sectoral activities is the need for fund. The need for financial transactions, procurement of goods and services, receipt for services rendered, particularly by factors of production, all make the financial sector, a focus of affection fro research studies and government control.

However, the banking system in Nigeria is categorized as follows.

  1. The Central Bank
  2. The commercial banks
  3. The merchant bank
  4. The development banks
  5. The peoples’ banks
  6. The community banks

This study which focuses on the marketing of banks services will be limited to commercial bank with a case study of union bank of Nigeria Plc.(Owerri branch office) and equity bank of Nigeria Plc.Owerri.

Also, union bank being one of the reputable commercial banks in Nigeria and one of the oldest bank established during the neophytic banking era is chosen because it is believed that it will serve as a true representative of other commercial banks in Nigeria.

1.7. DEFINITION OF TERMS

Product – anything that can be offered to the market for attention, acquisition or consumption, it includes physical object, services, personalities, place, organizations and ideas.

 

New product– products that are new to the firm, major modification to existing products (relaunches) duplication of competitor’s products and the product line acquisition of which involves assimilation of something “new” into the product lines.

 

Intangibility: – that which cannot be touched or grasped by the mind.

 

Marketing mix:– the combination of elements which must be linked, or mixed together in a unique manner in devising marketing strategy.

 

Services: – is any activity of benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

 

Personal selling: – is the process of assisting and /or persuading a prospective client to buy a bank service or to act favourably on an idea that has commercial significance.

PROJECT TOPIC : MARKETING BANK SERVICES IN NIGERIA (A CASE STUDY OF UNION BANK AND EQUITY BANK)

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