ABSTRACT
This research work titled "The Effect or Marketing Financial
Services in Deregulated Nigerian Banking Industry" was carried out in Lagos state, Nigeria because of its
peculiarity and consideration as the seat of banks in Nigeria.
A theoretical background and literate review focusing on
marketing in general, banking industry in Nigeria, financial services marketing
in perspectives regulated deregulated economy and host of other relevant
theories concerning the Nigerian banking industry was x-rayed.
A total of 150 respondents who were mainly customers of
UBA from 5 different branches were sampled through well-administered and
structured questionnaires with a view to finding the effect of marketing
strategy on the bank in this era of deregulation.
Data were also collected from primary and secondary
sources and based on the findings, recommendations were made to the affected
quarters on ways to carry out marketing of financial services under a
deregulated system in order to sustain its market share and enhance growth in
the industry.
TABLE
OF CONTENTS
CHAPTER
ONE
INTRODUCTION
1.1 Background
of the Study
1.2 Statement of Problem
1.3 Objectives of Study
1.4 Significance of the Study
1.5 Scope and Limitation
1.6 Operational Definition of
Terms
CHAPTER TWO
THEORETICAL
FRAMEWORK AND LITERATURE REVIEW
2.1 Marketing
2.2 Mission (or Vision) Statement:
2.3 Company Objective:
2.4 Market Analysis:
2.5 Regulation and Deregulation of Marketing
Financial Services
2.6 The Changes May Be Categorized Into Three Phrases: Namely;
2.7 Evolution
of the Nigerian Banking Environment
2.8 Advent
of Marketing Financial Services
2.9 Difference between Marketing of Financial Services and Other Products
2.10 Special Characteristics of Financial Services-Specially Banks
2.11 Marketing
Strategies in Financial Services
2.12 Obstacles
to the Marketing of Bank Services in Nigeria
2.13 Rationale for Adopting Full-Blown Marketing in
Nigeria Banks.
2.13 Range of
Finance
Services
2.14 Developing a Marketing Plan, Strategies and
Goals
2.15 Tools
for Marketing of Financial Services
2.16 Market Analysis and Segmentations
2.18 Distribution of Services (Bank and Financial Services
2.19 Promotion
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.1 Area of
Study
3.2 Research
Design
3.3 Sample Size and Sampling
Technique
CHAPTER 4
DATA
PRESENTATION, ANALYSIS AND INTERPRETATION
4.1.
Introduction
4.2 Interpretation
of Data
CHAPTER FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 Summary
of Study
5.2 Conclusion
5.3 Recommendations
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The financial institution particularly banks, are economic
decision units established to provide financial services to its target markets
with a primary objective of making adequate returns on the funds invested
without neglecting other social objectives to the society. Nigeria banks in the
face of increasing competition are currently facing enormous challenges, which
have made survival increasingly difficult. For overall corporation objectives
and continue life of business, banks need to consciously structure their
services in a way that caters for the financial needs of not only their present
customers, but also the prospective ones.
Thus, the above stated makes marketing increasingly
important and necessary in today's financial competitive environment. Also
paying great attention to relevant marketing techniques cannot be over
emphasized.
Traditionally, the need for marketing in banking was not
recognized because for a very long time, banking was a seller's market while
most customers had the impression that they were privileged to enjoy the
service the services of a bank. In recent times, customers have increasingly
become so enlightened and aware of their important that ignoring them in the
search for competitive advantage can be suicidal for the banks. Banks must
therefore brace up the challenge of
marketing in a bid to provide effective customer service. It should be noted
that the lateness in the application of marketing techniques to banking is not peculiar to Nigeria.
In their article ”The myth of marketing in Banking" Richard Brien James
Stefford observed that Marketing has traditional been neglected.
It perhaps necessary to emphasize here that, for a bank to
survive and be successful provider of financial services, it is imperative that
the present environment goes with a management order that will see the customer
as a king whose needs .and expectations should form a centerpiece of banks
activities. It is the adequate provision of these needs that will guarantee customers’ satisfaction
and business performance. The end product is a competitive advantage for
individual bank concerned.
1.2 STATEMENT OF PROBLEM
The meteoric rise in the number of banks in Nigeria born
out of the deregulation of Industry has made survival increasingly difficult.
At this junction, one will be compelled to appreciate the saying that 'there is
no use asking a river to stop flowing, rather one should learn to swim in
the direction; of its flow'. In the same vein, since this trend has continued
unabated, efforts should be made by banks to fashion out a panacea that gives a
competitive edge in the face of extreme competition.
Hence the question of marketing which gives the customers the sense of
fulfillment more especially now that they are getting more sophisticated and
also increasingly aware of their importance on the scheme of things in the
market place and recognizing their pride of place of place in the marketing
arena.
Are there any empirical relationship between marketing of
financial services and successful performance of Nigeria banks?
And if the answer to the above is in the affirmation, then
what are there marketing tools and how can they be effectively applied?
1.3 OBJECTIVES OF
STUDY
(1) To ascertain this research work there is
need to carried out in order to analyzes the effort of marketing financial
services in deregulated Nigerian banking industry using United Bank of Africa
(UBA) as contact point.
(2) To
verify the research work been carried out to direct the effort of marketing
financial services in Nigerian banks.
(3) To
examine the importance of the application of appropriate marketing tools in the
survival and success of Nigerian banks in the face of competition.
1.4 SIGNIFICANCE
OF THE STUDY
The purpose of this study is to rotate the obvious that the Nigeria
banking industry has witnessed a lot of changes in its mode of operations since 1986
when the structural Adjustment Program (SAP)
was introduced. This might not be unconnected
with the passive talk in the banking industry that management
and staff of various banks in the countries are increasing concerned about how
to Market their services.
It is against this background that the topic is been chosen in our current.
The outcome of this research work will be useful to
individual and group of company willing to bank with UBA.
Economic milieu vis'a vis' the application of marketing
strategies in the overall achievement of corporate objective of banks.
1.5 SCOPE AND
LIMITATION
This study encompasses a brief review of the Nigeria
banking industry with particular attention paid to UBA Bank, at Abule Egba to
the imperative of marketing in the survival and success of banks in the present
deregulated economy which entails the liberalization of banking license as well
the universal banking scheme.
The study embraces an examination of the factors that customer's
choice of banks and strategic modifications involved by banks in adapting to
marketing changes in Nigerian banking industry.
Although this study has succeeded in demonstrating the
relationships between customer's attitudes and some variables, the significance
of such relationships have not been ascertained. Knowing the extent which consumer
criteria for choice of bank relates to their
ages and not banks specialization, and also knowing the extent to which product
quality relates to consumers choice criteria, could have provided a greater
insight into consumer's images and choices of banks and then permit greater
generalization, which may not be ideal in this case. The choice of only one
banks for analysis in this study also imposes some limitations on the
generalize ability of the findings.
Deregulated economy and host of other relevant theories
concerning the Nigerian banking industry.
Chapter 3 discusses the research methodology, under which
the sources of data are highlight, method of investigation and questionnaire
adopted.
The data are presented and analyzed in chapter 4, while a
summary of findings.
The outcome of this research work will be useful to
individual and group of company willing to bank with UBA.
1.6 Operational Definition of Terms
A. Meteoric -
Rapid and often only lasting for a short time.
B. Deregulation
- Remove regulations or controls from.
C. Liberalization
- Make less strict.
D. Fraudulent -
Criminal deception to gain money goods.
E. Distortions -
To make or become twisted out of shape.
F. Treasury bill
- The funds or revenue of a state, society etc.
G. Mobilization -
Organize troops for active.
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