CHAPTER ONE
INTRODUCTION
Deposit mobilization is the bedrock of
the present future growth of banks. In the past emphasis was on marketing and
distribution of goods but with recent development which arises duet o
technological economical and social changes as well as changes in the people
expectation marketing of financial services has gone beyong these for the
continuous survival of financial institution.
The traditional approach to banking
began to chances as bankers come to realize that marketing has a role to play
in any modern organization whether such organization is profit oriented or not
profit oriented. The role of marketing become important in Nigeria as the
business of banking grow from the function of taking deposit; lending money
transmission services to include a host of other financial services. Profit
making activities in an organization is very important, profit have to be made
ensure survival and to finance development.
In an organization like commercial
banker profit marketing activities is a function of intelligent marketing
strategy in business. It involves the effort to understand satisfy the need of
both present and potential customers. In order to satisfy customer, the need
for the application of different element knows as marketing mix.
The marketing mix which can be defined
as the combination of element which must be linked of mix of together in a
unique manner of devise marketing strategy. Decision made in each of these
areas are design to provide the most promising means of meeting the needs of
target market. That is a well defined set of customer whose needs the marketing
want to satisfy.
The banking industry in is
highly competitive. The establishment of new banks like oceanic bank, Zenith
bank, diamond bank etc. recent year and the opening of numerous rural branches
by the bank has increase competition within the banking industry. The
completion centers and around quality of services provided location, building
and tradition and adaption of contracts. Other areas of competition includes
innocation and adoption of modern technique like computerization of their
services.
Unlike the marketing of tangible good
whose main taks is to formulate stranges for pushing their goods to the final
consumer, marketers of banking services have two to achieve in their marketing
services.
The primary function is to mobilize
funds for lending proposes by an accepting deposition various account like savings
time or fixed deposits and current demand deposits.
These functions are not limited to the
trust banking alone. Furthermore the marketer of banking services also needs to
design strategy for investing their find just like marketer of tangible ways were
each subset may be regarded as largest market. The banking market is also
segmented into money and capital market and this according to the type of
financial and required by the customers.
1.1 STATEMENT
OF RESEARCH PROBLEM
Banks,
in their effort to provide essential and courteous banking services to their
customer, are often facing with mumerous problems. These include persistent
long queves by customer, system of initials control, stringent lending
policies, and unnecessary delay in clearing cheque and bank staff in difference
to their customers.
The bank pleases against these serious
accusation infect blamed the environment in which they operate some negative
aspect of this environment include fraud impersonation cheating material and
external theft.
Furthermore the problem of developing
nation with a massive population whose literacy is very low inspite of the fact
that first bank of Nigeria plc some marketing techniques like and regimed sales
promotion, the extended to which theses technique and tools and been
systematically used to climate customer complains yet to be known in addition
ways in which marketing can be integrated into banking business and the extent
to which the marketing can contribute to the improvement of banking efficiency
and effectiveness and area is which little work has to be done in Nigeria it is
as a result of all these that promoted the needs to carry out this research.
1.2 OBJECTIVES
OF STUDY
Marketing
of banking services goes beyond selling banking services it involves a careful
cultivation of the existing connection and seeking for the correction the
advantage of bank and it customer like seeking to make the best use of the
banks presence in its community.
The aim of this study is to examine the
role of deposit mobilization through marketing in the banking sector and to
determine the extent to which first bank of Nigeria Plc market it service. To
this end the study shall be examine.
i.
Ways of implementing
marketing extent service in first bank and to find out extent to which these
service meet the customer satisfaction.
ii.
The different marketing
in banking, marketing consumer or industrial and good and service and
manufacturing organization.
iii.
The extent to which
first bank of Nigeria plc market its services in terms of employing marketing
technique for mobilizing their customer increasing their patronage and
improving efficiency and effectiveness of their operation.
1.3 SIGNIFICANT
OF STUDY
The study is important because is
carefully improving and asses deposit mobilization through marketing of banking
services in Nigeria the study has acquainted the researcher with the role and
contribution forward deposit mobilization through banking services and accomplishment
of the growth and development the economy also the study has analyze the works
of deposit through banking services
The study helps to improve the
performance and maintain bank customer relationship.
1.4 SCOPE AND
LIMITATION OF THE STUDY
Time
has been are of the major problem in writing this project it is more pointing
out that the research being a final year student.
The problem arises out of apportioning
the time for the project writing and to cover adequately the course work.
Another limitation of this research is that some of the respondent which is
being contact was not cooperative as they reject the questionnaire given to
them. Also, for some financial reason the volume of the researcher initially
had in mind to produce.
The scope of this study is wide but can
be only narrow down by particular reference made by first bank and its branches
to narrow the wide scope of this study (topic) necessitate the choice of
deposits mobilization through marketing of banking.
1.5 DEFINITION
OF TERMS
BANK: A bank is a
financial market institution which accept money, safeguard deposit of money
from customers, which per mint money to be withdraw or transfer from one
account to another and it lands surplus of deposited money to customer who wish
to borrow.
SERVICE: can
be said to be organized systems to provide for the need of public service are
these separately identifiable essentially in tangible activities that provided
want satisfaction and that are not necessarily tried to the sale of product or
another services
INTREST:
this is money paid either loan of for the someone else money
TREASURY: It
is a sale or strong room for where cash and other valuable document of bank are
kept
VOUCHERS: these are paying in ships cheque debit and
credit and other document from which account are posted. It is a book where
account are kept.
COMMERCIAL BANK:
These are bank that offer full banking services to commerce, industry and other
sector of economy. These services include current saving, foreign exchange and
fixed deposit account
STRATEGY:
It is a particular plan or way for achieving good of an organization. It refer
the statement of long term causative to be achieved that is the and of which
the organization intend to achieved
CUSTOMER/CONSUMER:
these are the category or group of peoples the organization intend to satisfy
in order to achieve the organization goals and objectives