Banks are profit oriented organization. the profit can not be made
without the customers. Or it as a result of the services provide by these banks?
It is as a result of this research work to find out of banks and
financial services can be marketable. Is customer satisfaction what these banks
attain to achieve. This research work has five chapters.
Chapter one contains a discussion of how the banks and financial
services can be marketable. It went further to state problem to be studied and
why this study was carried out, the scope and limitation of the study and
finally the propositions and the definition of terms.
The chapter two contains a number of past related literature
examined by other studies as it related to the application of the marketing
concept in the Banking & Financial services.
The methods used in collecting relevant data lie the design of the
study. It also deals with way the questionnaires were distributed and the
treatment of the data.
The data got from the research survey were analyzed and
interpreted. Also similar question on both questionnaires were compared.
Finally, the summary of findings, conclusion on the research and
recommendations made by the researcher are all in chapter five.
It banks & financial intitutions would put the recommendations
made in the study to use, there will not only be satisfied customers with
services offered, but a continuous increase in profit made, thereby making the
problems of the banks a thing of the past.
TABLE OF CONTENTS
CHAPTER ONE – INTRODUCTION
1.1 Background of the study
1.2 Objective of the study
1.3 Significant to the study
1.4 Scope of the study
1.5 Limitation to the study
1.6 Statement of problems
1.7 Need for the study
1.8 Purpose of the study
1.9 Research proposal
2.0 LITERATURE REVIEW
3.1 Design of the study
3.2 Population for the study
3.3 Sample size
3.4 Development of research materials
3.5 Questionnaire design
3.6 Research procedure
3.7 Treatment of data
4.0 Presentation analysis and interpretation of data
5.1 Summary of findings
5.3 Recommendations for improvement
BACKGROUND OF THE STUDY
The deregulation of the financial services market which the
Nigeria economy has witnessed under the structural adjustment programme, has
exposed financial institution to the types of competitive and tough market
environment which their counter parts in the advanced economics have witnessed
for many years.
The banking and financial institution which have survived the
turbulence which those changes brought in their wake, are those which have
encourage & embrace the marketing philosophy as a corporate culture for the
organization. The Nigeria experiences is no different from that of those of our
counterparts in the advanced world and we have the benefit of adopting the well
tested and established method which help them to achieve excellence in the face
of apparent odds.
The argument in this research work is that it enhance profits and
in fact the entire issue of corporate survival, excellency, competitive edge
stand out corporate image, can only be achieved if financial industries adopt
the marketing concept as the philosophy which guides the way we deliver our
Besides, the advent of deregulation and the ensuring cut-throat
competition the financial market in which we operate is characterized by
homogeneity of products or services rendered by all banks and insurance
companies. As with other service industries, they do not have the advantage
which the physical product marketing companies have in product
differentiation through improvement of product functioning and peck
Banks and insurance companies are selling essentially the same
basic products or service and therefore have very limited degree of freedom to
enhance competitiveness on the basis of product differentiation.
Competitive advantage can therefore only be achieve through
adoption of outstanding service delivery systems and customer oriented attitude
towards the satisfaction of customer demands and expected.
This study is thus designed to examine how leadway assurance can
create a competitive edge through the application of marketing to its.
OBJECTIVE OF THE STUDY
The primary objective of this study is to ascertain the aspect of
marketing of insurance services in Nigeria and ways to accomplish it among
other things by:
i. Examine the ways insurance companies in Nigeria
practice the marketing concept.
ii. Determining the degree of customer awareness of
the banking services.
iii. Ascertaining the stage of marketing to financial
serves in Nigeria.
iv. To identify the problems the financial industry’s
face in the application of the marketing concept.
SIGNIFICANCE FOR THE STUDY
The increase sophistication of the Nigeria financial sector, the
higher level of education and awareness among the populace means they now have
higher taste and their needs are now mere complex and advance. They know their
rights and what they want and will demand for it. The financial industry which
does not deliver the right service is deserted for the other, which is better
positioned to give the customer what he or she wants.
This research work is aimed at finding out the needs of the
customer and dissatisfaction among bank and financial industry that is yet to
be solved. In finding the solution to the dissatisfaction, this project work
will be justified in these grounds.
a. To examine some gain that leadway assurance can
be derived if it adopt full marketing of services.
b. To justify on how quickly the clients can
receive their claims.
c. To evaluate the level of involvement, marketing
of services have helped leadway assurance in rending their services
SCOPE OF THE STUDY
The scope of this study is limited to insurance company which is
only a part of the Nigeria economy.
This project work has been design in such a way as to include all
the general problems which the customer often encounter with the insurance
companies resulting to poor services by insurance companies.
Representative sample of the client and staff of leadway assurance
has been carefully made the sample chosen is considered an adequate
representative of the population in the insurance companies.
Nevertheless, It is hoped that the result of the study would
contribute to the available facts on the marketing services employed by
STATEMENT OF PROBLEM
Banking and Financial Institutions are service industry. The
quality of service rendered by banks and financial institution have beer the
gunt. Functionaries, the media and general public are all very critical of
banking and financial institution. The argument range from those of
inefficiency, longdelays in cashing cheque favoritism, delays. In withdrawals,
tardiness in granting loans and or credits, to unfriendly attitude of bank
workers. A lot of businessmen, and customers has been treated with result. By
keeping people standing in their office for some minute. Most banks and
financial institution do not put their customer in the prime place as they are
surpose to be. There is now a competition and to compete means to apply the
marketing concept. Are these criticisms justify or are they just a more random
of the banking industry because they are making profit in an era of economic
NEED FOR THE STUDY
The researcher wants to carryout a research on what Banks do an
find out if they adopt the marketing to transact banking and financial
services. There have been criticisms about the Banking and Financial Services
in the way they render services to their customers. They do not see the
customer as king. The researcher also want to have an empirical base either to
support all the sources about the poor impression people have of the banks and
advice them on how to improve their services by adopting the way the banking
and financial services can be marketed. A business must learn to think of
itself not as producing goods or services, but as buying customer: and doing
the things which will make people want to deal with it. Criticisms has no room
to give but that may arise because the banks are doing well. It their services
are poor, why should they make so much profit. Are they do this at the
detriment of their customer.
PURPOSE OF STUDY
The above explanation has confined us to take a segment of the
banking and financial services, and study the approach of the banks to their
- To formulate marketing strategies and
recommendations that would be more effective in the marketing of banking &
- Whether or not marketing of banking &
financial services as bases for rendering services to their customers.
- If customers are satisfied with the services
rendered by banks.
It is the objective of this study to know if
- The attitude or the reaction of customers are to
marketing banking & financial services.
- The amount of time spent by customers in various
banks doing a normal banking & financial services transactions.
- If banks & financial institution provide
enough service and infrastructural facilities and amenities.
- How banks staff and customer relate to one
- Whether marketing of banking & financial services
is been satisfying their customers in the way the render their services.
DEFINITION OF TERMS
The following terms used in this research study should be taken to
mean the following.
Marketing is a human activities directed at satisfying needs and
wants through exchange process or identifying and meeting human and social
Banking can be defined as “the business of receiving monies from
outside sources as deposits, and the granting of money loans and acceptance of
credits or the purchase of cheques, bills and sale of securities for account of
others or the incurring of the obligation to acquired claims in respect of
loans poor to their maturity or the assumption of guarantees.
Product is a set of benefit or anything that can be offered to a
market to satisfy a want or need.
A service is any act or performance that one party can offer to
another that is essentially intangible and does not result in the ownership of
anything its production may or may not be tied to physical product.
TERMS AND CONDITIONS APPLY
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