Marketing of Financial Services and the Roles of Commercial Banks in Nigeria Banking Industry

Abstract

Deposit Money Banks (DMBs) in Nigeria are facing business uncertainty triggered by current economic recession, conflicting banking circulars and regulations issued by the Central bank of Nigeria(CBN) almost on monthly basis, coupled with globalization and introduction of banking technology that ushered in electronic processes and procedures. These brought about stiff competition among the DMBs. Consequent upon; banks must adopt aggressive marketing strategies to survive. Banks in order to penetrate and retain their marketing segments must employ effectively and efficiently the right marketing mix. This study examines marketing of financial services and the roles of commercial banks in Nigeria Banking Industry. For the purpose of this research, the survey research methods were adopted. Data were collected from both primary and secondary sources. Hypothesis formulated were tested using chi-square analysis. The study finds that marketing of financial services helps to increase the asset base of the bank and increase efficiency in the bank, this increase the bank performance. Therefore marketing strategies employed has improved the performance of banking sector in Nigeria. The study recommends that Banks must design a customer- driven marketing strategy that will actually satisfy the customers in order to increase their market share and to be more profitable. Nevertheless, this will enable the financial marketing manager to locate profitable market, design products that will satisfy the needs of the customers within the segment and expand the market share of the bank. This is done through research; finding the segment of the market that will be more profitable to the bank and adoption of more effective service delivery.

 Table of Content

Chapter One - Introduction

Background of the Study

Statement of Problem

Objectives of the Study

Research Questions

Research Hypothesis

Significance of the Study

Scope of Study

Limitations of the Study

Chapter Two - Review of Related Literature

Conceptual Framework

Marketing and Financial Services

Empirical Review

Banking Service in Nigeria

The Promotion Mix for Banking Services

Challenges of Banks in Providing Financial Services

Chapter Three - Research Methodology

Research Methodology

Research Design

Population of the Study

Sample Size and Sampling Technique

Sources and Instrument for Data Collection

Method of Data Analysis

Justification for the Instrument Used

Chapter Four - Presentation of Data, Analysis and Findings

Introduction

Presentation of Data

Testing of Hypothesis

Discussion of Findings

Chapter Five - Summary, Recommendation and Conclusion

Summary of Findings

Recommendation

Conclusion

References

Appendices