MARKETING OF FINANCIAL SERVICES IN NIGERIA: STUD Y OF SELECTED COMMERCIAL BANKS.
MARKETING OF FINANCIAL SERVICES IN NIGERIA: STUD Y OF SELECTED COMMERCIAL BANKS.
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Date
2005-05
Authors
OKPUZOR, PETER NNAMDI
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Abstract
This research work is geared towards making a cross sectional analysis between the
old and new generation Nigerian commercial banks on their marketing of financial
services, comparing it to what obtains globally, identifying gaps that need to be filled
and making recommendations on improving marketing strategies of financial services
in the country.
The study was carried out through the use of data collection schedule to collect data
on the marketing strategies of 4 old generation banks and 4 new generation banks.
Their annual reports provided the secondary data on their level of performance. This
was used as a yardstick to determine their viability in the banking industry.
The findings of the research showed that both groups studied engage in some form of
marketing which is less sophisticated than what is obtained in developed economies
where the use of technology have revolutionalised bank service delivery and
products.
The older generation banks were found to have a clear advantage over the new
generation banks because of their large asset base, extensive branch network and
higher number of employees. With these, they are positioned to attract higher volume
of deposits. Since they have been around for decades, they do not require high level
of publicity.
The above is glaring when their performance index were compared with that of the
new generation banks in absolute terms, but when compared in relative terms the new
generation banks were found to be more efficient. Furthermore, the new generation
banks engage more in unique product development and quicker service delivery as
these form the core of their survival in the fiercely competitive banking industry.
It was recommended that both groups should improve on their marketing strategies
especially in the area of product development and service delivery in the light of the
continued liberalization policy of the government which will attract multinational
banks that have the expertise and funds to carry out both effectively.
Description
A RESEARCH PROJECT SUBMITTED TO
THE DEPARTMENT OF BUSINESS ADMINISTRATION IN
THE FACULTY OF ADMINISTRATION OF AHMADU BELLO UNIVERSITY, ZARIA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF
THE DEGREE OF MASTERS IN BUSINESS ADMINISTRATION (MBA).
Keywords
MARKETING,, FINANCIAL SERVICES,, NIGERIA, COMMERCIAL BANKS