CHAPTER ONE
1.1
INTRODUCTION
Banking services in stated as far back as 1892,
when the4 first bank was established in the country. Since then, marketing of
bank service have been going on simultaneously with other development in the banking
industry the emergence of the various banks and other financial institution has
created the awareness for banks to market their services extensively.
The creation s and delivery of services that will
satisfy the needs of customer s at a profit to the banks is what marketing of
bank services is concerned with advertisement, personal selling, establishment
of new branches, distribution of gifts to customer, E – banking and other
things are tools of marketing that are being used by bank.
However, the introduction of new and prompt services
and use of public relation have been seriously applied.
Most Nigerians are not aware of the essential
services being provided by the back and so as substantial amount of money is
still outside the banking sector. In a view of Ajayi (1983) he supported the
above statement when he said that “a significant proportion of Nigerians money
supply is still current circulation varies between 49% and 60% in recent
times”. Informed capital market as a strong computer to back because people in
rural area are still patronizing the local money lenders.
The patronage is due to easy accessibility, low
collateral based on personal knowledge i.e. they know each other very well,
prompt a twenty – four hours services provided by the informed capital market.
Therefore, much is being expected from backs through
increase mobilization of savings, effective and efficient channeling of funds
to develop the country. Bank could get more deposits and credit, which is
highly needed for economic development in .
1.2
STATEMENT
OF RESEARCH PROBLEM
Basically, the focus of this research study is an
analysis of marketing in the Nigerian Banking Industry. Hence effort has been
made to find solution to the following problems.
i.
What are the main
reasons of banking marketing financial service ?
ii.
What are the effects of
marketing of financial services in banking industry?
iii.
What are the problems
of marketing of financial services in banking industry?
iv.
What are the various
tools use in marketing bank services?
1.3
OBJECTIVE
AND PROPOSAL OF THE STUDY
The
broad objective of the study is the examination of importance and relevance of
marketing in selling of bank product using first bank of Nigeria plc as a case
study, in specific term the study will;
i.
Highlight the various
product offers by the case study with reference to branch.
ii.
Ascertain the impact of
marketing of bank services and investigate the effectiveness and efficiency of
how the back products are been accepted by the customer and the general public.
iii.
Determine the external to
which the services provided by the bank meet customer’s satisfaction.
iv.
Highlight reason why
the public still shy away from the services that bank offer and why a good
number of the population are not aware of the services provided by the bank.
1.4
SCOPE
AND LIMITATION OF THE STUDY
Specifically, this study examines the extent of
incorporation of the marketing concept into commercial banking. Its roles and
benefit in relation to the banks services with particular reference to FIRST
BANK OF NIGERIA PLC.
The research work has been constrained as to
time, lack of recent and enough materials unwillingness of the respondent to
give correct replies, lack of co – operation of case study.
However,
effort has been made to ensure that the above limitation did not overwhelm effective
competition and standard of research work.
1.5
RESEARCH
METHODOLOGY
The research work on analysis of bank market of
financial services the case study of first bank of Nigeria plc. The primary and
secondary sources of data employed. The primary data is based in questionnaire
while the secondary data gathered from sources which include text book,
internet, journal, and current annual report.
1.6
SIGNIFICATION
OF THE STUDY
The study has much relevance and peculiars to the
effect of the case study and the Nigeria economy as a whole.
The findings of the study go along way to enable the
case study (first bank of Nigeria plc) to channel its services specifically
towards customer satisfaction as this is aspect of commercial banking that
should not be compromised if stated objective of the bank are to be achieved.
In the long ram, the economic stands to benefits and investors to have more
confidence and the ability to choose among various alternatives as to where to
invest, hence the banking habit will encourage which in turn will lead to
increase investment.
1.7
STATEMENT
OF THE HYPOTHESIS
The general hypothesis to be tested in this study
is:
Ho:
There is no need for marketing of financial services in banking
industry.
H1:
There is need for marketing of financial services in Nigeria Banking industry.
1.8
PLAN
AND ORGANIZATION OF THE STUDY
The reason work has been divided into five chapters
for no obscure presentation of fact and figures generated.
Chapter
one include the introduction, statement of research, problem objective and
purpose, score and limitation, statement of hypothesis and plans and
organization of the study.
Chapter two discusses part and current literature
review which include concept marketing of bank services, bank marketing
strategies, impact of marketing segmentation on banking service, issues
concerning marketing of financial services.
Chapter three treats research methodology and cash
study, brief history of the first bank of Nigeria plc, re – statement of the
research question and hypothesis, research design and data collection, administration
of data collected, characteristic of the study population and sampling,
procedure for the data collection, limitation of the methodology.
Chapter four discuss the presentation and
interpretation data according to research question, presentation and analysis
of data according to the annual report and finally generalization base on the
outcome of the analysis.
Chapter five throws light on the findings, summary
conclusion recommendation.