This study – investigated the marketing of banking services with it problems
and prospects within the socio-economic environment Bank of Nigeria (Plc) as a
The main purpose was to find out the effectiveness of the marketing of banking
services as it affects the bank itself and the banking industry, the customers
welfare and profitability of the bank and national economy in general. There is
however a rapid increase in the number of banks and this led to number of banks
and this led to competition among banks. This competition became so fierce that
banks began to seek means of survival.
In the course of achieving the above objectives both primary and secondary data
were used to gather information. For the primary method data collection, both
questionnaires and interview method are used. Whereas for the secondary data
collection, information were sought from Bank libraries, journals and text
The questionnaires used were distributed to both bank staff and customers
of First Bank of Nigeria Plc.
After the analysis of data collected, the researcher ascertained that
commercial banks face competition in marketing of their services. Banks conduct
marketing research as to achieve their target profit motive; banks have some
problem that preventing them form rendering efficient banking services to their
However, some recommendations were made based on the finding above. That bank
should organize more training for their staff especially concerning their
attitude towards banks customers; Banks should also embark on research that
will enable them identify their customers needs and the ways of meeting such
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, limitations and delimitations
1.8 Definitions of terms
2.1 Review of related Literature
2.2 Nature of Marketing of
2.3 Purpose of marketing bank
2.4 Services Rendered by banks
2.5 Current Accounts
2.6 Saving Account
2.7 Fixed deposit account
2.8 Night safe facilities
2.9 Safe custody
2.11 Loan Syndication
2.12 Telegraphic mail transfer
2.13 Cheque clearing
2.14 Bank draft
2.15 Standing orders
2.16 Investment services
2.17 Problems facing marketing of bank services
2.18 How to improve marketing of bank services
2.19 Marketing management concepts
2.20 Production concepts
2.21 Products Concept
2.22 Selling Concept
2.23 Marketing Concept
2.24 Societal marketing concept
2.25 Marketing Mix
2.30 Strategic marketing process
2.31 What are survivals Strategies?
2.32 Techniques for survival
2.33 Scientific management approach
2.34 Strategic Planning
2.35 Public relation
2.36 infrastructure and modern technology
2.37 Banking regulations
2.38 Human Resources
Research design and methodology
3.1 Research Design
3.2 Area of study
3.4 Sample and Sampling
3.5 Instruments of Data
3.6 Methods of Data
3.7 Methods of Data Analysis
4.1 Data Presentation of
4.2 Analysis of response Rate
4.3 Presentation and analysis
4.4 Testing and interpretation
5.1 Summary of findings
Most banks have taken great emphasis on the marketing of bank services in the
economy. The First Bank of Nigeria (Plc), is the main body concern in this
write up. They have taken a very important steps and strategies recently and
presently in a bid to improving their operations and liquidity strength,
customer relations, credibility and effective participation in the
resuscitation of the economy. The research work takes a detailed look of the
role of marketing management services at First Bank of Nigeria (Plc), with the
retention of exposing the relevance of their services in the economy and the
problems preventing them from the effective actualizations of the various
The work is divided into five chapters. Chapter one is the introduction and
discusses such issues as the background of the study, statement and purpose of
the study as well as the scope of the study, limitation and delimitation and
definitions of terms. Chapter two looks at related literature review while chapter
three discusses the design ad methodology of the research. Chapter four
discusses data presentation and analysis and finally, chapter five summarizes
the findings in the previous chapters as well as the recommendation and
BACKGROUND OF THE STUDY
In any economic set up, there are various institutions engaged in Commercial
activities with the cardinal aims of strengthening their financial base and
quality service to the society through the marketing of their products and
services; thereby establishing themselves firmly within the given economic
Before the Mid-1950’s banks had no understanding or regard for marketing
because they were supplying needed services. Marketing came into banks in the
late 1950’s not in the form of “Marketing Concept”, but in the form of
advertising and promotion concept. The financial institutions especially the
banks feature prominently in competitive economic atmosphere principally
focusing their operations in the marketing of their services to the general
However, some of these services include among other, the granting of loans and
overdrafts, issue and purchase of securities, provision of sate depositories to
customers as well as facilities for making payments through bank notes and
cheques. It is therefore a simply obvious that an institution like bank should
evolve sound management techniques coupled with effective marketing and
services strategies within its socio-economic and political ambient. It also
follows that certain operational problems may try to impinge on the efforts of
the Bank to stand firm amidst the winds of economic vacillation and constant
The First Bank of Nigeria (Plc) one of the leading Banks in the marketing of
Bank services has taken various strategic steps in a bid to improving its
marketing operations and liquidity strength, customer relations, credibility,
and effective participation in the resuscitation of the economy. This will
receive due attention in the course of this work. Suggestions and
recommendations will also be given to the possible way of solving the various
problems affecting the marketing of banks services within the system.
1.2 STATEMENT OF THE PROBLEM
The Banking industry has been identified over the years as having the potential
of transforming the basic economy of any community, state or nation, if
properly established and well constituted, controlled and managed. In the
banking industry today, certain problems affected the effective and efficient
services; thereby preventing them from achieving their target aim.
One of the major problems in the banking industry is the poor customer services
shown by long but avoidable delays in accomplishing simple transaction. These
transactions range from encashment of cheques, opening of new accounts to
processing of loan and overdraft applications. This delay of services is
obviously detrimental to office owners, international businessmen and students,
as they sneak out of their different places of work to withdraw some small
amount of money.
Secondly, it appears that banks are face by incompetent staff carrying out
infection transactions. This is because staff are not employed by merit rather
they are more often employed by god fatherism.
Another problem is the need to bring to the fore, a thorough understanding of
the impact of marketing of bank services in the quest for continuous relevance
and survival by banks.
Finally, there is also the problem of the banks to turn the economic table
around effectively, if the courage and the prudence are present to propel them
1.3 OBJECTIVES OF THE STUDY
As an organization the bank exists to achieve something in the society. It’s
mission is the provision of credit and other financial services with the
primary objective of making satisfactory returns on the bank’s capital. The
purpose of this study include:
The degree of awareness among the banks as to who their customers are, the
quality of the services rendered and the profits recorded from marketing
operations compared with their competitors.
A redefinition of the Bank’s markets to be customers oriented rather then
product or service oriented.
The impact of the marketing of bank’s services on the development of the
banking industry in particular and the Nigeria economy in general.
An examination of the extent o which policy and regulatory guidelines affect
market operations vis-à-vis the bank’s own marketing strategies and
How the various related problems dully identified, can be addressed and the
future prospects for a more economic within the system.
Finally, to make recommendations and suggestion where necessary for the
interest and benefit of the various target levels the stake holders’ customers’
employees, shareholders and the government.
1.4 RESEARCH QUESTIONS
The study seeks to answer the following questions.
extent to which there has been improved quality of services rendered to bank
customers due to the introduction of marketing of bank services?
are the prospects and problems posed to bankers by this marketing of banks
is the rationale for developing this marketing of bank’s services?
extent to which the marketing strategies adopted by commercial banks have helped
to achieve maximum benefit and services to customers.
marketing of bank’s services are known to the external public and the extent to
which they are known to them?
1.5 RESEARCH HYPOTHESIS
In an attempt to reach decision, it is useful to make assumptions and guesses
about the population involved. Such assumptions or statements which may not be
true, are called statistical hypotheses. Generally, they are statements about
the probability distribution of the population.
The null hypothesis is a hypothesis formulated with the sole
purpose of rejecting or nullifying it.
Ho denotes it.
Any hypothesis, which differs from a given null hypothesis, is called the
alternate hypothesis, denoted by Hi.
For the purpose of this study, the following hypotheses have been formulated,
which will be tested in the chapter four.
Ho: Commercial banks do not face competitions in
marketing of their bank’s services
Hi: Commercial banks face competition in
their bank’s services.
Ho: Banks do not conduct marketing research as to
achieve their target profit.
Hi: Banks conduct marketing research as to
Ho: Banks do not have some problems that prevent
from rendering efficient banking services to their
Hi: Banks have some problems that prevent
rendering efficient banking services to their customers.
1.6 SIGNIFICANCE OF THE STUDY
The economic transformation of the rural/urban communities in any
state carries with it a lot of the relief of the burden which it has in the
area of capital development. The Banks with the marketing of their services are
capable of playing a vital role and have in fact played a vital role in the
sustenance of the economy. This fact has a direct linkage to the importance of
basic industries and small and medium scale enterprises to the industrial and
technology advancement of any country.
The reason why most banks are into marketing of banks services is
to face the high competitive nature of banking business as well as to achieve
higher profit base. The success of this research project will help the bank to
withstand further intense competition on marketing of bank services in
acquisition of new customers and the retention of old ones.
The project work shall bring to the notice of the bank how much
impact it has been able to make in the banking industry due to the development
or introduction marketing of bank’s services.
It is also expected that the result of the study will help the
bank to evaluate the strength of its staff, quantitative and qualitative to
enable it adjust and re-adjust in their marketing services processes.
It will however bring to the notice of the bank how effective its
marketing strategies have been so far and what it can do to improve on these
strategies now and in future.
This research work shall also help the bank to actually know
whether there has been improved customer bankers relationship or not and what
it can do to further improve on this relationship.
The study will certainly be important to the Department of Banking
and Finance, Institute of Management and Technology Enugu, as it may form a
basis for further investigation on the subject.
The marketing of bank’s services in Nigeria generally will help to
attract more awareness in banking operations.
1.7 DEFINITION OF TERMS
This is the management process
for identifying, anticipating and
satisfying customer requirement
is a management orientation that
holds that the key task of the organization
is to determine the needs, wants and
values of a target market, and to adopted
the organization to delivering the desired
satisfactions more efficiently than its
(c) Strategy: This
is a management process of achieving
is the process of analyzing
opportunities selecting objectives,
formulating plans and carrying out
TERMS AND CONDITIONS APPLY
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